Decentral Block Post

France’s state-owned bank says it will spend 25 million euros ($27 million) buying cryptocurrencies that support local crypto and blockchain projects.

Bpifrance said in a March 27 press release that it would back newly formed projects “with a strong French footprint” where it will receive tokens in return for its investment and will look to fund decentralized finance (DeFi), staking, tokenization and artificial intelligence.

It added that the plan, supported by the French Ministry of Economy and Finance, was to “promote emerging technologies and strengthen the French blockchain ecosystem.”

The global blockchain ecosystem is “currently booming” but the number of French funds taking part is still very limited, it said.

French digital and AI minister Clara Chappaz said public and private financing was “one of the keys to the sustainable positioning of our ecosystem on the international stage.”

ChatGPT creators OpenAI have introduced rate limits after a viral social media trend that saw nearly everything “Ghiblifyied” — turned into AI art in the style of the famous Japanese animation studio. 

OpenAI CEO Sam Altman was one of the first to take part in the trend, posting a portrait of himself generated by the model on March 25 but said in a subsequent post two days later that all image requests have started to tax the firm’s infrastructure.

“It’s super fun seeing people love images in ChatGPT but our GPUs are melting. We are going to temporarily introduce some rate limits while we work on making it more efficient,” he said.

Source: Sam Altman

“Also, we are refusing some generations that should be allowed; we are fixing these as fast we can,” he added.

The US Securities and Exchange Commission has officially closed its investigation into Crypto.com, with no action taken against the crypto exchange, according to the firm’s CEO, Kris Marszalek.

”They used every tool available to attempt to stifle us, restricting access to banking, auditors, investors, and beyond. It was a calculated attempt to put an end to the industry,” Marszalek said in a March 27 X post.

It comes seven months after the SEC issued a Wells notice to the crypto platform in August, signaling its intention to take legal action against the firm.

We are pleased that the current SEC leadership has made the decision to close its investigation into Crypto.com,” added Crypto.com’s chief legal officer Nick Lundgren in a March 27 statement, which accused the previous administration of abusing its authority to harm the crypto industry.

Source: Kris Marszalek

Crypto.com had filed a lawsuit against the SEC in October, two months after the Wells notice, accusing the Gary Gensler-led commission of overstepping its authority and taking a “misguided” approach to crypto regulation.

SEC continues to roll back previous enforcement actions

Crypto.com’s announcement follows a wave of other crypto investigations and lawsuits dropped by the SEC over the last five weeks, which affected the likes of Coinbase, Consensys, Robinhood, Gemini, Uniswap, OpenSea and more recently, Immutable.

The US Justice Department (DOJ) seized more than $200,000 in cryptocurrency intended to benefit the militant group Hamas it said in a statement on March 27.

The cryptocurrency with a total value of $201,400 was traced to fundraising addresses allegedly controlled by Hamas and used to launder more than $1.5 million in digital assets since October 2024.

The laundering occurred through a series of “virtual currency exchanges and transactions by leveraging suspected financiers and over-the-counter brokers,” the DOJ said. The funds are currently held in a combination of at least 17 wallets.

Affidavit to seize the Hamas-linked cryptocurrency. Source: US DOJ

In January 2024, the US Treasury’s Office of Foreign Assets Control, along with corresponding organizations in the United Kingdom and Australia, announced sanctions against networks and facilitators of crypto transactions linked to Hamas. Those sanctions were built on US Treasury sanctions from October 2023.

The current state of crypto is akin to the internet's "America Online" (AOL) era during the late 1990s, when the user experience was clunky, technical, featured limited use cases, and moved at dial-up speeds, according to Polygon co-founder Sandeep Nailwal.

In an interview with Cointelegraph, Nailwal identified several key areas of development to improve user experience, including seamless fiat on- and off-ramps, custody solutions that feature key recovery, and hardware wallets built into mobile devices.

“We are probably still in 1998, and it is going to take at least 10 to 15 years to see crypto in its full glory,” the Polygon founder added.

While considered revolutionary at the time, the AOL days of the internet featured limited functionality and a high barrier to entry. Source: PC Magazine

The internet took between 30-40 years to achieve mass adoption and began with a limited number of use cases. In the late 1990s, the AOL era of the internet was primarily focused on email and basic web browsing, but today, the internet encompasses the entire economy.

The foundation behind the layer-1 blockchain, Sei, announced it was exploring the acquisition of the genetic testing company 23andMe after the firm filed for bankruptcy.

