The main force lacks confidence in the future market

[U.S. Lawmakers and Crypto Executives Push Strategic Bitcoin Reserve Legislation] Several crypto industry leaders, including Michael Saylor, held a roundtable meeting on Capitol Hill with U.S. lawmakers such as Cynthia Lummis to advocate for the 'Strategic Bitcoin Reserve' legislation. The proposal plans to acquire 1 million bitcoins over five years, establishing it as a strategic asset for the United States. The bill has been submitted to the relevant committee but has not yet been scheduled for a hearing. This marks a step forward for U.S. lawmakers, who are now focusing on broader crypto industry regulation following stablecoin oversight.

[U.S. SEC and Gemini Reach Preliminary Resolution on Crypto Lending Lawsuit] The U.S. SEC and Gemini have reached a principled resolution regarding the lawsuit over the Gemini Earn crypto lending program, pending final approval from the SEC. Previously, the SEC accused Gemini and Genesis Global Capital of offering unregistered securities to retail investors.

[France, Italy, and Austria Urge the EU to Strengthen Crypto Regulation] France, Italy, and Austria have called on the EU to enhance cryptocurrency regulation under the framework of the Markets in Crypto-Assets (MiCA) Act, emphasizing significant differences in national regulations.

[Google's Proposal to Sell Ad Tech Fails to Meet DOJ Requirements] Google's lawyers stated that the company had considered selling part of its advertising technology business to address antitrust concerns but did not meet the U.S. Department of Justice's requirements. The DOJ proposed a complete technical separation and divestiture of Google's ad exchange platform, AdX. A hearing will be held next week to discuss whether Google needs to sell part of its business.

The DOJE fund could launch this week, signaling a new phase in crypto's merger with traditional finance, even if ‘utility’ isn’t part of the equation.