Daily News: U.S. senators propose cryptocurrency fraud bill, K33 says bitcoin selling pressure has eased, BitMine increases holdings by $140 million in ethereum, and more news

The following article is adapted from The Block’s newsletter, “The Daily News.” The show airs on weekday afternoons.

Happy Wednesday! Continuing our annual tradition, The Block’s research team has released the 2026 Digital Asset Outlook report, providing a comprehensive analysis of this year’s industry developments and a look ahead to trends for 2026.

In today’s briefing: U.S. senators have introduced a bill to combat crypto fraud, K33 says selling pressure from long-term bitcoin holders is nearing exhaustion, BitMine has added another $140 million worth of ETH to its treasury, and more.

Meanwhile, ETHGas has raised $12 million through token financing, launched an Ethereum blockspace futures market, and pledged to provide $800 million in liquidity.

P.S.: Don’t forget to follow “The Funding,” a bi-weekly newsletter summarizing trends in crypto venture capital. It’s packed with great content and, like “The Daily,” it’s free to subscribe!

U.S. Senators Introduce Bipartisan Bill Aimed at Combating Crypto Fraud

U.S. Senators Elissa Slotkin and Jerry Moran have introduced a bipartisan bill to strengthen federal coordination in combating crypto-related scams.

• The Strengthening Agency Framework for Crypto Enforcement (SAFE Crypto Act) would create a federal task force, bringing together the Treasury, law enforcement, regulators, and private sector experts to identify, track, and combat fraud.
• Lawmakers say the task force will analyze emerging scam trends while providing local police with better investigative tools and public education resources.
• The bill requires the task force to submit a preliminary report to major congressional committees within a year, followed by annual updates.
• Crypto attorney Gabriel Shapiro said the proposal could fill enforcement gaps left by the U.S. Securities and Exchange Commission and Commodity Futures Trading Commission in tackling hacks, phishing, and small-scale fraud.
• Chainalysis estimates that the amount of illicit crypto activity exceeds $50 billion annually, highlighting the seriousness of the issue and the impetus for this initiative.

K33: Selling Pressure from Long-Term Bitcoin Holders Nears Exhaustion

Research and brokerage firm K33 believes that the ongoing selling pressure from long-term bitcoin holders is nearing exhaustion, with about 20% of supply reactivated over the past two years.

• K33 notes that 2024 and 2025 are the second and third largest years in bitcoin history for long-term supply reactivation, surpassed only by 2017.
• However, research director Vetle Lunde predicts that early holder selling will decrease in 2026, and as the market shifts to net buying demand, two years’ worth of supply will be restored.
• Lunde also points out that as the quarter draws to a close, portfolio rebalancing effects may emerge, potentially supporting inflows in late December and early January (UTC+8)—similar to the dynamics observed in late September and early October (UTC+8).

BitMine Buys the Dip, Adds $140 Million in ETH to Treasury: Onchain Analyst

Onchain analysts report that Ethereum treasury firm BitMine purchased another $140 million worth of Ethereum late Tuesday, further expanding its aggressive growth strategy.

• Data from Arkham shows the company received 48,049 ETH via a FalconX hot wallet, though BitMine has not officially confirmed the transaction.
• In its latest public disclosure released Monday, BitMine stated it holds nearly 4 million ETH, worth about $11.6 billion, making it the world’s largest corporate Ethereum holder.
• Fundstrat co-founder and chairman Tom Lee said Monday that the company remains bullish on Ethereum long-term, aiming to hold 5% of circulating ETH supply, noting that regulatory and Wall Street support is improving.

Trump to Interview Crypto-Friendly Christopher Waller for Next Fed Chair: Wall Street Journal

President Trump will interview Federal Reserve Governor Christopher Waller, according to the Wall Street Journal, as he considers candidates to succeed current chair Jerome Powell.

• Waller has previously expressed positive views on crypto, especially stablecoins and decentralized finance (DeFi), seeing them as legitimate components of future payment systems.
• Polymarket currently shows Waller’s chances of nomination are slim, with only a 15% probability, trailing Kevin Hassett (52%) and Kevin Warsh (29%), despite being a leading advocate for rate cuts within the Fed.
• The market is closely watching the Fed chair race, with analysts suggesting a leadership change could make monetary policy more dovish, thus supporting crypto prices.

Binance Offers $5 Million Bounty for Reporting Fraudulent “Listing Agents”

Binance warns crypto projects not to work with fraudulent third-party “listing agents” and is offering up to $5 million to those who report fake intermediaries.

• Binance emphasizes that token teams must submit listing applications only through its official channels, stressing that the company does not authorize external brokers to negotiate or influence listing outcomes.
• The crypto exchange published a blacklist of seven entities and individuals, including BitABC, Central Research, May/Dannie, Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z.
• On the matter, Binance co-founder CZ stated that even an unnamed head of state recently approached him privately for help with a Binance listing, but he made it clear he could not influence the process.

In the Next 24 Hours

• The Bank of England’s latest rate decision will be announced at 7:00 a.m. ET on Thursday. The European Central Bank’s rate decision will follow at 8:15 a.m. U.S. CPI inflation data and initial jobless claims are scheduled for 8:30 a.m.
• Bank of England Governor Andrew Bailey will speak at 7:30 a.m. (UTC+8). The European Central Bank press conference is set for 8:45 a.m. (UTC+8).
• Bubblemaps and Melania Meme are among the upcoming crypto projects with token unlocks.

Don’t miss any highlights from The Block’s Daily Recap of the most influential events in the digital asset ecosystem.