Ndax Weekly TL;DR March 3rd

• SEC Declares Memecoins Are Not Securities but Warns Against Fraud
• Solana Community to Vote on Proposal to Cut Inflation by 80%
• Ethereum Foundation Forms Advisory Council Amid Leadership Challenges

The U.S. Securities and Exchange Commission (SEC) has clarified that memecoins do not qualify as securities under federal law, citing their speculative and entertainment-driven nature. In a staff statement issued on February 27, the SEC explained that memecoins generally lack pooled investor funds or centralized managerial control, key factors under the Howey test used to classify securities. While this clarification relieves memecoin traders from registration requirements, the agency cautioned that fraudulent activities involving these digital assets could still face enforcement actions. CryptoSlate

Solana’s governance proposal SIMD-0228, which seeks to reduce the blockchain’s annual inflation rate from 4.5% to as low as 0.87%, is set for a community vote in epoch 753 starting March 6. The proposal, backed by Solana co-founder Anatoly Yakovenko and Multicoin Capital, introduces a dynamic staking rewards system that adjusts emissions based on participation levels. Supporters argue the change will improve economic sustainability and reduce selling pressure, while critics warn it could disproportionately benefit large validators, potentially harming decentralization. The vote’s outcome is expected to have long-term implications for Solana’s economic model and validator incentives. Cryptonews

In response to recent leadership turmoil, the Ethereum Foundation (EF) has announced the creation of the Silviculture Society, a 15-member advisory council aimed at preserving Ethereum’s core values of open-source development, privacy, and decentralization. The group includes both public figures and pseudonymous members from the cypherpunk community. While not a governance body, the Society will provide independent feedback to the EF. The move follows Aya Miyaguchi’s appointment as EF President and ongoing concerns over Ethereum’s direction. Founder Vitalik Buterin described the initiative as an experiment in strengthening community governance amid criticism tied to Ethereum’s declining market performance. Beincrypto

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News Nuggets

• Bank of Canada Likely to Pause Rate Cuts if Trump Imposes Tariffs Financial Post
• Texas Senate Advances Bill to Establish Bitcoin Reserve CryptoSlate
• Ethereum Faces Holesky Testnet Failure in Pectra Upgrade Testing CryptoSlate
• Avalanche Launches Visa Card to Expand Crypto Payments CoinDesk
• Ripple Partners with BDACS to Expand Crypto Custody in South Korea Cointelegraph
• FBI Confirms North Korea Behind $1.4 Billion Bybit Crypto Hack Decrypt 
• Scammers Use Fake Crypto Jobs and 'GrassCall' App to Steal Wallet Funds Cointelegraph
• Nasdaq Seeks to List Grayscale Polkadot ETF Amid Growing Altcoin ETF Filings Cointelegraph
• Five States Fail to Advance Crypto Reserve Bills as Utah and Texas Move Forward CoinDesk
• Vitalik Buterin Pushes for Wallet Security to Prevent Crypto Losses CryptoSlate

As of 03-03-2025 at 9:00 AM EST

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$4.41 trillion to CA$4.42 trillion.
• Bitcoin's market dominance stands at 60.4%, while Ethereum's share is 9.3%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$136K and CA$131K registering a 0.94% change over the past week and a market cap of CA$2.7 trillion. At Ndax, the weekly movers are Cardano (ADA), which saw a 38% increase in the last seven days reaching a market cap of CA$52 billion, and Hedera (HBAR), which experienced a 14% rise with a market cap of CA$15.1 billion. (At time of writing)

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Mark your calendars!

• Mar 7 – Canada Unemployment Rate Announcement 
• Mar 7 – US Unemployment Rate Announcement 

This week’s blog is about understanding crypto market cap and why it matters for investors. Learn how market cap is calculated, the difference between circulating and total supply, and how it helps assess a project's size and stability. To learn more, click here.

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