The U.S. Senate Banking Committee Advances the "Financial Transparency and Regulatory Compliance Act"

**March 11 (Tuesday) —** U.S. Energy Secretary Chris Wright mistakenly posted and later deleted a social media message Tuesday claiming the U.S. Navy had escorted an oil tanker through the Strait of Hormuz. The post briefly roiled markets: international oil prices plunged nearly 20%, while U.S. WTI crude briefly fell below $77 per barrel. White House Press Secretary Karoline Leavitt subsequently clarified the U.S. Navy has not yet escorted any tankers or vessels through the strait, but the military is weighing various options—including naval escorts—to address potential shipping disruptions by Iran. On the same day, former President Donald Trump posted a series of social media messages stating the U.S. has received no reports of Iran laying mines in the strait, but urged Iran to remove any potential explosive devices. He also noted the U.S. military has destroyed 10 "inactive mine-laying ships." The ongoing Middle East conflict entered its 11th day Tuesday. Pete Hegseth stat

March 11 — Chief Judge Sarah D. Morrison of the U.S. District Court for the Southern District of Ohio ruled there is no historical evidence Congress intended federal law to preempt state sports betting regulations, rejecting a preliminary injunction request from prediction market platform Kalshi. Earlier, Kalshi sued the Ohio Casino Control Commission to block enforcement action against its event contracts under state gambling law. Last year, the commission accused Kalshi of operating illegal sports betting in Ohio. Kalshi argued its event contracts are regulated under the Commodity Exchange Act as derivative transactions (overseen by the CFTC), meaning federal rules should take precedence over state gambling laws. But the judge cited historical and legislative context: no proof Congress intended that law to preempt state sports betting rules. She noted that when the Dodd-Frank Act amended relevant laws in 2010, the U.S. still broadly restricted sports betting. Kalshi plans

On March 11, Bloomberg Intelligence analyst James Seyffart said that because most investors aren’t required to file 13F forms, publicly disclosed holdings of spot XRP ETFs only represent a “small portion” of the market right now. Data shows that as of the end of 2025, the top 30 holders of spot XRP ETFs collectively held roughly $2.11 billion in shares. Goldman Sachs led the group with around $1.54 billion in holdings. Seyffart also noted that cumulative inflows into spot XRP ETFs topped $1 billion as of the end of 2025, while the fund’s assets under management (AUM) stood at approximately $14.4 billion as of last week. Fellow Bloomberg Intelligence analyst Eric Balchunas added that these investors are likely mostly “super fans” from the XRP community, not retail investors. Several firms have launched spot XRP ETF products, including 21Shares, Bitwise Asset Management, and Franklin Templeton. 21Shares’ spot XRP ETF has become its most popular altcoin fund. Meanwhile, Ripple CE

March 11th — Per HTX market data, blockchain game token PIXEL has surged more than 75% in the past 24 hours, last trading at $0.00878 with a market capitalization of $28 million.

**March 11 Update** CNN reported Wednesday, citing two sources familiar with a U.S. intelligence assessment, that Iran has begun laying mines in the Strait of Hormuz—one of the world’s most critical energy transit routes, handling roughly one-fifth of global oil shipments. Sources noted the current mining scale remains small: dozens of mines have been laid in recent days. However, Iran’s Islamic Revolutionary Guard Corps (IRGC) still holds 80% to 90% of its small boats and mine-laying vessels, theoretically capable of deploying hundreds of mines quickly—along with dispersed mine ships, explosive-laden boats, and shore-based missile positions—to block the strait. U.S. President Donald Trump warned in a social media post that Iran will face “unprecedented military consequences” if it mines the strait and fails to clear the devices immediately. He added the U.S. has deployed significant naval power in the region and possesses advanced mine-clearing capabilities. U.S. Secretary

March 11 (local time) — Iran’s Islamic Revolutionary Guard Corps (IRGC) announced it launched the 37th wave of its “Martyr Soleimani Operation” earlier today, conducting missile strikes on targets including the U.S. military base in Erbil, Iraq, the U.S. Fifth Fleet, and Tel Aviv, Israel. WTI crude oil reversed its intraday trajectory, falling in the short term to trade at $85.90 currently — down 0.61% — after earlier climbing more than 2%.