Crypto News Roundup: US Bitcoin Bill Reintroduced, EU Scrutinizes OKX, and Ether Faces Downward Pressure

Lummis’ Revamped Bitcoin Act Proposes US Government Acquisition of 1 Million BTC

US Senator Cynthia Lummis has reintroduced the Bitcoin Act of 2025 (BITCOIN Act), a proposal that would allow the US government to acquire up to 1 million Bitcoin. Originally presented in July 2024, the revamped version was reintroduced on March 11, 2025, and suggests the government could acquire Bitcoin through various means— not solely through direct purchases, but potentially through civil or criminal forfeitures, donations, or transfers from federal agencies.

This strategic acquisition plan would unfold over a five-year period, with the government purchasing 200,000 BTC annually. While the initial proposal garnered mixed reactions, this updated version provides additional safeguards and sets a clear evaluation process for “forked assets” and “airdropped assets” that may enter the reserve. After the assets are held for a mandatory period, the Secretary of the Treasury will assess their value based on market capitalization, retaining only the “dominant asset.”

The idea of a "Strategic Bitcoin Reserve" has garnered significant attention in the crypto world, echoing a similar initiative launched by former US President Donald Trump in 2024. Trump’s executive order also focused on the establishment of a “Digital Asset Stockpile,” initially sourcing its assets from government-forfeited cryptocurrency.

EU Regulators Investigate OKX Over Alleged Role in Bybit Hack Money Laundering

European Union regulators are ramping up scrutiny of crypto exchange OKX amid allegations that the platform may have played a role in laundering $100 million from the Bybit hack. According to a Bloomberg report from March 11, EU member states are actively investigating OKX’s decentralized finance (DeFi) services and Web3 wallet, which are said to have been involved in the laundering of funds stolen during the January 2025 hack.

The hack resulted in the theft of approximately 40,233 Ether (ETH), worth around $100 million, and Bybit CEO Ben Zhou has linked some of the stolen funds to OKX's Web3 proxy, with a portion of the funds now untraceable. The investigation was discussed in a March 6 meeting of the European Securities and Markets Authority’s Digital Finance Standing Committee.

This scrutiny comes shortly after OKX received a full Markets in Crypto-Assets (MiCA) license, granting it permission to operate across the EU under a unified regulatory framework. The primary issue at hand is whether OKX's DeFi services fall under the MiCA regulations, and if so, whether the exchange could face penalties for facilitating illicit transactions.

OKX has denied any ongoing investigation by EU regulators and refuted the allegations, claiming that Bybit’s accusations were based on misinformation. In a statement, the exchange defended its Web3 wallet services, emphasizing its commitment to compliance.

Ether Faces Further Declines Amid Economic Fears and ETF Outflows

Ether (ETH) continues to face downward pressure as macroeconomic uncertainties and ongoing outflows from US-based Ether exchange-traded funds (ETFs) weigh heavily on investor sentiment. Since peaking above $4,100 in December 2024, ETH has plummeted by more than 53%, with its current price hovering around $1,868.

This ongoing downtrend, now extending for nearly three months, has been fueled by global economic fears— particularly concerns over US import tariffs and potential trade wars. Additionally, a lack of new projects and builders moving to Ethereum due to high operational fees has contributed to the token’s lackluster performance. Bitfinex analysts suggest that $1,800 could be a critical support level for Ether, with any further decline bringing the possibility of a broader market correction.

Investor concerns are also amplified by the potential for an early bear market cycle that could disrupt the traditional four-year market pattern for cryptocurrencies. In the midst of these macroeconomic factors, even Bitcoin (BTC), which has remained relatively resilient, could face a downturn, with predictions placing its potential bottom at $70,000.

As of now, the broader crypto market is undergoing what some analysts are calling a "macro correction," with concerns over the impact of global tariffs spilling over into digital assets. However, despite the current bearish sentiment, Bitcoin’s ongoing bull market cycle remains intact, and the market is waiting to see how economic trends will evolve in the coming months.

Conclusion

Today’s developments highlight the volatile and evolving nature of the cryptocurrency landscape. With US legislation potentially opening the door for governmental Bitcoin acquisitions, EU regulators tightening their scrutiny on exchanges like OKX, and macroeconomic conditions impacting market sentiment, investors will need to stay vigilant and responsive to the shifts in the global crypto environment. As always, navigating the world of digital assets requires careful consideration of regulatory changes, market trends, and global economic factors.