The US Federal Deposit Insurance Corporation, an independent agency of the federal government, is reportedly moving to stop using the “reputational risk” category as a way to supervise banks.

According to a March 24 letter sent by the agency’s acting chairman, Travis Hill, to Rep. Dan Meuser, banking regulators should not use “reputational risk” to scrutinize firms.

“While a bank’s reputation is critically important, most activities that could threaten a bank’s reputation do so through traditional risk channels (e.g., credit risk, market risk, etc.) that supervisors already focus on,” notes the letter, first reported by Politico.

According to the document, the FDIC has completed a “review of all mentions of reputational risk” in its regulations and policy documents and has “plans to eradicate this concept from our regulatory approach.”

Reputational risk and debanking

The Federal Reserve defines reputational risk as “the potential that negative publicity regarding an institution’s business practices, whether true or not, will cause a decline in the customer base, costly litigation, or revenue reductions.”

The FIDC letter specifically mentioned digital assets, with Hill noting that the agency has generally been “closed for business” for institutions interested in blockchain or distributed ledger technology. Now, as per the document, the FDIC is working on a new direction for digital asset policy aiming at providing banks a way to engage with digital assets.

The letter was sent in response to a February communication from Meuser and other lawmakers with recommendations for digital asset rules and ways to prevent debanking.

Industries deemed as “risky” to banks often face significant challenges in establishing or maintaining banking relationships. The crypto industry faced such challenges during what became known as Operation Chokepoint 2.0.

The unofficial operation led to more than 30 technology and cryptocurrency companies being denied banking services in the US after the collapse of crypto-friendly banks earlier in 2023.

Related: FDIC resists transparency on Operation Chokepoint 2.0 — Coinbase CLO

The US Federal Deposit Insurance Corporation, an independent agency of the federal government, is reportedly moving to stop using the “reputational risk” category as a way to supervise banks.

According to a letter sent by the agency’s acting chairman, Travis Hill, to Rep. Dan Meuser on March 24, banking regulators should not use “reputational risk” to scrutinize firms.

“While a bank’s reputation is critically important, most activities that could threaten a bank’s reputation do so through traditional risk channels (e.g., credit risk, market risk, etc.) that supervisors already focus on,” notes the letter, first reported by Politico.

According to the document, the FDIC has completed a “review of all mentions of reputational risk” in its regulations and policy documents and has “plans to eradicate this concept from our regulatory approach.”

Reputational risk and debanking

The Federal Reserve defines reputational risk as “the potential that negative publicity regarding an institution’s business practices, whether true or not, will cause a decline in the customer base, costly litigation, or revenue reductions.”

The FIDC letter specifically mentioned digital assets, with Hill noting that the agency has generally been “closed for business” for institutions interested in blockchain or distributed ledger technology. Now, as per the document, the FDIC is working on a new direction for digital asset policy aiming at providing banks a way to engage with digital assets.

The letter was sent in response to a February communication from Meuser and other lawmakers with recommendations for digital asset rules and ways to prevent debanking.

Industries deemed as “risky” to banks often face significant challenges in establishing or maintaining banking relationships. The crypto industry faced such challenges during what became known as Operation Chokepoint 2.0.

The unofficial Operation led to more than 30 technology and cryptocurrency companies being denied banking services in the US after the collapse of crypto-friendly banks earlier in 2023.

Related: FDIC resists transparency on Operation Chokepoint 2.0 — Coinbase CLO

Bitcoin network economist Timothy Peterson maintains his optimistic outlook for BTC (BTC), suggesting that there is a 75% chance that the asset will hit new highs in the next nine months.

In a March 25 X post, Peterson highlighted BTC’s current position near the lower bound of its historical range. The analyst emphasized that Bitcoin’s current path aligns with the bottom 25% threshold, giving it majority odds for a positive rally.

Bitcoin 10-year seasonality chart. Source: X.com

Peterson said: 

“Here is a 50% chance it will gain 50%+ in the short term.”

Peterson’s statements follow an earlier study that found that most of Bitcoin’s annual bullish performance occurred in April and October, which have averaged 12.98% and 21.98%, respectively, over the past decade.

Bitcoin monthly returns. Source: CoinGlass

Related: Bitcoin flips ‘macro bullish’ amid first Hash Ribbon buy signal in 8 months

Bitcoin onchain cost basis zone key investors’ levels

In a recent quicktake post on CryptoQuant, anonymous analyst Crazzyblockk said that the realized price for short-term whales is $91,000, whereas most highly active addresses hold a cost basis between $84,000 and $85,000.

