US Bitcoin Reserve Updates
Coinbase Users Lost $65M | Berachain Mainnet on Feb 6

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Good Morning.
The SECâs new Crypto Task Force is finally looking to clean up the regulatory mess left by the previous administration, signalling a potential shift from enforcement chaos to structured oversight. Amid the regulatory reshuffling, builders keep shipping. Berachainâs long-awaited mainnet is launching, Uniswap V4 is live, and Ethereum-based protocols are expanding rapidly. If the past week proves anything, itâs that crypto isnât slowing down.
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In Today's Email:
What Matters: Trumpâs âCrypto Czarâ Weighs Bitcoin Reserve đŞ
Case Study: ZachXBT Reports Coinbase Users Lost $65M to Scams đ
Governance & Features: Berachain Mainnet Launching on February 6 đť
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WHAT MATTERS
Trumpâs âCrypto Czarâ Weighs Bitcoin Reserve Amid Wealth Fund Plans

David Sacks - Bloomberg
State of play: President Trumpâs newly appointed âcrypto czarâ David Sacks outlined the administrationâs pro-crypto agenda, confirming that evaluating a strategic Bitcoin reserve is a top priority.
However, Sacks clarified that the sovereign wealth fund, established via Trumpâs recent executive order, is a separate initiative and that Commerce Secretary nominee Howard Lutnick would lead its development.
The sovereign wealth fund aims to monetize US government assets for national priorities.
Analysts speculated that Bitcoin could be included as a strategic investment.
CoinSharesâ James Butterfill compared it to Norwayâs oil-funded investments, arguing that Bitcoinâs inclusion makes sense given the fundâs objectives and the administrationâs crypto-friendly stance.
While the reserve and the fund remain distinct, some believe they could serve dual purposes in shaping US fiscal policy.
Why it matters: If the US adopts Bitcoin as a strategic reserve asset, it could legitimize BTC in national finance, drive institutional demand, and push other countries to follow suit.
Our take: A potential US Bitcoin reserve and its inclusion in a sovereign wealth fund could legitimize Bitcoin as a strategic asset, influencing institutional adoption and global policy.
For builders and investors: If Bitcoin becomes a strategic asset, long-term accumulation could gain further tailwinds.

CASE STUDY
ZachXBT Claims Coinbase Users Lost $65M to Scams in Two Months
1/ Over the past few months I imagine you have seen many Coinbase users complain on X about their accounts suddenly being restricted.
This is the result of aggressive risk models and Coinbaseâs failure to stop its users losing $300M+ per year to social engineering scams.
â ZachXBT (@zachxbt)
1:50 PM ⢠Feb 3, 2025
Onchain investigator ZachXBT reported that Coinbase users lost over $65M to social engineering scams between December 2024 and January 2025, with actual losses likely much higher.
Scammers use stolen personal data to trick victims into believing their accounts had unauthorized login attempts.
Victims receive spoofed Coinbase emails instructing them to transfer funds to a scam address.
Scammers clone Coinbaseâs website and use Telegram-based fraud panels to carry out attacks.
ZachXBT criticized Coinbaseâs security measures, alleging that the exchange:
Fails to report scammer addresses despite ongoing thefts.
Lacks proper anti-phishing protections, allowing scammers to block VPNs while Coinbase discourages their use.
Needs stronger anti-fraud measures, such as optional phone number input for KYC, withdrawal restrictions for new users, and improved community education.
ZachXBT estimated yearly losses from social engineering scams exceed $300M, urging Coinbase to take urgent action to protect users.
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INSIGHTS
SEC Crypto Task Force 10 Priorities

Hester Pierce - Coindesk
The SECâs Crypto Task Force, led by Commissioner Hester Peirce, was created to bring long-overdue regulatory clarity to the crypto industry. Its 10 key priorities include:
Clarify Security Status â Define which crypto assets are securities vs. commodities.
Scope SEC Jurisdiction â Identify areas of crypto that fall outside SEC oversight.
Token Offering Relief â Provide a temporary path for non-security tokens to trade.
Improve Registration Paths â Modify Reg A and crowdfunding rules for token issuers.
Broker-Dealer Rules â Expand custody rules for crypto securities and non-securities.
Investment Adviser Custody â Create a secure framework for advisers holding crypto.
Crypto Lending & Staking â Clarify if and how these fall under securities laws.
Crypto ETPs â Set clear approval criteria for ETFs and exchange-traded products.
Clearing & Settlement â Modernize rules for tokenized securities and market infrastructure.
Cross-Border Sandbox â Enable global crypto experiments with regulatory oversight.

FEATURES & GOVERNANCE UPDATE
Berachain Mainnet Launching on February 6

Berachainâs Layer 1 mainnet is set to launch on February 6, 2025, alongside its token generation event (TGE).
Initially planned for Q2 2024, the launch follows the January 2024 public testnet (Artio).
The project is developed by pseudonymous founders behind the Bong Bears NFT.
Berachain aims to align liquidity incentives with network security while expanding validator participation from the EVM and Cosmos ecosystems.
Other notable feature updates:
Uniswap v4 is now live.
Layer3 launched Layer3 Intel.
Ondo Finance launched Ondo Nexus.
Symbiotic launches on Ethereum mainnet.
stETH and wstETH are now live on Soneium.
Ethena Labs announces USDe and sUSDe vaults by Concrete.

QUICK BITES
Trumpâs âcrypto czarâ floats BTC reserve.
Berachain mainnet set to launch on 6 February.
Peter Thiel-backed Bullish Global considers IPO.
Bitcoin dominance rises to 58% as altcoins struggle.
SEC crypto task force signals major shift in regulation.
US Ethereum ETFs post record $1.5B daily trading volume.
US SEC scales down crypto enforcement unit while task force gears up.
Sol Strategies boosts Solana holdings with latest 190,000 SOL purchase.
ZachXBT claims Coinbase users lost over $65M to social engineering scams.

NOTEWORTHY READS & MEME

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