In a March 27 X post, the Sei network said its foundation was considering purchasing 23andMe “to defend the genetic privacy of 15 million Americans” by putting the company’s data on the blockchain. According to the foundation, if it acquires the biotechnology company, it plans to deploy all the genetic information on the blockchain and “return data ownership to users through encrypted, confidential transfers.” 

March 27 X announcing a potential acquisition of 23andMe. Source: Sei Network

“We believe user data sovereignty is a matter of national security,” the Sei network’s announcement reads. “When an American biotech pioneer faces bankruptcy, personal genomic data of millions becomes vulnerable to parties that may not share the same values of transparency and open access.”

The announcement came four days after 23andMe said it filed for Chapter 11 protection in the US Bankruptcy Court for the Eastern District of Missouri. The company said at the time there would be “no changes to the way [it] stores, manages, or protects customer data,” which reportedly includes genetic information from roughly 15 million people globally.

Solana's native token, SOL (SOL), faced a sharp 8% rejection after briefly touching $147 on March 25. For the past three weeks, SOL has struggled to reclaim the $150 level, which is leading traders to question whether the bullish momentum that was originally driven by memecoin speculation and the rise of artificial intelligence sectors has come to an end.

Some analysts argue that SOL price could significantly benefit from the eventual approval of a Solana spot exchange-traded fund (ETF) in the United States, as well as the expansion of tokenized real-world assets (RWA) on the Solana network, including stablecoins and money market funds. 

Others, like Nikita Bier, co-founder of TBH and Gas startups, believe Solana has "the fundamental building blocks for something to break out on mobile."

Source: nikitabier

Bier highlighted the constructive regulatory environment from US President Donald Trump and the long-term impact of the memecoin frenzy, which introduced “millions” of new users to Web3 wallets and decentralized applications (DApps). Essentially, Nikita Bier believes Solana is well-positioned due to its streamlined onboarding experience for mobile users.

Bitcoin (BTC) investors are preparing for the record-breaking $16.5 billion monthly options expiry on March 28. However, the actual market impact is expected to be more limited, as BTC's drop below $90,000 caught investors off guard and invalidated many bullish positions. 

This shift gives Bitcoin bears a crucial opportunity to escape a potential $3 billion loss, a factor that could significantly influence market dynamics in the coming weeks.

Bitcoin options open interest for March 28, USD. Source: Laevitas.ch

Currently, the total open interest for call (buy) options stands at $10.5 billion, while put (sell) options lag at $6 billion. However, $7.6 billion of these calls are set at $92,000 or higher, meaning Bitcoin would need a 6.4% gain from its current price to make them viable by the March 28 expiry. As a result, the advantage for bullish bets has significantly weakened.

Bitcoin bulls pray for a “decoupling” if QE restarts 

Some analysts attribute Bitcoin’s weak performance to the ongoing global tariff war and US government spending cuts, which increase the risk of an economic recession. Traders worry about slower growth, particularly in the artificial intelligence sector, which had driven the S&P 500 to a record high on Feb. 19 before falling 7%.

GameStop shed nearly $3 billion in market capitalization on March 27 as investors second-guessed the videogame retailer’s plans to stockpile Bitcoin (BTC), according to data from Google Finance. 

On March 26, GameStop tipped plans to use proceeds from a $1.3 billion convertible debt offering to buy Bitcoin — an increasingly popular strategy for public companies looking to boost share performance. 

GameStop’s announcement came a day after it proposed building a stockpile of cryptocurrencies, including Bitcoin and US dollar-pegged stablecoins. 

Investors initially celebrated the news, sending shares up 12% on March 26. Shareholders’ sentiment reversed on March 27, pushing GameStop’s stock, GME, down by nearly 24%, according to Google Finance. 

GameStop’s stock reversed gains on March 27. Source: Google Finance

US Senator John Kennedy grilled prospective Securities and Exchange Commission (SEC) chairman Paul Atkins about a potential pardon for Sam “SBF” Bankman-Fried during the Senate Banking Committee’s March 27 nomination hearing.

The Louisiana Republican directed a series of questions about the former FTX CEO toward Atkins and probed the prospective SEC chairman about donations Bankman-Fried’s family made to Stanford University.

Senator John Kennedy questions prospective SEC chairman Paul Atkins. Source: Senate Banking Committee

Kennedy then urged the SEC to take action to prevent any potential pardons on behalf of SBF. Kennedy added:

“I read in the paper that the Bankman-Frieds were trying to get a pardon. They are crooks, and I expect the SEC to do something about it,” the Senator continued.

Since reaching a weekly high of $88,752 on March 24, Bitcoin (BTC) price has formed a series of lower highs and lower lows in the 1-hour time frame chart.

