By Kapil Rajyaguru
SEC Acknowledges Grayscale’s XRP and DOGE ETF Filings.
The US Securities and Exchange Commission has acknowledged filings from crypto asset manager Grayscale to list spot XRP and Dogecoin exchange-traded funds (ETFs).
The SEC’s Feb. 13 acknowledgments of Grayscale’s Form 19b-4 filings for the Grayscale XRP Trust and the Grayscale Dogecoin Trust mean the clock will soon start for the agency to review and decide on the applications within a mandated 240-day deadline.
The 240-day timer will start when Grayscale’s filings are submitted to the SEC’s federal register, which typically happens within days. If entered now, it would mean the SEC’s decision deadline would be in mid-October.
Michigan Becomes Latest State To Propose Crypto Reserve Bill.
Michigan has become the latest US state to propose a strategic Bitcoin reserve bill, bringing the total number of states moving crypto reserve-related legislation to 20.
On Feb. 13, Representatives Bryan Posthumus and Ron Robinson introduced HB 4087 to amend the state’s Management and Budget Act to establish a strategic Bitcoin reserve.
The Michigan bill would allow the state’s treasurer to invest in crypto from both the general fund and economic stabilization fund with a cap of 10%. The bill doesn’t impose any restrictions or guidelines on the types of cryptocurrencies that the reserve can purchase.
Solana Bridges Reach $10.1bn All-Time Inbound Volume.
Solana’s all-time inbound bridge volume since 2021 has reached more than $10.1 billion, a 114% increase over its total volume to February 2024, which was $4.7 billion.
A Flipside data dashboard by analyst h4wk showed that on Feb. 10, Solana’s crypto bridges reached a total inbound volume of $10.1 billion. The data showed that the USD Coin was the most-bridged asset in the Solana ecosystem, with $3.9 billion all-time inbound volume and $4.7 billion outbound volume.
Ether followed in second place with about $2 billion in inbound and outbound volumes, while the chain’s native asset, Solana, was in third place with $1.5 billion in inbound and $1 billion in outbound volume.
BNB Chain Flips Solana In Daily Fees, Beats Out All Chains.
Binance-linked BNB Chain leapfrogged Solana in daily fees to lead all blockchains, according to Nansen data.
BNB Chain generated over $5.8 million in daily fees on Feb. 13, surpassing Solana’s $3.3 million and totaling more than five times the sum of Ethereum.
This marked the first time since Halloween 2024—when Bitcoin had a standout day—that a blockchain other than Ethereum or Solana led the industry in daily fees.
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