Gemini to Cease Operations in the UK, Customer Accounts to Withdraw Only Starting March 5th

March 14 — The Trump administration has begun large-scale tapping of the U.S. emergency oil reserve, requesting an exchange of 86 million barrels of crude oil. In a statement Friday, the U.S. Department of Energy (DOE) said crude from the Strategic Petroleum Reserve (SPR) is expected to start flowing into the market by the end of next week. This is part of the 172 million-barrel large-scale release plan announced Wednesday. The reserve release — set to take four months to complete — is part of a coordinated 400 million-barrel action plan with other countries. Under the exchange terms, companies will return the borrowed oil to the DOE in the future and pay an additional amount of oil as a premium. Earlier this week, the DOE noted the Trump administration has arranged to replenish the SPR with about 200 million barrels over the next year — 20% more than the volume of reserves tapped this time. (Sina Finance)

March 14: David Sacks, U.S. President Trump’s AI and cryptocurrency advisor, proposed the U.S. quickly disengage from the Iran conflict and “declare victory and withdraw.” On the *All-In Podcast* (which he co-hosts), Sacks noted that further escalation could prompt Iran to retaliate against energy facilities in Gulf states. The Gulf relies heavily on desalination for drinking water—attacks on those facilities would spark a severe humanitarian and survival crisis in the region. He also warned a weeks- or months-long conflict could escalate further, risking a larger-scale war. Accordingly, the U.S. should pursue de-escalation via a ceasefire or negotiations.

March 14 – Per OnchainLens data, as international oil prices climbed again, a 3-day-old wallet took a long position in CL crude oil using 1x leverage, now holding over $1.18 million in unrealized profit.

March 14th — Billionaire investor Stanley Druckenmiller said blockchain and stablecoins could become the backbone of the global payment system over the next 10 to 15 years. He argues stablecoins are more efficient, faster, and cheaper than the fiat-based payment systems operated by traditional banks. During an interview with Morgan Stanley, Druckenmiller noted blockchain and stablecoins are “extremely useful” for boosting payment efficiency, adding he expects most payment systems may run on stablecoins down the line. However, he remains skeptical of cryptocurrencies as a store of value. He favors gold, calling it an asset with a “5,000-year brand,” and disclosed he currently holds no Bitcoin.

**March 14 Update** KRAK Acquisition Corp. — the special purpose acquisition company (SPAC) affiliated with crypto exchange Kraken — is targeting potential acquisition candidates, with target valuations reaching as high as $10 billion. KRAK’s director Ravi Tanuku noted the firm is broadly evaluating crypto-native companies, focusing on stablecoins, decentralized finance (DeFi), and crypto payments. Its goal is to help small and medium-sized enterprises (SMEs) enter the public market via reverse mergers. The SPAC completed a $345 million IPO in January 2024 and has a two-year window to identify an acquisition target. Tanuku added the final target’s valuation could also land closer to $20 billion. Separately, Kraken is weighing a 2024 IPO. The exchange was valued at $20 billion in a prior $8 billion funding round.

March 14 — U.S. military officials said the ongoing conflict may persist for several weeks. Iran has designated its primary oil export hub, Kharg Island, a "red line," warning it will retaliate against energy infrastructure in neighboring Gulf states if the facility is targeted. Per the Wall Street Journal (WSJ), Gulf countries recently lobbied Washington to avoid striking Iranian energy facilities. The U.S. has informed relevant nations it will seek to refrain from attacking Iran’s oil infrastructure and has pressured Israel to avoid any related actions. Kharg Island is Iran’s most critical crude oil export terminal, capable of accommodating very large crude carriers (VLCCs) holding roughly 2 million barrels of crude oil and handling the bulk of Iran’s oil exports. Former President Donald Trump previously stated the U.S. destroyed all military targets on the island but did not target oil facilities.