a16z Founders Lunch Meeting with Republican Senator to Advance Cryptocurrency Market Structure Legislation

On February 26, a fire broke out in Wenatchee, Washington, USA—suspected to be linked to local Bitcoin mining activities, per TheEnergyMag. Local fire departments have responded to the scene to handle the situation. Specific losses and casualty status have not been announced yet. Relevant authorities are investigating the fire’s cause and whether the mining farm complies with local safety regulations. As of now, the name of the involved mining farm and the direct cause of the fire remain undisclosed.

February 26: Per HyperInsight monitoring, as the market staged a strong rebound, the "Buddy" contract’s position finally turned a floating profit. As of press time, its long position has a floating profit of $773,000. Additionally, last night and this morning, "Buddy" closed its Bitcoin long position and continued to add to its Ethereum short position. It currently holds a 25x leveraged ETH short position with 6,230 coins, and a liquidation price of $1,926.

**February 26** — Dutch Finance Minister Eelco Heinen announced plans to revise a controversial crypto unrealized gains tax law passed earlier this month. The bill, approved by the Dutch House of Representatives on Feb. 12, mandates a 36% tax on **unrealized** crypto gains—meaning investors would owe taxes even if they haven’t sold their holdings. Heinen told RTL Nieuws: “This bill shouldn’t stand as is. It’s clear there are issues that need fixing.” The legislation still awaits Senate review and won’t take effect until at least Jan. 1, 2028. The Dutch Ministry of Finance says it will reassess the bill’s language and consult with lawmakers to decide whether to rewrite it entirely or make partial changes. (Source: DL News)

On February 26, Zen—head of Solana’s Meteora team and @realdezen on X—said his team has prioritized insider trading risks and implemented concrete safeguards since taking the reins in March 2023. Meteora, a permissionless platform, has focused over the past year on bolstering infrastructure robustness and reliability to enable project deployments without team oversight, Zen noted. As a result, the team only became aware of some projects after their launch or integration. In associated prediction markets, Meteora once ranked among the most speculated assets.

February 26: Coinglass data shows total network-wide position liquidations hit $698 million yesterday, with short positions accounting for $588.6 million (note: the original text likely contains a typo, as $5.886 billion would far exceed total liquidations). Notably, this marks the first time in over a month and a half that short liquidation value has outpaced long positions—last seen on January 13.

**WLFI Proposes Governance Staking System to Boost Participation** On February 26, WLFI rolled out a governance staking system aimed at getting more users involved in governance. Under the proposal, future governance voting with unlocked WLFI tokens will require staking—with a minimum 180-day lock-up period. The system features a tiered node structure: - Regular stakers will earn roughly a 2% annualized reward. - Users staking 10 million WLFI (about $1 million) will qualify as nodes, gaining the perk of exchanging stablecoins like USDT and USDC at a 1:1 rate for USD 1. - Those staking 50 million WLFI (about $5 million) will become super nodes, with direct collaboration opportunities with the WLFI team. The proposal needs at least 1 billion WLFI in votes to be valid, and voting will last 7 days. If approved, implementation will happen in three phases.