Introduction

This report provides an overview of last week’s key Web3 policy developments and macroeconomic events. In February, U.S. non-farm payrolls rose by 151,000, falling short of market expectations, while the unemployment rate climbed to a new high. On the same day, former President Donald Trump signed an executive order establishing the United States Bitcoin Strategic Reserve, marking a major milestone in integrating Bitcoin into the country’s strategic reserves. Meanwhile, the Utah Senate passed a Bitcoin bill, though provisions related to reserve investments were removed—an adjustment that has fueled further debate on the bill’s broader implications. The U.S. Securities and Exchange Commission (SEC) appears to be shifting toward a more crypto-friendly stance, with reports suggesting it may roll back registration requirements for cryptocurrency exchanges. This potential policy shift could create new compliance opportunities for the industry. On the economic front, February’s unadjusted year-over-year core CPI came in at 3.1%, below market forecasts, with fluctuations in economic data influencing market sentiment. At the same time, the SEC has postponed its decision on multiple spot cryptocurrency exchange-traded fund (ETF) applications, keeping investors on edge as they await the regulatory verdict. In another regulatory move, Nebraska enacted a Bitcoin ATM oversight law, further strengthening its cryptocurrency regulatory framework and providing clearer operational guidelines for Bitcoin ATM providers. With evolving regulations and macroeconomic shifts, the Web3 industry is navigating significant transformation.

Abstract

• March 7 - U.S. non-farm payrolls rose by 151,000 in February, missing expectations, while the unemployment rate reached a new high.
• March 7 - Trump issued an executive order establishing the United States Bitcoin Strategic Reserve, marking a milestone in integrating Bitcoin into national reserves.
• March 10 - The Utah Senate passed a Bitcoin bill, but provisions related to reserve investments were removed, sparking further debate.
• March 11 - The SEC signaled a shift toward a more crypto-friendly stance and is reportedly considering rolling back exchange registration requirements.
• March 12 - The U.S. core CPI (unadjusted) for February was 3.1% year over year, the lowest level since April 2021.
• March 12 - The SEC postponed its review of multiple spot cryptocurrency ETF applications, leaving markets awaiting a decision.
• March 13 - Nebraska enacted a Bitcoin ATM oversight law, strengthening oversight and providing clearer operational guidelines.

Key Events

March 7 - U.S. Non-Farm Payrolls Rise by 151,000 in February, Slightly Below Expectations; Unemployment Rate Hits New High

On March 7, the U.S. Bureau of Labor Statistics released the latest employment data, showing that non-farm payrolls increased by 151,000 in February, falling short of the market expectation of 160,000. The previous figure was also revised downward from 143,000 to 140,000. Meanwhile, the unemployment rate climbed to 4.1%, exceeding the forecast of 4% and the previous reading, marking its highest level since August 2022.

This data contradicted earlier market expectations of continued labor market resilience, prompting a reassessment of the Federal Reserve’s policy trajectory and broader economic outlook. The unexpected labor market shift triggered significant volatility across risk and safe-haven assets worldwide. [1]

March 7 - Trump Signs Executive Order to Establish the United States Bitcoin Strategic Reserve

U.S. President Donald Trump signed an executive order to establish a Bitcoin Strategic Reserve, consisting of approximately 200,000 BTC obtained through criminal or civil forfeiture. The reserve will be a long-term asset, with the government pledging not to sell its holdings. Additionally, the U.S. has created a Digital Asset Reserve to store confiscated cryptocurrencies other than BTC, including XRP, ADA, ETH, and SOL. However, the government will not actively purchase these assets; they will only acquire them through forfeiture.

This decision officially recognizes Bitcoin as a national strategic asset, potentially triggering ripple effects in global financial markets. In the short term, uncertainty remains regarding U.S. government policies on BTC holdings. In the long run, continued government accumulation of BTC could reduce market supply, reinforcing Bitcoin’s scarcity and value proposition.