Bitcoin short-term whales position. Source: CryptoQuant

A dip below the cost basis could trigger selling, making the $84,000 to $85,000 range a critical liquidity zone.

The analyst added:

“These onchain cost basis levels represent decision zones where market psychology shifts. Traders and investors should closely monitor price reactions in these areas to gauge trend strength and potential reversals.”

Related: BlackRock launches Bitcoin ETP in Europe

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin network economist Timothy Peterson maintains his optimistic outlook for BTC (BTC), suggesting that there is a 75% chance that the asset will hit new highs in the next nine months.

In a March 25 X post, Peterson highlighted BTC’s current position near the lower bound of its historical range. The analyst emphasized that Bitcoin’s current path aligns with the bottom 25% threshold, giving it majority odds for a positive rally.

Bitcoin 10-year seasonality chart. Source: X.com

Peterson said, 

“Here is a 50% chance it will gain 50%+ in the short term.”

Peterson’s statements follow an earlier study that found that most of Bitcoin’s annual bullish performance occurred in April and October, which have averaged 12.98% and 21.98%, respectively, over the past decade.

Bitcoin monthly returns. Source: CoinGlass

Related: Bitcoin flips ‘macro bullish’ amid first Hash Ribbon buy signal in 8 months

Bitcoin onchain cost basis zone key investors’ levels

In a recent quicktake post on CryptoQuant, anonymous analyst Crazzyblockk said that the realized price for short-term whales is $91,000, whereas most highly active addresses hold a cost basis between $84,000 and $85,000.

Bitcoin short-term whales position. Source: CryptoQuant

A dip below the cost basis could trigger selling, making the $84,000 to $85,000 range a critical liquidity zone.

The analyst added, 

“These onchain cost basis levels represent decision zones where market psychology shifts. Traders and investors should closely monitor price reactions in these areas to gauge trend strength and potential reversals.”

Related: BlackRock launches Bitcoin ETP in Europe

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

GameStop Corporation (GME), the video game retailer turned memecoin stock, is reportedly moving to invest in Bitcoin after its board unanimously approved a plan to acquire digital assets. 

According to a March 25 CNBC report, the company announced that it would use a portion of its corporate cash or future debt issuances to invest in Bitcoin (BTC) and US-dollar-pegged stablecoins. 

The plan was further corroborated by the company’s fourth-quarter earnings report, which was released on March 25 and showed intent to acquire Bitcoin and stablecoins. 

“[T]he Company’s investment policy permits investments in certain cryptocurrency assets, including Bitcoin and US dollar-denominated stable coins,” the financial statement reads.

GameStop’s cash reserves stood at more than $4.77 billion as of Feb. 1, compared with $921.7 million a year earlier. 

The video game retailer posted $1.283 billion in net sales during the fourth quarter and $3.823 billion for fiscal 2024.

GameStop’s quarterly financial statements. Source: GameStop

Related: GameStop buying Bitcoin would ‘bake the noodles’ of TradFi: Swan exec

Following the Strategy playbook

GameStop broke from convention during the pandemic when it became the center of a meme stock frenzy that turned the company’s fortunes around. Since then, the video game retailer has shown signs of improvement, with a return to profitability in fiscal 2023. 

Rumors about GameStop’s interest in Bitcoin began to circulate in February, triggering a rise in GME stock.

Earlier in the month, GameStop CEO Ryan Cohen posted an uncaptioned photo on social media alongside Strategy executive chairman and Bitcoin mega bull Michael Saylor, which further stoked anticipation of an impending BTC purchase.

Source: Ryan Cohen

Now, more than one month later, GameStop appears poised to take a page out of Strategy’s playbook by adding Bitcoin to its balance sheet.

Earlier this week, Saylor announced that Strategy had acquired an additional 6,911 Bitcoin, bringing its total stockpile to 506,137 BTC. The company now holds roughly 2.4% of Bitcoin’s total supply. 

Related: Strategy announces 10% preferred stock offering to buy more Bitcoin

Many Bitcoin (BTC) traders became bullish this week as prices rallied deep into the $88,000 level, but failure to overcome this level in the short term could be a take-profit signal.

Alphractal, a crypto analytics platform, noted that Bitcoin whales have entered short positions at the $88,000 level. 

