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Vancouver staff recommend closing motion to explore Bitcoin reserves due to legal restrictions
Vancouver Charter prohibits holding Bitcoin as a municipal reserve asset
Provincial rules prevent municipalities from holding crypto in reserves due to risk exposure
Legal and treasury barriers were understood from the outset of the proposal.
Deep Dive
Vancouver city staff have recommended closing a council motion that explored making the city "Bitcoin-friendly." The staff concluded that the Vancouver Charter, the provincial law governing city operations, does not permit Bitcoin to be held as a municipal reserve asset. This recommendation is part of a report to the council for reprioritizing staff resources.
The motion originated from a late 2024 decree by Mayor Ken Sim, directing staff to study the feasibility of Vancouver becoming a "Bitcoin-friendly city." The initial proposal included examining the acceptance of taxes and fees in cryptocurrency and converting a portion of the city's financial reserves into Bitcoin.
From the outset, the proposal faced significant legal limitations. The British Columbia Ministry of Municipal Affairs stated that municipalities are prohibited from holding financial reserves in crypto under provincial rules, citing the intent to prevent local government funds from being exposed to undue risk. Council member Pete Fry expressed surprise that the motion was still being referenced, as he believed it had already been shelved.
Analysts note that municipal treasuries are structured for capital preservation, which inherently excludes assets like Bitcoin from reserve toolkits. For cities like Vancouver to hold such assets, significant evolution is needed in legislation, accounting treatment, and custody frameworks. While similar proposals might emerge in other cities, they are likely to face similar feasibility challenges unless local leaders perceive political or branding value in being pro-crypto. The use of crypto for payments is also noted to typically follow, rather than lead, private sector behavior.
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OKX launches Orbit, a social trading platform integrated within its app. Orbit allows users to link posts to real-time trading performance data and execute trades directly. The platform aims to enhance transparency by verifying influencer trading records. Orbit will not be available in the US, Europe, Singapore, Australia, or UAE initially.
Nvidia CEO Jensen Huang indicates the end of major investments in OpenAI and Anthropic. Nvidia's decision avoids taking sides amidst escalating controversies and competition between AI labs. The company previously invested $30 billion in OpenAI and $10 billion in Anthropic. Nvidia aims to maintain neutrality as a GPU supplier to multiple AI companies.
Rainberry Inc. to pay $10 million civil penalty to settle SEC case SEC dismisses remaining claims against Justin Sun and affiliated entities Settlement resolves unregistered securities and market manipulation allegations Case resolution removes regulatory overhang for Tron founder
Roblox implements AI to rephrase profanity in real-time chat instead of using hashmarks. The feature aims to maintain conversation readability and enforce community standards. Roblox is also enhancing chat filters to detect evasion tactics like leetspeak. This AI integration follows similar trends in the gaming industry for player behavior moderation.
Dogecoin (DOGE) experienced an 8% decline in the last 24 hours, leading losses among top 100 cryptocurrencies. The meme coin category is the only top 20 market cap category in the red over the last 24 hours. Analyst suggests Dogecoin's value relies on the attention economy, not sustainable rallies. DOGE is down 87% from its 2021 all-time high of $0.73.
Pudgy Penguins NFT project faces trademark lawsuit from Original Penguin clothing brand. Lawsuit filed in Florida federal court over alleged unauthorized use of penguin trademarks. PEI Licensing claims consumer confusion and violation of trademark and fair competition laws. Pudgy Penguins has expanded beyond NFTs to include retail toys and a Solana-based culture coin $PENGU.
President Trump publicly supports crypto against major banks regarding stablecoin yields. Coinbase stock surged 15% following Trump's statement. Pepeto presale has raised over $7.5M with a current price of $0.000000186. Pepeto offers a cross-chain bridge, zero-tax trading, and risk scoring system.
US banking regulators confirm tokenized securities receive same capital treatment as traditional assets. Guidance from Federal Reserve, FDIC, and OCC states technology used for issuance does not impact capital treatment. Financial institutions will not need to over-collateralize tokenized securities on balance sheets. Tokenized securities can qualify as financial collateral if they meet relevant capital rule requirements.
US lawmakers are drafting legislation to regulate prediction markets. Concerns raised over potential insider trading on bets related to geopolitical events like US strikes on Iran. Prediction markets like Polymarket and Kalshi are facing increased scrutiny. Legislation aims to prevent financial gain from prior knowledge of military actions.
SEC ends lawsuit against Justin Sun with $10 million settlement Rainberry, one of Sun's companies, will pay the $10 million fine Claims against Sun, Tron Foundation, and BitTorrent Foundation are dropped
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Bitcoin Cash price is consolidating near the $440-$470 demand zone. BCH could reach $1200 by the end of 2026 if market strength returns and resistance is broken. Long-term projections suggest BCH could reach $3000 by 2030. The article provides price predictions for Bitcoin Cash up to 2050.
