Michael Saylor Meets SEC + Ethereum’s Pectra Upgrade Fails⁉️📉

BlackRock Remains Absent From Solana ETF Race as Competitors Push Forward

BlackRock has yet to enter the Solana ETF race, despite being the largest asset manager globally with $11.6 trillion AUM and leading the Bitcoin and Ethereum ETF markets. While firms like Franklin Templeton, Bitwise, Grayscale, and 21Shares have filed for Solana ETFs, BlackRock’s Rachel Aguirre emphasized that the firm follows three principles: client needs, investment thesis, and ETF suitability, without confirming any plans for a Solana ETF.

Spot Bitcoin ETFs launched in January 2024, with Ethereum ETFs following in July. Institutional interest in ETH ETFs rose to 14.5%, while BTC ETF ownership slightly declined. The SEC’s classification of Solana as a security could impact the approval process, though Bloomberg analysts estimate a 70% chance of approval.

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OKX Pleads Guilty to Operating Unlicensed Money Transmitting Business, Agrees to $504 Million Penalty

OKX, one of the world’s largest cryptocurrency exchanges, pleaded guilty to operating an unlicensed money transmitting business and agreed to pay over $504 million in penalties. U.S. authorities found that since 2017, OKX knowingly violated anti-money laundering (AML) laws, allowing more than $5 billion in suspicious transactions. Despite officially prohibiting U.S. customers, OKX actively sought them out, facilitated trades without proper KYC checks, and even advised users on how to bypass restrictions. The exchange also failed to implement sufficient AML controls until 2023, enabling illicit financial activities. As part of its plea deal, OKX will forfeit $420.3 million, pay an $84.4 million fine, and retain a compliance consultant through 2027.

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Michael Saylor Meets SEC Crypto Task Force as Strategy Expands Bitcoin Holdings to 500,000 BTC

Michael Saylor met with the SEC’s new Crypto Task Force to discuss digital asset classification and regulation. The meeting focused on defining asset categories, setting clear rules for issuers and exchanges, and promoting innovation. The SEC framework considers Bitcoin a digital commodity and outlines regulatory distinctions for other asset types.

The task force emphasized clear responsibilities for issuers, exchanges, and owners while capping issuance and compliance costs. It predicts crypto markets could grow to $10 trillion under proper regulation and suggests a strategic Bitcoin reserve could generate trillions for the U.S. Treasury.

Separately, Saylor’s firm, now called Strategy, acquired 20,365 BTC for $2 billion, bringing its total holdings to nearly 500,000 BTC worth $47 billion. This solidifies Strategy as the largest corporate Bitcoin holder.

Ethereum’s Pectra Upgrade Fails to Finalize on Holesky Testnet, Developers Investigate Issue

Ethereum’s Pectra upgrade went live on the Holesky testnet on Monday but failed to finalize as expected. Finality, which ensures that confirmed transactions cannot be reversed, was not achieved initially. Developers are investigating the cause of the issue on the Ethereum R&D Discord channel. This is not the first time a testnet upgrade has failed to finalize; a similar issue occurred during the Dencun upgrade in January 2024 on the Goerli testnet.

Pectra combines 11 Ethereum Improvement Proposals (EIPs), with key features including EIP-7702 to improve crypto wallet functionality and EIP-7251 to increase the maximum stake limit for validators. Holesky is the first of two testnets for the upgrade, with a follow-up test on Sepolia scheduled for March 5. Depending on the issue’s scale, the test could be delayed. If successful, the upgrade will move toward activation on Ethereum’s mainnet.