In a recent X post, the platform highlighted that the “Whale Position Sentiment” metric exhibited a sharp reversal in the chart, indicating that major players with a bearish bias have stepped. The metric defines the relationship between the aggregated open interest and trades larger than $1 million across multiple exchanges.

Bitcoin: Whale position sentiment. Source: X

As illustrated in the chart, the two circled regions are synonymous with Bitcoin price falling to the $88,000 level. Alphractal said:

“When the Whale Position Sentiment starts to decline, even if the price temporarily rises, it is a strong signal that whales are entering short positions, which may lead to a price drop.”

Alphractal CEO Joao Wedson also confirmed that whales had closed their long positions and that prices have historically moved according to their directional bias. 

Bitcoin: Bull score signals. Source: CryptoQuant

Similarly, 8 out of 10 onchain signals on CryptoQuant have turned bearish. As highlighted above, with the exception of the stablecoin liquidity and technical signal indicators, all the other metrics flash red, underlining the likelihood of a possible pullback in Bitcoin price.

Last week, Ki Young Ju, CEO of CryptoQuant, noted that the markets were entering a bear market and that investors should expect “6-12 months of bearish or sideways price action.”

Related: Will Bitcoin price hit $130K in 90 days? Yes, says one analyst

Bitcoin outflows reach $424 million in 7 days

While onchain metrics turned red, some investors exhibited confidence in Bitcoin. Data from IntoTheBlock highlighted net BTC outflows of $220 million from exchanges over the past 24 hours. The sum reached $424 million between March 18 to March 24. This trend implies that certain holders are accumulating. 

Bitcoin net outflows by IntoTheBlock. Source: X

On the lower time frame (LTF) chart, Bitcoin formed an intraday high at $88,752 on March 24, but since then, BTC has yet to establish a new intraday high.

Bitcoin 4-hour chart. Source: Cointelegraph/TradingView

With Bitcoin moving within the trendlines of an ascending channel pattern, it’s expected that the price will face resistance from the upper range of the pattern and 50-day, 100-day, exponential moving averages on the daily chart. 

With whales possibly shorting between $88,000 and $90,000, Bitcoin needs to close above $90,000 for a continued rally to $100,000. 

Related: Bitcoin sets sights on ‘spoofy’ $90K resistance in new BTC price boost

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Update (March 25, 10:09 pm UTC): This article has been updated to include a response from the SEC and an X post from Robbie Ferguson.

Web3 gaming platform Immutable says the US Securities and Exchange Commission has closed its investigation into the company, clearing it of any further action. 

Immutable — the firm behind the Ethereum layer-2 Immutable X — said in a March 25 statement that the SEC shut its inquiry into the firm without finding wrongdoing and “closes the loop on the Wells notice issued by the SEC last year.”

In November, Immutable said it received a Wells notice from the regulator — a letter informing that the SEC is considering an enforcement action, typically sent after it concludes there is evidence of possible securities law violations.

“We are pleased the SEC has concluded its inquiry. This marks a significant milestone for the crypto industry and gaming as we advance towards a future with regulatory clarity,” Immutable president and co-founder Robbie Ferguson said in a statement.

An Immutable spokesperson told Cointelegraph that the SEC sent it a letter of termination that didn’t explain why it had concluded its probe. The spokesperson said the letter was unprompted and that the SEC’s review of information Immutable had sent “appears to have resulted in them closing the investigation.”

Source: Robbie Ferguson

An SEC spokesperson told Cointelegraph it doesn’t comment on the existence or nonexistence of a possible investigation.

Immutable said in a November blog post that it believed the SEC was targeting the 2021 “listing and private sales” of its self-titled Immutable (IMX) token.

The company said it had a 10-minute call with the SEC after it had issued the notice where it alleged a 2021 Immutable blog post stating a pre-launch investment made in the IMX token at a price of $0.10, which was issued at a “$10 pre-100:1 split,” was inaccurate and implied there was no exchange of value between the parties.

At the time, Immutable said it was “confident in its position” and would fight the regulator’s claims.

The SEC has dropped many pending and in progress enforcement actions against crypto companies under President Donald Trump, whose administration has worked to defang the agency to make good on his promise to alleviate the crypto industry from regulatory action.

Last month, the SEC stopped its investigations into non-fungible token marketplace OpenSea, trading platform Robinhood, decentralized exchange developer Uniswap Labs and crypto exchange Gemini.

