Gate Daily (March 11): SEC and CFTC sign Memorandum of Understanding; US requests re-examination of Tornado Cash co-founders

Bitcoin (BTC) maintains its overnight rally, currently around $70,000 as of March 11. The US SEC Chair stated that cooperation with the CFTC will include joint meetings and inspections. The US has requested a review of the case against Tornado Cash co-founder Roman Storm, following inconsistent verdicts in previous rulings.

Macro Events & Crypto Hotspots

1. US SEC Chair Paul Atkins announced that the SEC and CFTC are drafting a memorandum of understanding to enhance coordination. At the FIA Global Clearing Market Conference, Atkins said both agencies are “repositioning toward a golden age of regulatory coordination,” which will include joint meetings, rule interpretations, enforcement decisions, and joint inspections of regulated entities.

Atkins emphasized that companies should not evade responsibility when their products fall under both agencies’ jurisdictions, nor rely on which agency speaks first for clarity. They will establish a joint meeting mechanism for product applications and launch a “Coordination” website for companies to request collaborative discussions. This cooperation will extend to enforcement decisions and regulatory inspections to prevent duplicate reviews. Atkins also reiterated the goal of creating pathways for “super apps” that enable users to conduct cross-agency business within a single interface.

2. On Monday, US prosecutors filed a motion in Manhattan federal court to reopen the case against Tornado Cash co-founder Roman Storm. A jury in last year’s trial failed to reach a verdict on two charges. Manhattan prosecutors, led by Jay Klaiton, requested an early October trial date to reconsider charges of conspiracy to money laundering and conspiracy to violate sanctions.

In August, the jury found Storm guilty of operating an unlicensed remittance business, but was deadlocked on charges of money laundering and sanctions violations, allowing prosecutors to retry those charges. Storm denies guilt and requested a court declaration of innocence in October, seeking to dismiss the remittance charges on the grounds that the prosecution failed to prove he intended to assist criminals using Tornado Cash.

News Highlights

1. Bernstein: Driven by the widespread adoption of stablecoins and AI-powered finance, Circle’s stock could still rise by 60%.

2. US SEC Chair: Cooperation with CFTC will include joint meetings and inspections.

3. Chaos Labs: Approximately $27 million in liquidations in Aave were caused by CAPO oracle configuration issues.

4. Elon Musk: X’s digital payment system “X Money” will begin early testing next month.

5. Goldman Sachs is the largest holder of spot XRP ETFs; analysts say many “super fans” investors remain undisclosed.

6. SlowMist CISO: Speculators should not blindly follow OpenClaw; without sufficient capability, it only creates new risks.

7. Bitwise CIO: Reiterates that Bitcoin could reach $1 million, competing with gold in the global store of value market.

8. US Senators are seeking a compromise on stablecoin yields to push the stalled CLARITY bill forward.

9. WTI crude oil dropped over 5% intraday, reportedly due to IEA’s proposal for the largest-ever strategic petroleum reserve release.

Market Trends

1. Latest Bitcoin news: BTC maintains its overnight rally, currently around $70,000, with $123 million in liquidations over the past 24 hours, mostly short positions.

2. US stocks reversed gains on March 10, with the S&P 500 closing lower amid concerns that the Iran conflict might end early, rising military threats, and conflicting signals regarding oil supply, raising fears of stagflation. The Dow Jones Industrial Average fell 34.29 points (0.07%) to 47,706.51; the S&P 500 declined 14.51 points (0.21%) to 6,781.48; the Nasdaq rose slightly by 1.16 points (0.01%) to 22,697.10; the Philadelphia Semiconductor Index increased by 54.72 points (0.70%) to 7,865.12.

(Source: Gate)

3. According to Gate’s BTC/USDT liquidation map, with the current price at $70,045.60, a decline to around $69,162 would liquidate over $137 million in long positions; an increase to approximately $71,855 would liquidate over $472 million in short positions. Short liquidations significantly surpass long liquidations, so traders should manage leverage carefully to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, BTC spot inflow was $3.53 billion, outflow $3.46 billion, resulting in a net outflow of $0.07 billion.

(Source: Coinglass)

5. In the past 24 hours, net outflows led in contracts for $SOL, $HYPE, $ADA, $FIL, $XAU, indicating potential trading opportunities.

Selected Opinions from KOLs

Phyrex Ni (@Phyrex_Ni): “Nothing new—still a day influenced by geopolitical conflicts. During the day, there was some positive news—both the US and Iran hinted at possible ceasefires, and the Strait of Hormuz saw some activity. But tonight, tensions continue to escalate. Iran allegedly scattered mines in the Strait, while claims that the US escorted oil ships through the Strait are false. It’s been nearly two weeks of war, and Iran’s resilience might surpass US expectations. According to forecasts, the probability of a US-Iran ceasefire before April is only 33%, and just over 50% before May. The next half month may still see volatile markets, at least until the Strait stabilizes.”

“Today, Trump also asked Israel to cease strikes on Iran’s energy infrastructure— the first such US request since the conflict began. This could be the start of easing tensions.”

“Looking at Bitcoin data, volume has decreased, turnover rate has increased, and investor sentiment is poor, especially with the ongoing war and the Strait still blocked. Oil prices are likely to rise, and market volatility is normal. A resolution in the short term seems unlikely.”

“However, the market structure remains solid, with no signs of panic selling. Early investors are not reacting strongly to current prices. As long as there is no further negative news, I don’t see a significant drop happening.”

Today’s Outlook

1. China’s M2 money supply at the end of February (annual rate), previous 9.0%

2. US core CPI (annual rate) for February, previous 2.5%

3. US CPI (annual rate) for February, previous 2.4%

4. US EIA crude oil inventory change (10,000 barrels) as of March 6, previous 347.5