As the end of the week approaches, Bitcoin price has failed to break above the $88,000 resistance, reducing the chance for a $90,000 retest before the end of Q1.

Bitcoin 1-hour chart. Source: Cointelegraph/TradingView

What is keeping Bitcoin under $90K?

One major reason for Bitcoin’s current price struggles is constant sell-side pressure from short-term holders (STHs) or investors holding coins for less than 155 days. Glassnode's “The Week On-chain” newsletter noted that the current Bitcoin cycle has witnessed a “top heavy” market where investors who purchased BTC at higher prices hold a significant portion of Bitcoin’s supply. As a result, the STH cohort have become the primary group facing the largest price drawdown since Bitcoin’s 30% correction from its all-time high.

In the report, Glassnode analysts said,

US Senator Ted Cruz introduced a bill on March 26 to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC). The “Anti-CBDC Surveillance State Act,” would prohibit the Fed from offering certain products or services directly to American individuals, a key component of any CBDC.

The Texas Republican’s bill can be considered a companion bill to Minnesota Republican Representative Tom Emmer’s anti-CBDC legislation, which was reintroduced on March 6. A companion bill is a piece of legislation that is similarly or identically worded to another bill, and introduced in the other chamber of Congress.

Both bills state that the prohibition should not include any dollar-denominated currency that is open, permissionless, and private and “preserves the privacy protections of United States coins and physical currency.” 

Sen. Ted Cruz’s anti-CBDC bill. Source: Ted Cruz

Since 2020, the Federal Reserve has been exploring a digital version of the US dollar. According to the CBDC Tracker, at least four research projects are currently underway by various Federal Reserve entities.

Bitcoin (BTC) faced mixed forces on March 27 as a combination of fresh US trade tariffs and macroeconomic data weighed on risk assets.

BTC/USD 1-hour chart. Source: Cointelegraph/TradingView

Gold leaves Bitcoin in the dust amid tariff woes

Data from Cointelegraph Markets Pro and TradingView showed BTC price volatility returning at the Wall Street open.

BTC/USD displayed uncertain trading behavior in line with US stocks as the second revision of US Q4 GDP came in above the median forecast of 2.3%. 

At the same time, initial jobless claims fell short of estimates, potentially emboldening more hawkish financial policy from the Federal Reserve in the form of higher interest rates.

Lawmakers in the US Senate Banking Committee questioned prospective Securities and Exchange Commission (SEC) member Paul Atkins on his ties to the crypto industry and how he might regulate digital assets if confirmed.

Questioning Atkins at his nomination hearing on March 27, Massachusetts Senator Elizabeth Warren, the committee’s ranking member, said the former SEC commissioner had had “staggeringly bad judgment” in his role leading up to the 2008 financial crisis — Atkins served at the agency from 2002 to 2008. Sen. Warren also asked Atkins to disclose the buyers of his consulting firm Patomak Global Partners — which advised crypto exchange FTX before its collapse in 2022 — for transparency about potential conflicts of interest with the digital asset industry.

“Your clients pay you north of $1,200 an hour for advice on how to influence regulators like the SEC, and if you’re confirmed, you will be in a prime spot to deliver for all those clients who’ve been paying you millions of dollars for years,” said Sen. Warren, suggesting Atkins’ judgment “will be influenced by more than an objective assessment of the data.”

Paul Atkins addressing lawmakers at March 27 nomination hearing. Source: US Senate Banking Committee

The Massachusetts senator sent a letter to Donald Trump’s SEC pick on March 23, calling on him to be prepared to answer questions related to his potential role at the agency based on his ties to the crypto industry through Patomak. At the March 27 hearing, Sen. Warren asked Atkins to disclose the consulting firm’s potential buyers — he said he planned to sell the company if confirmed — who might be “buying access to the future chair of the SEC.” 

Crosschain US-dollar stablecoin USDT0 has been deployed to Optimism’s Superchain, increasing access to the world’s most widely used stable asset across Ethereum’s layer-2 ecosystem.

On March 27, Optimism announced that the dollar-pegged USDT0 is now live on the OP mainnet. The crosschain stablecoin’s first deployment was on Ink, Kraken’s DeFi-focused layer-2.

USDT0 is essentially a bridged version of Tether’s USDt (USDT), designed to extend the stablecoin’s adoption across various blockchains. It launched within the Tether ecosystem independently in January, with support from Tether and its CEO, Paolo Ardoino.

Superchain is a network of layer-2 chains designed to scale Ethereum through Optimism’s OP Stack. The collective currently accounts for 52% of Ethereum layer-2 transactions, according to data tracked by Superchain.