Related: Will new US SEC rules bring crypto companies onshore?

The regulator has also dropped a slew of its high-profile lawsuits against crypto firms, including those against Ripple Labs, Coinbase and Kraken.

Despite the SEC backing off from Immutable, the Manhattan-based Rosen Law Firm has cited the Wells notice in trying to spin up a securities class-action lawsuit against the firm over its IMX token offering, which Immutable’s spokesperson said it’s “not concerned about.”

In its statement, Immutable said that major triple AAA gaming studios “have previously cited legal and compliance risks as key barriers to entry” into the Web3 gaming space.

“However, with a clear regulatory framework on the horizon, this is expected to unlock further investment and opportunities to tokenize the now more than $100 billion market for in-game purchases,” it added.

Web3 Gamer: Classic Sega, Atari and Nintendo games get crypto makeovers

Bitcoin (BTC) mining revenues hit $3.7 billion in the fourth quarter of 2024, a 42% increase from the prior quarter, and are approaching similar levels of around $3.6 billion in Q1 2025, according to data from Coin Metrics. 

The revenue uptick suggests miners’ incomes are stabilizing after the Bitcoin network’s “halving” in April 2024 reduced mining rewards from 6.25 BTC to 3.125 BTC per block. Halvings occur every four years and cut the number of BTC mined per block in half.

“With almost one year elapsed since Bitcoin’s 4th halving, miners have endured a period of stabilization, adapting to reduced block rewards, tighter margins, and shifting operational dynamics,” Coin Metrics said in its Q1 2025 Data Special report.

This recovery could be cut short if ongoing trade wars disrupt miners’ business models, Ben Yorke, vice president of Ecosystem at WOO X, a Web3 startup, told Cointelegraph.

“Should semiconductor tariffs return, Bitcoin mining could face higher costs, consolidating power among major players and forcing smaller operations to power down,” Yorke said.

Bitcoin mining revenues since 2022. Source: Coin Metrics

Related: Bitcoin flips ‘macro bullish’ amid first Hash Ribbon buy signal in 8 months

Adapting after the halving

Bitcoin miners have struggled in 2025 as declining cryptocurrency prices added further pressure to business models strained by the network’s April halving, according to a March 3 JPMorgan research note shared with Cointelegraph.

However, well-capitalized miners have managed to adapt, according to Coin Metrics. In fact, Bitcoin’s hashrate — the total computing power securing the network — broke all-time highs in January, CoinWarz data showed. 

Common adjustments have included “upgrading to more energy efficient ASICs, [and] relocating to regions with cheaper and abundant renewable energy resources,” such as Africa and Latin America, Coin Metrics said. ASICs are specialized computer hardware used in Bitcoin mining. 

Additionally, “miners are also diversifying into AI data-center hosting as a way to expand revenue and repurpose existing infrastructure for high-performance computing,” per the report. For instance, Bitcoin miner Core Scientific pledged 200 megaWatts of hardware capacity to support CoreWeave’s artificial intelligence workloads.

Bitcoin supply held long-term has increased over time. Source: Coin Metrics

Sustaining mining incentives

According to Coin Metrics, more transaction activity on the Bitcoin network would help sustain economic incentives for miners post-halving. “Over time, increased participation from higher-value or more time-sensitive activity could help drive stronger fee revenue, supporting miner incentives as block rewards decline,” it said. 

However, for now, “[t]ransactions below $100 currently represent ~60% of Bitcoin’s total transaction count,” according to Coin Metrics. This is partially because holders are increasingly treating Bitcoin as a buy-and-hold asset rather than a medium of exchange. 

“Bitcoin’s supply velocity, measuring the ratio of adjusted transfer volume to its current supply (rate of turnover), has declined over time, reinforcing the idea that BTC is increasingly held rather than transacted,” the report noted.

Magazine: Fake Rabby Wallet scam linked to Dubai crypto CEO and many more victims

Nubank, a Latin American financial bank backed by Warren Buffett’s Berkshire Hathaway, has expanded its crypto offerings by adding four altcoins to its portfolio. The bank is adding Cardano (ADA), Near Protocol (NEAR), Cosmos (ATOM), and Algorand (ALGO) to its 100 million clients in Brazil, according to a March 25 announcement. The four coins had a combined market capitalization of $34.6 billion at the time of writing.

