News Preview:

• The joint cryptocurrency regulatory guidance from the U.S. SEC and CFTC will officially take effect on March 23;

• Backpack will conduct TGE on March 23;

• Polymarket will announce significant news on March 23, with the community speculating it may involve financing or token issuance;

• The G7 foreign ministers will hold a meeting in Paris from March 24 to 25 to discuss ending the Iran war;

• The U.S. Congress will hold a tokenization hearing on March 25, with the CEO of the Blockchain Association attending as a witness;

• Humanity (H) will unlock approximately 105 million tokens at 8:00 AM Beijing time on March 25, with a circulation ratio of about 4.19%, valued at approximately $10.2 million;

• Metaplanet will hold a shareholders meeting on March 25

March 23

Policy Regulation:

Bloomberg Analyst: U.S. SEC May Process Morgan Stanley's BTC ETF Application as Early as March 23

In response to the question, "How long will it take the U.S. SEC to process Morgan Stanley's BTC ETF application?", Bloomberg analyst James Seyffart stated: "The earliest would require 75 days from the submission date. So, around March 23."

It is reported that Morgan Stanley Wealth Management manages about $8 trillion in assets and has suggested a Bitcoin allocation range of 0-4% for clients in its latest Bitcoin spot ETF related documentation. Relevant calculations indicate that a 2% allocation would correspond to a Bitcoin scale of about $160 billion, which is about three times the current IBIT shares.

The U.S. SEC and CFTC joint cryptocurrency regulatory guidance will officially take effect on March 23

According to Forbes, the cryptocurrency asset interpretative guidance released jointly by the U.S. Securities and Exchange Commission (SEC) and the U.S. Commodity Futures Trading Commission (CFTC) was officially submitted to the Federal Register on March 20 and is expected to be officially released and take effect on March 23 (next Monday), providing directly actionable regulatory guidance for cryptocurrency market participants.

This document has committee-level authority and will comprehensively replace the "Digital Asset 'Investment Contract' Analysis Framework" published in 2019, while clearly guiding the enforcement and daily regulatory work of both SEC and CFTC, marking a formal departure from the previous ambiguous phase of "enforcement instead of regulation" in U.S. cryptocurrency regulation, entering a new phase of clarified rules.

It is reported that this joint guidance document is built upon the Project Crypto launched in 2025 — a project jointly promoted by the two major regulatory agencies, with the core goal of coordinating regulatory powers and establishing a unified cryptocurrency asset classification system. This released guidance document is viewed as a "bridge for cryptocurrency asset regulation," providing clear guidance not only for industry practices, judicial analyses, and enforcement policies but also offering immediate compliance clarity for entrepreneurs and investors ahead of Congressional bipartisan market structure legislation, with compliance bases being more stable and authoritative compared to previous employee-level guidance.

Notably, the document categorizes cryptocurrency assets into five categories, clarifying the regulatory affiliations of different assets such as digital commodities and digital securities, while also defining the compliance boundaries of common cryptocurrency activities such as mining, staking, airdrops, clearing core obstacles for institutional entry and industry compliance innovations.

Exchanges:

Binance will list PAYP USDT stock perpetual contract on March 23

Binance will launch the PAYP USDT stock perpetual contract on March 23 at 22:30, supporting a maximum leverage of 10 times. This contract tracks the PayPay stock price and settles in USDT. The contract supports 24/7 trading and allows for multi-asset mode, permitting users to use other assets such as BTC as collateral. The fund rate will be settled every 8 hours.

Project Updates:

Backpack will conduct TGE on March 23

Backpack announced it will conduct a TGE on March 23. Previously, Backpack released its tokenomics: 25% will be released at TGE, with 24% allocated to point holders.

Polymarket will announce significant news on March 23, with the community speculating on financing or token issuance

Polymarket official team member Mustafa posted on platform X that there will be significant news announced next Monday. Because the post contains coin symbols, the community speculates it may relate to financing or token launch.

