Bitcoin hits new highs, SEC delays options decision, and stablecoin bill looms: Hodler’s Digest, March 3-9

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Bitcoin price hits a new all-time high

Bitcoin price reached a new all-time high above $69,200 on March 5, only to break records again on March 8, when it touched the $70,000 mark. The world’s first cryptocurrency rallied over 8% over the week, backed by large inflows from the new spot Bitcoin exchange-traded funds (ETFs) in the United States. The ETFs have introduced passive, price-agnostic demand for Bitcoin, which has fortified its status as a store of value and led to its price appreciation, according to a research report by Bitfinex analysts shared with Cointelegraph.

SEC pushes back decision to open up options trading on spot Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed its decision on whether to approve options trading on spot Bitcoin ETFs — which could open the door for more institutional capital into Bitcoin. In a March 6 filing, the SEC extended its time to respond to Cboe Exchange and the Miami International Securities Exchange on their bids to offer options on Bitcoin ETFs. The SEC also delayed deciding on Nasdaq’s bid to offer options on BlackRock’s iShares Bitcoin Trust, saying the delay ensures it has “sufficient time to consider” its request.

Pro-Bitcoin Senator Cynthia Lummis pushes stablecoin bill

U.S. Senator Cynthia Lummis is reportedly drafting regulations for stablecoins in collaboration with Senator Kirsten Gillibrand. They anticipate announcing the regulations soon, after receiving technical feedback from the New York Department of Financial Services, the Federal Reserve, the Treasury Department and the National Economic Council. Previously, in October 2023, Lummis campaigned against Tether, urging the Department of Justice to consider criminal charges against the firm. Lummis has also opposed central bank digital currencies.

Digital Currency Group files motion to dismiss $3B NYAG lawsuit

Venture capital firm Digital Currency Group (DCG) and its CEO, Barry Silbert, have moved to dismiss a $3 billion lawsuit filed by the New York Attorney General’s Office (NYAG), arguing that the fraud allegations are baseless. A lawsuit filed by the NYAG against Gemini, Genesis and DCG in October 2023 alleges 230,000 investors, including 29,000 New Yorkers, were defrauded with the Gemini Earn investment program. DCG and Silbert denied the allegations, describing the claims as “baseless innuendo, blatant mischaracterizations, and unsupported conclusory statements.”

BlackRock wants to buy spot Bitcoin ETFs for global allocation fund

BlackRock is planning to buy spot Bitcoin ETFs for its Global Allocation Fund (MALOX). According to a March 7 update to the filing with the U.S. Securities and Exchange Commission, BlackRock wants to purchase its own spot Bitcoin ETF, the iShares Bitcoin Trust, as well as ETFs by other issuers. It is not only MALOX that BlackRock wants to hold spot Bitcoin ETFs. The updated filing comes just a few days after BlackRock submitted a similar request for its Strategic Income Opportunities Fund on March 4.