CZ Denies Trump Deal as Lawmaker Fights Trump's Crypto Vision
Welcome to the mid-month edition of your favourite crypto weekly news round-up.
You already know that with Trump at the Oval Office, you can always count on some political drama, so now we’ve got a crypto shutdown in Washington where lawmakers are pulling out the plug on Trump’s Bitcoin reserve plans.
Your favourite CEX founder also gets to share in the spotlight with some rumour control on some potential Trump Family investment 🙅🚫
Meanwhile, Three Arrows Capital is making a crazy comeback on FTX, and TON is having its moment of freedom after Telegram's founder got his passport back.
Freedom does look bullish for crypto; who knew?
- Lawmaker Urges Treasury to Block Trump’s Bitcoin Reserve
- Three Arrows Capital wins court approval to expand FTX claim to $1.53B
- Binance founder ‘CZ’ denies report of Trump investment, pardon campaign
- TON Surges 20% as Telegram Founder Pavel Durov Recovers Passport From French Authorities
Lawmaker Urges Treasury to Block Trump’s Bitcoin Reserve
House Representative Gerald E. Connolly of Michigan sent a letter to Treasury Secretary Scott Bessent on March 13. He urged the Treasury to “cease all attempts” to establish a strategic Bitcoin reserve in the United States. Connolly argues that such a reserve would serve no real benefit to the American people and would instead line the pockets of President Trump and his supporters. Also, he criticized the proposed cryptocurrency reserve, saying it would only enrich Trump and his donors while wasting taxpayer dollars. He also expressed concerns about the “unsound fiscal policy” behind the plan, which he claims gives special preference to certain cryptocurrencies based on Trump’s social media posts. In his letter, Connolly referenced a statement from the Federal Reserve calling the proposal “the dumbest idea ever.”
Three Arrows Capital wins court approval to expand FTX claim to $1.53B
A US bankruptcy court has ruled in favor of Three Arrows Capital (3AC), allowing the failed crypto hedge fund to increase its claim against the collapsed exchange FTX to $1.53 billion. This decision significantly raises the initial $120 million claim sought by 3AC’s liquidators. According to the March 13 court filing, 3AC’s liquidators first filed their $120 million claim in June 2023, arguing that FTX had improperly seized assets before the hedge fund collapsed. However, over a year later, they revised their claim, claiming: “Just two weeks before the commencement of the 3AC Liquidation, the $1.53 billion of assets that 3AC had on the FTX platform were liquidated to satisfy $1.3 billion in liabilities to FTX.”
Binance founder ‘CZ’ denies report of Trump investment, pardon campaign
Changpeng Zhao, the founder and former CEO of the world’s largest crypto exchange Binance, is denying that the Trump family is in talks to buy a financial stake in the American arm of the exchange following a bombshell Wall Street Journal report on Thursday. Zhao quickly took to X on Thursday to deny reports of a business deal with the Trump family, saying “Sorry to disappoint. The WSJ article got the facts wrong,” in a post on X. “Fact: I have had no discussions of a Binance US deal with…well, anyone.” The Journal reported that representatives of the Trump family have been in talks to invest in the U.S. arm of Binance since last year, citing people familiar with the matter who were not named.
TON Surges 20% as Telegram Founder Pavel Durov Recovers Passport From French Authorities
The price of TON has surged more than 20% over the last 24 hours to now trade above $3.45 and have a $8.14 billion market capitalization after French authorities returned Telegram founder Pavel Durov’s passport. The move restores Durov’s ability to travel freely and marks the end of a situation that had drawn concerns from privacy and free speech advocates. Durov, who co-founded Telegram, a messaging platform with nearly a billion users, has long been an outspoken advocate for privacy and secure communication. The TON Foundation, which supports the Telegram Open Network (TON), celebrated the moment on social media.
Other Highlights Worth Mentioning
Binance Gets $2B Investment From Abu Dhabi's MGX - CoinDesk
UK NCA Officer Charged Over Alleged Bitcoin Theft in 2017 - Decrypt
UK Court Rejects Man’s Bid To Recover 8,000 Bitcoin From Landfill - Bitcoins
Ripple Secures Dubai Regulator Approval to Expand Its Presence in the Middle East - Crypto News