Since September, Superchain’s L2 dominance has grown from 36.6% of all transactions to 51.9%. Source: Superchain Health Dashboard

Stablecoin issuer Circle and Intercontinental Exchange (ICE), the company that operates the New York Stock Exchange (NYSE) among others and provides clearinghouse services, are collaborating to explore stablecoin integration in ICE’s operations.

The companies will explore the potential integration of Circle’s US dollar stablecoin (USDC) and its US Yield Coin (USYC) into ICE’s derivatives exchanges, clearinghouses, data services and other systems, under a memorandum of understanding (MoU) announced March 27.

Lynn Martin, president of the New York Stock Exchange, issued this statement alongside news of the collaborative partnership:

The potential integration of stablecoins and real-world tokenized products into exchange settlement systems follows Nasdaq announcing 24-hour weekday trading starting in 2026 and the New York Stock Exchange’s plan to extend trading hours during the week as traditional financial markets shift toward a more global orientation.

Stablecoin market breakdown by top issuers. Source: RWA.XYZ

Officials with the Federal Bureau of Prisons have moved former FTX CEO Sam “SBF” Bankman-Fried to a transit facility days after right-wing political commentator Tucker Carlson interviewed him.

As of March 27, the Federal Bureau of Prisons website showed Bankman-Fried was being housed at the Federal Transfer Center (FTC) in Oklahoma City, suggesting that he may be moved from the facility where he largely spent the majority of his time awaiting trial and moving forward with an appeal of his conviction.

Carlson remotely interviewed SBF from the Metropolitan Detention Center (MDC) in Brooklyn on March 5 — a reportedly unsanctioned event that resulted in the former FTX CEO being sent to solitary confinement. 

Former FTX CEO’s status as of March 27. Source: US Bureau of Prisons

The reason for the move to the Oklahoma transit facility was unclear. After Bankman-Fried’s 2023 conviction on seven felony charges and 2024 sentencing to 25 years in prison, a federal judge recommended that the former CEO remain in the New York area to assist during his appeals process. He was briefly transferred to FTC Oklahoma City in May 2024 before being returned to MDC Brooklyn.

Opinion by: Shubham Kukrety, co-founder and CEO at QuoteIt 

Strange sights were seen as India recently concluded MahaKumbh, a Hindu congregation that occurs once every 144 years.

Every day, a man took dips at Sangam — the triple confluence of rivers Ganga, Yamuna and Sarasvati — with several passport-sized photographs offering “Digital Snan,” symbolizing digital nectar baths. A nine-acre camp offered people a glimpse of the Hindu religion since the beginning of time. Several families received a 360-degree live virtual MahaKumbh tour with a VR box and packaged pure Sangam water at their homes.

These are some of the sights that were seen for the first time in MahaKumbh’s known history. But all of it brings us to a fascinating question: Does the fusion of tech and tradition help us peek into India’s future of the metaverse? Indeed.

Adopting technology religiously

India’s approach to technology has always been unique. The country has previously leapfrogged many traditional technology adoption cycles. For example, it moved directly to mobile-first digital experiences without many households ever seeing a landline. As immersive technologies gain traction, the country shows signs of its distinctive adoption pattern.

Bitcoin is seeing unprecedented adoption with the US establishing a “strategic Bitcoin reserve,” but some prominent Bitcoin advocates believe the project is getting away from its roots.

Earlier this year, Jack Dorsey, a Bitcoin proponent and founder of Twitter, said that he believed if Bitcoin becomes just a form of “digital gold” then the project has failed. He said that a national Bitcoin reserve may be “good for the nation-state, but I don’t necessarily know if it’s good for Bitcoin.” 

Dorsey contended that Bitcoin needs to return to the white paper and work on becoming a form of peer-to-peer cash that can be transacted globally if it wants to become a success.  

Around the world, a number of “circular Bitcoin economies” have been working at just that — developing local economies that use Bitcoin as currency in an attempt to showcase its viability and what the future of BTC can look like.  

The Bitcoin white paper put forward a cash system. Source: Bitcoin.org

Ripple has partnered with African payment infrastructure provider Chipper Cash to support crypto-enabled cross-border payments.

According to a March 27 announcement, Chipper Cash will use Ripple Payments for its cross-border transactions as part of the deal. The companies said the partnership is designed to offer faster, cheaper, more efficient settlements.

Chipper Cash. Source: Chipper Cash website

Reece Merrick, Ripple’s managing director for Middle East and Africa, said that the partnership is an important step in the firm’s expansion in the region. He also highlighted that African consumers and businesses “are increasingly recognizing the potential of blockchain technology.”

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