Today in crypto: Solana jumps 12%, DraftKings pays $10m
A legal battle takes a new turn, while a major company rethinks its financial strategy amid shifting regulations
Trump confirms bitcoin in strategic crypto reserve
President Donald Trump has announced a US strategic cryptocurrency reserve, confirming that Bitcoin, Ethereum, XRP, Solana, and Cardano will be part of the initiative. His initial statement left out Bitcoin, sparking speculation, but a follow-up clarification confirmed it will be included. The reserve is part of a broader executive order on digital assets, aimed at positioning the US as the global leader in crypto innovation.
Markets responded swiftly: XRP surged 21%, Solana jumped 12.5%, and Cardano soared 37% in the first hour, marking its highest valuation in nearly a month. Bitcoin also gained 7.6%, crossing $91,000.
Trump's move signals a major policy shift in how the US government approaches digital assets, with global implications for regulation and adoption.
SEC lawsuit against Richard Heart dismissed
A federal judge has dismissed the SEC’s lawsuit against crypto entrepreneur Richard Heart, ruling that the agency lacked jurisdiction. The case, which accused Heart of conducting unregistered securities offerings through Hex, PulseChain, and PulseX, raised over $1 billion. The SEC now has 20 days to amend its complaint.
Meanwhile, Interpol has issued a Red Notice for Heart, but it remains up to individual countries to act. The SEC’s legal setback highlights growing challenges in enforcing crypto regulations across borders.
Draftkings settles $10m NFT lawsuit
Sports betting giant DraftKings has agreed to a $10 million settlement in a class-action lawsuit alleging that NFTs on its marketplace were unregistered securities. The case led to the shutdown of its NFT-based fantasy sports product, Rainmakers.
Users who transacted in DraftKings NFTs will be eligible for compensation, with a final approval hearing expected later this year. The lawsuit adds to ongoing debates over whether NFTs should be classified as securities.
Gamestop considers Bitcoin treasury shift
GameStop is reviewing a proposal from Strife Asset Management to convert $5 billion in cash reserves into Bitcoin. The investment firm argues that Bitcoin is a better store of value than cash, especially with new accounting rules allowing companies to report unrealized Bitcoin gains as profit.
CEO Ryan Cohen acknowledged the proposal on social media, but GameStop has not yet confirmed whether it will move forward. If approved, GameStop could become the largest Bitcoin-holding company in the gaming industry.
Crypto gaming: Major updates and expansion
- Off The Grid, a battle royale game on Avalanche, has launched a major update, opening the Midtown Harbour region. Players can now battle for in-game assets exchangeable for weapons and skins.
- Hamster Combat, a Telegram-based game, has launched Hamster Network, a layer-2 scaling solution on TON to expand blockchain gaming on Telegram.
- Trump Organization has filed a trademark for a metaverse and NFT trading platform.
- Otherdeed by Yuga Labs set a Guinness World Record for the largest online FPS battle, with 2,197 players.
- Nyan Heroes, a Solana-based shooter, is making a comeback on the Epic Games Store on March 26.
Shifting tides: What today’s news tells us
The crypto market is at a turning point. Trump's reserve announcement is reshaping the relationship between governments and digital assets, moving from opposition to potential endorsement.
Meanwhile, regulatory trends are shifting, with the SEC losing ground and lawsuits getting dismissed. The gaming sector continues to push adoption, but funding remains a challenge.