Moreover, Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick have been authorized to acquire additional BTC budget-neutral, ensuring no additional financial burden on taxpayers. This signals the possibility of sustained BTC accumulation by the U.S. government, which may prompt other nations to reevaluate Bitcoin’s role in the global financial system. [2]

Overall, the U.S. government’s BTC holdings could amplify institutional and national-level FOMO, accelerating crypto market development. The commitment not to sell BTC further strengthens its deflationary nature, potentially supporting long-term price trends. Additionally, this move may drive regulatory shifts worldwide, pushing nations to compete in digital asset reserves and accelerating Bitcoin’s recognition as a global reserve asset.

March 10 - Utah Senate Passes Bitcoin Bill, But Reserve Investment Clause Removed

The Utah Senate recently passed HB230 - the Blockchain and Digital Innovation Amendments with a vote of 19 in favor, 7 against, and 3 abstentions. One of the bill’s original highlights was a provision allowing the state treasury to invest up to 5% of its funds in digital assets with a market capitalization exceeding $500 billion—Bitcoin being the only eligible asset. This would have positioned Utah as the first U.S. state to hold Bitcoin reserves. However, during the legislative process, this forward-looking clause was removed, and the House accepted the revised version with a vote of 52 in favor, 19 against, and 4 abstentions.

The current version of the bill primarily focuses on legally safeguarding Utah residents’ fundamental rights in the crypto space, including Bitcoin custody, mining, node operation, and staking.[3]

This amendment reflects the state legislature’s effort to balance digital economic innovation with prudent risk management. While the original Bitcoin investment provision was groundbreaking, its removal underscores policymakers’ concerns about the risks of investing in highly volatile assets. At the same time, by clearly protecting residents’ rights, the bill still establishes a solid legal foundation for local crypto industry growth. It offers a model for other jurisdictions seeking to balance innovation with risk control.

March 11 - SEC Shifts to Crypto-Friendly Stance, May Withdraw Exchange Registration Requirement

Acting SEC Chairman Mark Uyeda recently announced that he has instructed staff to explore withdrawing the proposal that would require crypto firms to register as exchanges. Uyeda acknowledged that the public response to expanding the definition of an “exchange” to include crypto markets has been overwhelmingly negative, with many critics arguing that linking U.S. Treasury market oversight with crypto regulation was misguided.

This rule was originally introduced in 2020 by former SEC Chairman Jay Clayton to regulate participants in the U.S. Treasury market. However, under Gary Gensler’s leadership, the SEC significantly expanded its scope to include crypto firms under exchange regulations, triggering strong opposition from the industry.

Since Gensler’s resignation, the SEC has adopted a more conciliatory approach toward crypto. In addition to dropping lawsuits against several crypto firms, the agency has also formed a dedicated task force led by crypto-friendly Commissioner Hester Peirce to develop a more balanced regulatory framework for digital assets—marking a clear shift toward a friendlier regulatory environment in the U.S.[4]

March 12 - U.S. Core CPI Falls to 3.1% in February, Lowest Since April 2021

U.S. inflation data for February came in below expectations across the board, sending a key signal to the global economy. According to the Bureau of Labor Statistics, the unadjusted year-over-year core CPI recorded 3.1%, below the market forecast of 3.2% and marking its lowest level in nearly three years. Meanwhile, the seasonally adjusted core CPI month-over-month increased by just 0.2%, a significant slowdown from the previous 0.4%. The simultaneous cooling of these two key indicators suggests that inflation control in the world’s largest economy has made substantial progress.

In the short term, expectations of rate cuts and liquidity easing may support asset prices. Over the medium term, the market will closely watch the Federal Reserve’s actual policy implementation and evolving regulatory framework. In the long run, as the global monetary system undergoes restructuring, crypto’s role as an inflation hedge is likely to gain further prominence.[5]

March 12 - SEC Delays Approval of Multiple Spot Crypto ETFs

The U.S. Securities and Exchange Commission (SEC) has postponed reviewing several spot cryptocurrency exchange-traded fund (ETF) applications. The affected applications include:

