Introduction
This report highlights pivotal Web3 industry policy shifts and macroeconomic events from the past week:
- U.S. labor market trends: February nonfarm payrolls grew by 151,000, slightly below expectations, with unemployment reaching a multi-year high.
- Bitcoin's national strategic status: Former President Trump signed an executive order establishing the U.S. Bitcoin Strategic Reserve, marking a historic milestone for cryptocurrency adoption at the federal level.
- Regulatory momentum: Utah passed a Bitcoin bill (minus reserve investment clauses), the SEC signaled a crypto-friendly stance, and Nebraska enacted Bitcoin ATM regulations.
- Economic indicators: Core CPI cooled to 3.1% annually—the lowest since April 2021—while delayed spot crypto ETF approvals added short-term market uncertainty.
These developments underscore Web3’s growing intersection with macroeconomic policy and global finance.
Executive Summary
| Date | Key Event |
|---|---|
| March 7 | U.S. February nonfarm payrolls (+151K jobs) miss forecasts; unemployment rises to 4.1%. |
| March 7 | Trump executive order creates U.S. Bitcoin Strategic Reserve (200K BTC from confiscations). |
| March 10 | Utah Senate passes Bitcoin bill—removes 5% state treasury investment clause. |
| March 11 | SEC considers withdrawing crypto exchange registration requirements. |
| March 12 | U.S. core CPI annual rate drops to 3.1% (lowest since 2021). |
| March 12 | SEC postpones decisions on multiple spot crypto ETF applications. |
| March 13 | Nebraska signs Bitcoin ATM Regulatory Bill (LB609) into law. |
Detailed Analysis
March 7: U.S. Labor Market Softens
February’s jobs report revealed:
- 151K new jobs (below 160K expected)
- Unemployment rate up to 4.1% (from 3.9%)—highest since August 2022.
👉 Market analysts weigh implications for Fed rate cuts.
Implications: The data fueled debates about slowing economic growth, with crypto markets reacting to shifting liquidity expectations.
March 7: U.S. Bitcoin Strategic Reserve Launched
The executive order:
- Holds 200K BTC (from civil/criminal forfeitures) as long-term reserves.
- Creates a Digital Asset Reserve for ETH, SOL, XRP, etc.—via confiscations only.
Why it matters:
- Legitimizes Bitcoin as a national strategic asset.
- May trigger global "FOMO" among governments (e.g., El Salvador’s BTC holdings).
March 10: Utah Bitcoin Bill Passes—Without Key Clause
Originally, HB230 allowed state treasuries to allocate 5% to Bitcoin. The final version:
- Protects residents’ rights to mine, stake, and run nodes.
- Removes treasury investment provision due to volatility concerns.
Takeaway: A compromise between innovation and fiscal caution.
March 11: SEC Pivots to Crypto-Friendly Approach
SEC Acting Chair Mark Uyeda announced plans to:
- Withdraw 2020提案 requiring crypto firms to register as exchanges.
- Form a crypto-focused task force (led by Commissioner Hester Peirce).
Context: The move follows industry backlash against overreach under Gary Gensler’s tenure.
March 12: Inflation Cools Further
Core CPI (YoY): 3.1% vs. 3.2% expected—lowest in nearly three years.
Market reaction: Renewed bets on Fed rate cuts buoyed crypto and equities.
March 12: Spot Crypto ETF Approvals Delayed
Affected applications:
- Grayscale’s ADA ETF
- VanEck’s SOL ETF
- Canary’s XRP, LTC, SOL ETFs
New deadline: May 26, 2025.
Outlook: Delays suggest rigorous scrutiny but could strengthen eventual approvals.
March 13: Nebraska Regulates Bitcoin ATMs
LB609 requires:
- Fraud disclosures on terminals.
- 90-day refunds for scam victims.
👉 How regulation boosts mainstream crypto adoption.
Conclusion
The week’s events reflect three critical themes:
- Macroeconomic uncertainty: Jobs and CPI data signal a complex U.S. economic outlook.
- Policy maturation: Bitcoin’s federal reserve status and state-level regulations mark structural progress.
- Regulatory recalibration: The SEC’s softer stance hints at sustainable frameworks ahead.
Looking forward: Web3’s evolution will hinge on balancing innovation with stability—a challenge for policymakers and industry leaders alike.
FAQs
Q: Why did Utah remove Bitcoin from its treasury investment options?
A: Lawmakers prioritized risk management amid BTC’s price volatility, though individual rights to use crypto remain protected.
Q: How might the U.S. Bitcoin Reserve impact markets?
A: Reduced sell pressure (government-held BTC is locked) could enhance scarcity narratives long-term.
Q: What’s next for spot crypto ETFs?
A: May’s SEC decisions will clarify whether 2025 becomes a breakthrough year for institutional access.
Q: Are Bitcoin ATMs safe under Nebraska’s new law?
A: LB609’s refund mandates and fraud warnings significantly improve consumer protections.