Nubank’s revenue grew to nearly $3 billion at the end of 2024 from $245 million in the first quarter of 2021, Statista data show.

The four additional coins will bring Nubank Cripto’s total coin offerings to 20. Currently, the platform’s customers can buy, sell and swap Bitcoin (BTC), Ether (ETH), Solana (SOL), USDC (USDC), and XRP (XRP).

Warren Buffett’s Berkshire Hathaway has invested in Nubank multiple times. In 2021, Berkshire Hathaway invested $500 million in Nubank’s Series G funding round, an amount later followed by an additional $1 billion. From 2022 to 2024, Buffett’s company increased its ownership stake in Nubank to 0.4% from 0.1%.

Nubank’s crypto push faces competition

Nubank has been diving into digital assets since 2022, when it announced the allocation of 1% of net assets to BTC and started offering crypto services. In October 2022, the company revealed plans to launch its loyalty tokens on the Polygon blockchain. It discontinued the service in 2024.

Brazil is the largest economy in Latin America, with a gross domestic product (GDP) of approximately $5.4 trillion in 2024, World Economics estimates.

The country’s cryptocurrency market has experienced significant growth over the past few years, with stablecoins accounting for 90% of all crypto transactions.

In January 2025, Binance became the first crypto exchange to secure a broker-dealer license to operate in Brazil. UK fintech Revolut has also entered the country’s crypto market.

In 2024, Brazil led crypto trading volume in Latin America with $6 billion traded. The country’s lawmakers are currently considering allowing salary payments in Bitcoin.

Magazine: Charles Hoskinson, Cardano and Ethereum – for the record

Blockchain firm Ripple Labs’ case with the US Securities and Exchange Commission (SEC) may be officially wrapped up after more than four years, subject to court approval.

In a March 25 X post, Ripple chief legal officer Stuart Alderoty wrote, in ” What should be my last update on SEC v. Ripple ever,” that Ripple will drop its cross-appeal against the SEC in the US Court of Appeals for the Second Circuit.

An August 2024 judgment from the US District Court for the Southern District of New York finding Ripple liable for $125 million will essentially stand, but the SEC will keep only $50 million of the amount in escrow. The remaining balance will be returned to Ripple.

“The agency will also ask the Court to lift the standard injunction that was imposed earlier at the SEC’s request,” wrote Alderoty. “All subject to Commission vote, drafting of final documents and usual court processes.”

Ripple chief legal officer statement on latest development with SEC case. Source: Stuart Alderoty

Alderoty’s announcement came less than a week after Ripple CEO Brad Garlinghouse said the SEC would drop its appeal over the August 2024 judgment. At the time of publication, neither the SEC nor Ripple appeared to have made any filing in the Second Circuit since Jan. 31 or in SDNY since October.

The Ripple CLO told Cointelegraph on March 11 that both the SEC and blockchain firm agreeing to drop their respective appeal and cross-appeal would allow the lower court’s $125-million judgment to stand. However, both parties could go “hand-in-hand” to SDNY Judge Analisa Torress to request a modification of the judgment.

Related: Coinbase asks appeals court to rule crypto trades aren’t securities

Getting Ripple involved in politics

The SEC v. Ripple case, filed by the commission under US President Donald Trump in December 2020, was one of the agency’s longest-running enforcement cases against a major US crypto company. 

Garlinghouse said in an interview aired in December 2024 that the firm may not have gotten as involved in US politics if the commission had been led by someone other than former SEC Chair Gary Gensler, despite the Ripple case being filed under then-Chair Jay Clayton.

During the 2024 election cycle, Ripple contributed $45 million to the political action committee Fairshake to support “pro-crypto” candidates and pledged $5 million in XRP to Trump’s inauguration fund. Alderoty suggested to Cointelegraph that the SEC dropping cases was “independent” of any political donations.

Since the Nov. 5 election in which Trump defeated then-Democratic Vice President Kamala Harris, Garlinghouse and Alderoty have attended Washington, DC events during the inauguration as official guests, and the CEO joined in a March 7 summit at the White House in which Trump discussed his plans for stablecoins and a crypto regulatory framework.

On March 27, members of the Senate Banking Committee will consider the nomination of former SEC Commissioner Paul Atkins to return to chair the agency. He is expected to face questions about crypto regulation positions and potential conflicts of interest.

Magazine: Ripple says SEC lawsuit ‘over,’ Trump at DAS, and more: Hodler’s Digest, March 16 – 22