Grayscale Spot Cardano (ADA) ETF, Canary Spot XRP ETF, Canary Spot Solana ETF, Canary Spot Litecoin ETF, VanEck Spot Solana ETF. According to the announcement released by the SEC, the review period will be extended from April 11 to May 26 to allow the regulatory agency sufficient time to consider the proposal and related issues.[6]

For the cryptocurrency market, the approval of spot ETFs is regarded as an important market catalyst. The SEC’s decision to delay the approval process may have a short-term negative impact on market sentiment, with investors likely to remain cautious and wait for clearer regulatory signals. However, in the long run, the SEC’s prudent approach also reflects its emphasis on investor protection. A cryptocurrency market built on a sound regulatory framework is essential for achieving healthier and more sustainable growth. Investors should continue to closely monitor the SEC’s approval progress and the evolution of cryptocurrency regulatory policies.

March 13 - Nebraska Signs Bitcoin ATM Regulation Bill

Nebraska Governor Jim Pillen officially signed the LB609 bill this Wednesday, implementing regulations on Bitcoin ATMs and other electronic transaction terminals to prevent fraud and protect consumer rights. The bill requires Bitcoin ATM operators to disclose all terms of use and provide prominent anti-fraud warnings to users. Additionally, users who report fraudulent activity to the operator and law enforcement within 90 days are eligible for a full refund.

This bill will effectively regulate the operation of Bitcoin ATMs, enhancing transparency and credibility across the crypto industry, and attracting more legally compliant businesses to the market. At the same time, the bill strengthens consumer confidence in cryptocurrencies, encouraging broader participation in crypto transactions and promoting wider adoption. Moreover, clear regulatory measures provide a more stable market environment for the crypto industry, helping to reduce regulatory uncertainty and foster the sector’s healthy development.[7]

Conclusion

Regarding macroeconomics, U.S. nonfarm employment growth in February fell below expectations, while the unemployment rate hit a new high. At the same time, the unadjusted core CPI annual rate for February reached its lowest level since April 2021. These data reflect the complexity of the U.S. economy and have significantly impacted market sentiment and Federal Reserve policy expectations. Changes in the macroeconomic landscape introduce uncertainties for the Web3 industry and present new opportunities. On the policy front, Trump signed an executive order to formally establish the U.S. Bitcoin Strategic Reserve and Digital Asset Repository, marking Bitcoin’s recognition as a national strategic asset. Utah passed a Bitcoin bill but removed the reserve investment clause, highlighting lawmakers’ efforts to balance innovation and risk management. SEC Acting Chairman Mark Uyeda announced the withdrawal of a proposal requiring crypto firms to register as exchanges, signaling a more lenient regulatory stance. Nebraska signed a Bitcoin ATM regulation bill, further refining the regulatory framework for cryptocurrencies. Additionally, the SEC postponed the approval process for several spot crypto ETFs, which may impact market sentiment in the short term but is expected to contribute to the market’s long-term healthy development.

This week’s events demonstrate the dual influence of policy decisions and macroeconomic indicators on the Web3 industry. Fluctuations in U.S. employment and inflation data, along with regulatory adjustments, have affected the cryptocurrency market and triggered ripple effects in the global financial landscape. As the regulatory framework matures and the macroeconomic outlook becomes clearer, the Web3 industry will face new opportunities and challenges.

References:

1. Forbes,https://www.forbes.com/sites/dereksaul/2025/03/07/us-added-151000-jobs-as-unemployment-rose-to-41-in-february/
2. X,https://x.com/davidsacks47/status/1897802280738734236
3. Cointelegraph,https://cointelegraph.com/news/utah-senate-passes-bitcoin-bill-but-removes-reserve-clause
4. SEC,https://www.sec.gov/newsroom/speeches-statements/uyeda-remarks-institute-international-bankers-031025
5. CNBC,https://www.cnbc.com/2025/03/12/cpi-inflation-report-february-2025.html
6. SEC,https://www.sec.gov/files/rules/sro/cboebzx/2025/34-102596.pdf
7. NebraskaGoverment,https://governor.nebraska.gov/gov-pillen-signs-bill-creating-protections-cryptocurrency-fraud

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