ETFs trade on exchanges throughout the day at market prices, offering flexibility similar to stocks. Mutual funds are priced once per day after market close based on NAV, often used in retirement accounts. ETFs generally have lower fees and are more tax-efficient due to their structure. The choice between ETFs and mutual funds depends on investor goals, cost sensitivity, and trading preferences.
Bitcoin and global equities stabilized after an early-week sell-off driven by geopolitical tensions. Rising U.S. Treasury yields from 3.93% to 4.15% signal renewed inflation concerns and reduced Fed rate-cut expectations. Traders now see less than a 50% chance of two Fed rate cuts this year, down from 80% prior to the conflict. Oil prices surged due to supply concerns in the Strait of Hormuz, impacting inflation outlook.
Axie Infinity (AXS) price is predicted to reach $2.20 in 2026 and potentially $12.00 by 2032. The project has evolved from 'play-to-earn' to 'risk-to-earn' with economic reforms like bAXS and cessation of SLP emissions. Ronin Network is transitioning to an Ethereum Layer 2, and the new MMO 'Atia's Legacy' is anticipated. AXS is navigating a falling wedge pattern, with potential breakout targets around $4.00 in 2026.
Macroeconomist Lyn Alden predicts Bitcoin will outperform gold over the next two to three years. Alden notes gold sentiment is 'somewhat euphoric' while Bitcoin sentiment is 'somewhat unfairly negative'. Bitcoin sentiment index shows 'Extreme Fear' (18/100) while gold sentiment shows 'Greed' (72/100).
Solana ETFs have attracted $1.5 billion in inflows despite SOL price dropping 57% since launch. 50% of Solana ETF inflows are from institutional investors, indicating strong underlying demand. Solana ETFs have seen inflows equivalent to double Bitcoin's at the same stage post-launch, adjusted for market cap. Despite a recent $6 million outflow, inflows have largely been retained, showing resilience.
Social media mentions of "altseason" have dropped to their lowest level in two years. Periods of low altseason chatter have historically preceded rallies in speculative crypto assets. Altcoins have experienced significant drawdowns, with DOGE down 75%, SOL down 60%, and ADA down 70% from cycle peaks. Large holders (100+ BTC wallets) are accumulating, indicating potential bottoming activity.
XRP dropped 3.3% to $1.4108 after failing to break $1.43-$1.45 resistance. High volume selling confirmed bearish structure with $1.40 support now pivotal. A breakdown below $1.40 could lead to $1.33 or $1.00 support levels. Despite price weakness, spot XRP ETFs and large wallets continue accumulating XRP.
Ripple Prime now offers XRP, BTC, ETH, and SOL futures through Coinbase Derivatives integration. Institutional clients can access Coinbase derivatives via Ripple's prime brokerage platform. Ripple becomes a clearing member of Nodal Clear, enhancing its institutional infrastructure. The integration allows for 24/7 trading of regulated crypto derivatives.
Solv Protocol suffered a $2.7 million exploit due to a smart contract bug. The hacker minted tokens, swapped them for SolvBTC, and stole approximately 38.05 SolvBTC. Solv Protocol is offering a 10% bounty to the hacker for the return of funds. Security firms are investigating the re-entrancy attack, and Solv has implemented preventative measures.
Bitcoin pulled back to $70,987 after reaching a high of $74,000. The rally from Saturday's low near $64,000 to Thursday's peak was approximately 15%. Technical resistance was met at the 61.8% Fibonacci retracement and just below the 50-day moving average. Macroeconomic factors including a strong dollar and rising oil prices are creating headwinds for crypto.
Geopolitical tensions are causing volatility in traditional markets, with oil prices surging and stock markets falling. Cryptocurrency markets are also reacting to macroeconomic shifts, with Bitcoin and other assets fluctuating. Investors are exploring alternative participation methods in the crypto economy, such as mining. FORT Miner offers a cloud mining platform with no hardware requirements, automated systems, and multiple cryptocurrency options.
BlockDAG (BDAG) is in its final private sale phase at $0.0005, closing March 5, 2026. Analysts project BDAG could reach a top 50 market cap with potential for 100x gains. Ethena price shows volatility with whale accumulation, trading between $0.10 and $0.14. Dogecoin price prediction for 2026 ranges from $0.09 to $0.22, driven by sentiment.
OKX launches integrated social network 'Orbit' within its trading app. Feature allows users to post commentary, livestream, create trading groups, and verify performance metrics. Launch follows a $25 billion valuation for OKX after investment from Intercontinental Exchange (ICE). Orbit aims to combat hype by enabling verified performance data and market-specific discussions.
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