Backpack is planning to conduct its TGE around March 23 and will provide further updates tomorrow.

On March 12, FDIC Chairman Travis Hill told attendees at the American Bankers Association’s Washington Summit that the agency plans to propose a rule clarifying that payment stablecoins subject to the GENIUS Act are ineligible for “pass-through insurance”—meaning third-party financial institutions cannot secure government deposit protection on behalf of stablecoin users. This stance aligns with the GENIUS Act’s legislative intent, even though the law does not explicitly ban such arrangements. Hill noted that current pass-through insurance rules require end-user identity and ownership to be verifiable in the normal course of business—a feature not common to large stablecoin arrangements. While stablecoins do not carry FDIC insurance, the GENIUS Act mandates they be fully reserved. Additionally, Hill said the FDIC is evaluating the classification of tokenized deposits, indicating that regardless of technology or accounting methods used, tokenized deposits should be treated as de

On March 12, General Tensor—formerly known as General TAO Ventures, an infrastructure project within Bittensor’s ecosystem—closed a seed round and an oversubscribed pre-seed round, totaling $5 million in financing. The seed round was led by Good Morning Holdings, with backing from Goldman Sachs. The pre-seed round, completed in December 2024, was led by Lvna Capital, with participation from Digital Currency Group (DCG), X Ventures, Proof of Talk, and Outliers Fund. Founded in early 2024, General Tensor focuses on building mining, validation, and subnet operation infrastructure for Bittensor, a decentralized AI network.

March 12 — Former President Donald Trump, speaking about Iran, said the U.S. could strike additional targets if it chooses to. He noted there are items the U.S. left in Iran that can be retrieved. Trump also claimed the U.S. has nearly destroyed all of Iran’s Bremer boats, and stated he is not concerned about Iran-backed domestic terrorist attacks in the U.S. (IG)

The U.S. will announce a new Section 301 trade investigation Wednesday local time, The New York Times reported March 12. After a Supreme Court ruling that struck down some tariffs, the Trump administration has turned to Section 301 to launch a new round of trade probes and potential tariffs.

March 12: Solana-based DeFi protocol Drift has launched cross-chain deposit functionality, enabling users to transfer funds from any major trading platform to begin trading on its platform.

On March 11, Ghana’s Securities and Exchange Commission (SEC) announced it has approved 11 companies to join a regulatory sandbox for testing cryptocurrency and digital asset services under the country’s Virtual Asset Service Provider (VASP) Act.