Nillion: nilChain will stop operating on March 23, users must timely migrate NIL tokens to Ethereum

The privacy blockchain project Nillion announced on platform X that nilChain will cease operations on March 23. Users with NIL tokens on Cosmos must migrate to Ethereum. After the chain stops, standard transfers will no longer be possible.

Neutron will transition to long-term maintenance mode, dNTRN holders can redeem NTRN from March 23

The Cosmos ecosystem project Neutron announced it will transition to long-term maintenance mode. Due to unfavorable market conditions over the past months leading to the failure of original strategies, and after seeking alternatives such as new product development, blockchain mergers, and new leadership without success, Neutron decided to prioritize protecting the interests of users and builders by shifting the network into a long-term maintenance state. DEX and Supervault will suspend and enter a withdrawal-only mode by April 17 at the latest, dNTRN holders can redeem for NTRN via the Drop site or Neutron app from March 23, and wstETH holders must bridge back to Ethereum by June 30, with redemption mechanisms for NTRN holders to be announced separately. Hadron Labs will be responsible for network maintenance until June 30, 2026, after which manual withdrawal guidelines will be issued. Governance will transition from a custom system to a standard Cosmos staking model, inflation will be dynamically adjusted, and the validator set will be reduced.

Token Unlocking:

SOON (SOON) will unlock approximately 21.88 million tokens at 4:30 PM Beijing time on March 23, with a circulation ratio of about 5.06%, valued at approximately $2.8 million;

March 24

Macroeconomics:

On March 24, Tuesday at 7:30, Japan will release the year-on-year core CPI for February; from 16:15 to 17:30, the preliminary values of the manufacturing/services PMIs for March will be released successively for France, Germany, the Eurozone, and the UK; at 21:45, the U.S. will release the preliminary values for the manufacturing/services PMIs for March.

The G7 foreign ministers will hold a meeting in Paris from March 24 to 25 to discuss ending the Iran war

The Canadian foreign minister stated that the G7 foreign ministers will meet in Paris from March 24 to 25 to consult on advancing diplomatic efforts to end the Iran war.

Token Unlocking:

SoSoValue (SOSO) will unlock approximately 13.33 million tokens at 5 PM Beijing time on March 24, with a circulation ratio of about 4.55%, valued at approximately $5.4 million;

Nillion (NIL) will unlock approximately 114.4 million tokens at 9 PM Beijing time on March 24, with a circulation ratio of about 36.40%, valued at approximately $5.3 million;

Monad (MON) will unlock approximately 170 million tokens at 10 PM Beijing time on March 24, with a circulation ratio of about 0.34%, valued at approximately $3.6 million;

March 25

Policy Regulation:

The U.S. Congress will hold a tokenization hearing on March 25, with the CEO of the Blockchain Association attending as a witness

Crypto journalist Eleanor Terrett posted on platform X that the U.S. Congress Financial Services Committee plans to hold a hearing on tokenization next Wednesday at 10 PM (Beijing time), with Blockchain Association CEO Summer Mersinger attending as an invited witness.

Project Updates:

BASED tokens will be airdropped directly to users' Hyperliquid wallets on the day of TGE, eligible users can designate their receiving wallets by March 25

The multi-channel trading platform Based tweeted that to ensure a smooth experience and avoid claiming congestion, the BASED airdrop tokens will be directly deposited into users' Hyperliquid wallets on the day of TGE, without the need for manual claims. Eligible recipients can designate or update their preferred receiving wallets on the official page before 20:00 on March 25. If not specified, tokens will be sent to the user's default address.

Exchanges:

Binance will delist the APTUSD, OPUSD coin-based perpetual contracts on March 25

Binance Futures will automatically settle and delist the COIN-M APTUSD and OPUSD perpetual contracts on 2026-03-25 at 17:00 (UTC+8).

Project Updates:

Metaplanet will hold a shareholders meeting on March 25

According to a Metaplanet announcement, the company’s 27th regular shareholders meeting will be held at 10 AM on March 25, 2026 (Wednesday) at "pia Arena MM" in Yokohama. The meeting agenda will be notified separately once confirmed. The eligibility reference date for shareholders is December 31, 2025.

