Coinbase Dominates ETH as Trump Makes Crypto History 🚀
Welcome to another Coinigy news roundup.
Surely we didn’t expect to wake up to see Coinbase being paraded as Ethereum’s biggest validator with $6.8 billion worth of digital gold locked up under one roof… Now that’s what you call a power move
Still speaking of power moves, Mr. Crypto president just made history with one, and he’s changing the game to make America the "crypto capital of the world". Let’s consider this a presidential FOMO.
Meanwhile, even the IMF is getting crypto-curious with new standards for digital assets. The old financial guard is finally catching up with the future.
Here are the Highlights:
- Coinbase Becomes Largest Node Operator on Ethereum With 11% of Staked ETH
- Trump becomes first US sitting president to speak at a crypto conference
- IMF updates global standards to include crypto in balance of payments
- FTX dropped lawsuit against Allan Bankman and Barbara Fried
Coinbase Becomes Largest Node Operator on Ethereum With 11% of Staked ETH
Coinbase has emerged as the leading node operator on the Ethereum blockchain, according to a report from the company. The exchange controls a significant 11.42% of the total staked Ethereum, with approximately 3.84 million ETH (worth around $6.8 billion) locked in its validators as of March 3. Anthony Sassano, the host of The Daily Gwei, highlighted that while Lido, another staking platform, manages a larger collective stake, Coinbase holds the largest individual share of any single node operator in the network. The exchange also reported stellar performance metrics, exceeding its validator uptime target with an impressive 99.75% uptime, surpassing its 99% goal.
Trump becomes first US sitting president to speak at a crypto conference
US President Donald Trump is steadily aligning his administration with the crypto industry. On March 20, he addressed a community conference for the first time since being elected. Speaking at the Blockworks Digital Asset Summit on March 20 in a pre-recorded statement, Trump reiterated that the US would take steps to ensure it is the “crypto capital of the world.” The president lauded the recent regulatory shift in the crypto industry over the previous administration and added: “Pioneers like you will be able to improve our banking and payment system and promote greater privacy, safety, security and wealth for American consumers and businesses alike. You will unleash an explosion of economic growth.”
IMF updates global standards to include crypto in balance of payments
The International Monetary Fund (IMF) has overhauled its balance of payments standards to reflect the growing impact of digital assets. According to the newly released Balance of Payments Manual, Seventh Edition (BPM7), cryptocurrencies like Bitcoin (BTC) are now classified as non-produced nonfinancial assets, while certain tokens are treated akin to equity holdings. The updated manual, published on March 20, marks the first time the IMF has integrated detailed guidance for digital assets into its global statistical standards. The framework divides digital assets into fungible and nonfungible tokens, with further distinctions based on whether they have a corresponding liability.
FTX dropped lawsuit against Allan Bankman and Barbara Fried
According to a filing in the Bankruptcy Court for the District of Delaware, the estate of crypto exchange FTX has settled lawsuits against the parents of its founder, Sam Bankman-Fried (SBF). According to the document, which was originally filed in February and appears to have been largely overlooked, the lawsuits have been dismissed without prejudice. Allan Joseph Bankman and Barbara Fried participated in critical aspects of the FTX business and its associated hedge fund, Alameda Research, that misappropriated funds from FTX customers. For years, Bankman and Fried’s ultimate culpability for actions related to the crimes of their son remained unknown.
Other Highlights Worth Mentioning
Pakistan Plans To Legalise Bitcoin And Crypto - Bitcoins
Ethereum DeFi Platform Zoth Hit By $8.85 Million Hack - Decrypt
Solana (SOL) Continues To Face Downside Pressure With Bearish Indicators - BeInCrypto
Coinbase reportedly in advanced talks to acquire crypto derivatives exchange Deribit Cryptoslate