Crypto Morning News: Reddit co-founder seeks to acquire TikTok; Aave to launch token buyback program
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Crypto Morning News: Reddit co-founder seeks to acquire TikTok; Aave to launch token buyback program
The White House will support repealing the Biden administration's "DeFi broker rule."
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Executives from Strategy, Paradigm, and other firms confirm attendance at White House crypto summit
Fox Business journalist Eleanor Terrett reported that several key industry figures have confirmed their attendance at the cryptocurrency summit to be held at the White House this Friday. Confirmed attendees include: Michael Saylor, founder of Strategy; David Bailey, CEO of Bitcoin Magazine; Matt Huang, co-founder of Paradigm; JP Richardson, CEO of Exodus; Kyle Samani, managing partner at Multicoin Capital; Zach Witkoff, co-founder of Trump-affiliated crypto project World Liberty Financial; Sergey Nazarov, co-founder of Chainlink; Brian Armstrong, CEO of Coinbase; Vlad Tenev, CEO of Robinhood; and Arjun Sethi, CEO of Kraken.
The summit is scheduled for March 7 from 1:30 PM to 5:30 PM Eastern Time, which corresponds to 2:30 AM to 6:30 AM China Standard Time on March 8.
White House to support repeal of Biden-era “DeFi Broker Rule”
David Sacks, White House Director of AI and Cryptocurrency, announced that the White House will back a Congressional Review Act (CRA) resolution introduced by Senator Ted Cruz and Representative Mike Carey aimed at repealing the so-called "DeFi Broker Rule" established during the final days of the Biden administration.
A policy statement released by the Office of Management and Budget (OMB) reveals that the rule expands the definition of “broker” to include DeFi protocol software, requiring reporting of total proceeds from digital asset transactions and taxpayer information. The new administration argues this regulation would “stifle U.S. innovation, raise privacy concerns, and impose unprecedented compliance burdens on DeFi businesses.”
The policy statement explicitly states that if the bill reaches the President’s desk, senior White House advisors will recommend signing it into law—marking a significant shift in the government’s stance on crypto regulation.
Jinshi Data: Market expects additional 76 basis points of rate cuts in the U.S. by 2025
According to Jinshi Data, federal funds futures rose as markets now anticipate an additional 76 basis points of interest rate cuts in the United States by 2025.
BitMEX co-founder: This cycle’s BTC bottom could be $70K, with highs potentially exceeding $1 million
Arthur Hayes, co-founder of BitMEX, wrote in a recent blog post: “I firmly believe we are still in a bull market cycle, so the worst-case bottom would be the prior cycle's all-time high of $70,000. I'm not sure we’ll even reach that low. A positive signal for dollar liquidity is the declining balance in the U.S. Treasury General Account, which acts as monetary injection. If this current rally is just a 'dead cat bounce,' I expect Bitcoin to retrace to around $80,000, giving us another entry opportunity.
If the S&P 500 or Nasdaq 100 falls 20% to 30% from its peak, combined with a major financial institution nearing collapse, we may experience a synchronized global market correction. In such a scenario, all risk assets could face selling pressure together, and Bitcoin might fall below $80,000 again, possibly correcting down to $70,000.
No matter how the market moves, we will cautiously buy the dips, avoid leverage, and patiently wait for the ultimate violent shockwave in fiat financial markets.
Once the global economy, led by the United States, resumes recovery, Bitcoin has the potential to surpass $1,000,000—or go even higher.”
David Sacks confirms sale of Multicoin Capital stake
David Sacks, White House Director of AI and Cryptocurrency, further clarified on X in response to user questions that he sold his shares in Multicoin Capital. He stated: “I also sold my stake in Multicoin. I didn’t even need to do so yet, as the ethics review process was still ongoing. But I proactively decided to divest all my cryptocurrency holdings and stakes in crypto-focused funds.”
Du Jun: Accumulated over $20 million in unrealized losses on Ethereum over past year; won’t sell, remains bullish on Ethereum ecosystem
Du Jun, founder of ABCDE, posted: “Ethereum is back to $2,000 today. Did the math—my accumulated positions in Ethereum over the last year have resulted in more than $20 million in paper losses. I simply can't afford to buy more. It's better to use the money to incubate projects—even if they fail, I’ll gain experience and build teams.
I won’t cut my losses or sell. I remain optimistic about the value of the Ethereum ecosystem and its role in the industry. I’m considering selling some other assets to accumulate more ETH and lower my average cost basis.”
Reddit co-founder seeking to acquire TikTok, plans to put the app ‘on-chain’
According to The Block, Reddit co-founder Alexis Ohanian is pursuing the acquisition of TikTok with plans to bring the social media platform onto the blockchain.
Ohanian posted on X: “Big news for the digital world. I am now officially one of those trying to acquire TikTok’s U.S. operations and put it on-chain. TikTok has been a game-changer for creators—their future should be shaped by them. Users should own their data. Creators should own their audiences.”
THORChain generates ~$5.5M in fees amid Bybit hack, processes over $5.4B in volume
As reported by Cointelegraph, cross-chain asset exchange protocol THORChain has processed over $5.4 billion in transaction volume since Bybit suffered a $1.4 billion hack, generating approximately $5.5 million in revenue for the platform. According to THORChain explorer data, within a single day following the Bybit breach, THORChain handled over $1 billion in swap volume, earning more than $554,000 in total fees on that day alone.
Despite achieving this revenue milestone, THORChain faces scrutiny over its role in facilitating illicit fund transfers.
Aave proposes new Aavenomics plan, including token buyback program
Officially announced, the Aave community has formally proposed an updated version of the Aavenomics implementation plan, described as a “supercharged version of the fee switch.” The proposal introduces an “Anti-GHO” mechanism—a non-transferable ERC-20 token linearly generated by AAVE and StkBPT stakers, which can offset GHO debt at a 1:1 ratio or convert into StkGHO.
Under the proposal, Aave will establish a Financial Committee (AFC) responsible for managing assets held in Aave’s revenue contracts, defining Umbrella liquidity target ratios, and setting budgets. Additionally, Aave will launch a token buyback program, initially repurchasing $1 million worth of AAVE tokens weekly from secondary markets and allocating them to the ecosystem reserve fund. The proposal will also shut down the LEND migration contract, which has operated for nearly five years, redirecting the remaining ~320,000 AAVE tokens (worth approximately $65 million) to the ecosystem reserve.
The proposal notes that although declining market rates have affected Aave DAO revenues, the protocol continues to dominate lending protocol income across the industry. Since the Aavenomics proposal was approved, Aave DAO’s “cash” holdings have grown by 115%, reaching $115 million. Furthermore, Chainlink-powered SVR is expected to generate up to $10 million in additional annual revenue for the protocol.
The proposal recommends allocating 50% of GHO income toward generating Anti-GHO tokens, distributed 80% to StkAAVE holders and 20% to StkBPT holders. With current GHO supply at 186 million, offering a 6.45% annual yield and generating ~$12 million in annual revenue, this would produce 6 million Anti-GHO tokens annually for Aave stakers.
Nasdaq files 19b-4 application for Grayscale Hedera ETF
According to Cointelegraph, Nasdaq has filed a 19b-4 application for the Grayscale Hedera ETF.
Market Movements
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Rumors swirl: Can Trump’s proposed elimination of crypto capital gains tax become reality?
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