Token Unlocking:

Humanity (H) will unlock approximately 105 million tokens at 8 AM Beijing time on March 25, with a circulation ratio of about 4.19%, valued at approximately $10.2 million;

Plasma (XPL) will unlock approximately 88.89 million tokens at 8 PM Beijing time on March 25, with a circulation ratio of about 3.98%, valued at approximately $8.4 million;

March 26

Project Updates:

Huma Finance's third quarter token airdrop claim will close on March 26

Huma Finance announced that the HUMA token third quarter airdrop is now open for claims and will close at 21:00 on March 26, with the snapshot time being February 24 at 00:00. The fourth quarter has also been launched. Third quarter users can claim their full quota in one go, and after claiming, they can stake HUMA to receive an annualized yield (APY) of 4%, while submitting locked PST or mPST during the claiming period will affect the allocation of the next quarter.

SOON: soonBase L3 network will cease operations on March 26 to redirect resources towards AI capital market development

The Solana ecosystem project SOON announced on platform X that its soonBase L3 network will officially shut down on March 26. The team stated that as the SOON ecosystem develops, they will concentrate resources to promote AI capital markets and related AI-driven products and infrastructure, while the SOON mainnet and svmBNB network will not be affected and will continue to operate fully.

All users must extract their assets from soonBase L3 using the official bridging tool before March 26. After the shutdown, any remaining assets will be transferred to contracts controlled by the team on Base for safekeeping, and subsequent withdrawals will need to be manually processed by the team.

March 27

Macroeconomics:

On March 27, Friday at 22:00, the U.S. will release the final value of the Michigan University Consumer Confidence Index for March and the one-year inflation expectations final value.

Exchanges:

Bithumb will delist Neiro (NEIRO), trading will close on March 27

Bithumb will delist Neiro (NEIRO). The official statement indicates that the trading alert reasons based on the foundation's submitted explanatory materials have not been resolved, therefore the decision has been made to cease trading support. Trading will close on March 27, and the withdrawal channel will close on April 27.

The South Korean FIU imposes a fine of approximately $24.6 million on Bithumb and orders partial business suspension for six months starting March 27

The Financial Intelligence Unit (FIU) of South Korea decided to impose a partial business suspension of six months on Bithumb due to violations of anti-money laundering (AML) obligations and other reasons, imposing a fine of 36.8 billion Korean won (approximately $24.6 million). The FIU discovered approximately 6.65 million violations of the Specific Financial Information Act during on-site inspections from March to April last year, including 45,772 transactions with 18 undeclared overseas virtual asset operators, and roughly 6.59 million cases of failing to identify customers (KYC) and transaction limitation obligations.

This partial suspension period is from March 27 to September 26. During this time, existing users' transactions will not be affected, but new users will face restrictions on transferring virtual assets externally (deposits and withdrawals). Furthermore, the representative director of Bithumb will receive a "warning," and the reporting officer will be subject to a six-month suspension.

March 28

Policy Regulation:

The U.S. SEC has extended the decision deadline for the Nasdaq Bitcoin Index options listing application from March 28 to May 27

According to the SEC’s official website, it has decided to designate a longer processing period to make a decision regarding the proposed rule changes for listing and trading Nasdaq Bitcoin Index options on Nasdaq PHLX. This proposal for rule change was initially submitted on September 23, 2025, and the SEC initiated relevant procedures to determine whether to approve the proposal in December 2025. According to relevant laws, the SEC has now postponed the final decision deadline for this application from March 28, 2026, to May 27, 2026. The SEC explicitly states that the extension of the decision time is to ensure sufficient time to review the proposal and various issues raised as well as public comments.

Token Unlocking:

Jupiter (JUP) will unlock approximately 53.47 million tokens at 10 PM Beijing time on March 28, with a circulation ratio of about 1.55%, valued at approximately $8.3 million

March 29

None

Specific Time Pending

Project Updates:

Elon Musk: Major updates to xAI recommendation algorithms will be launched next week, and will be open-sourced

According to Jinshi reports, Elon Musk stated that major updates to the xAI recommendation algorithms will be launched next week and will be open-sourced.

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