The Daily: US senators introduce crypto fraud bill, K33 flags easing bitcoin sell pressure, BitMine adds $140M in ETH, and more

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! Continuing our annual tradition, The Block's research team has released the 2026 Digital Asset Outlook report, a comprehensive analysis of the year's industry developments and the trends to watch in 2026.

In today's newsletter, U.S. senators introduce a bill to combat crypto fraud, K33 says sell-side pressure from long-term bitcoin holders is nearing saturation, BitMine adds another $140 million worth of ETH to its treasury, and more.

Meanwhile, ETHGas raises $12 million in a token round as it launches an Ethereum blockspace futures market with $800 million in liquidity commitments.

P.S. Don't forget to check out The Funding, a biweekly rundown of crypto VC trends. It's a great read — and just like The Daily, it's free to subscribe!

US senators introduce bipartisan bill to combat crypto fraud

U.S. senators Elissa Slotkin and Jerry Moran introduced a bipartisan bill to tighten federal coordination against crypto-related scams.

• The Strengthening Agency Frameworks for Enforcement of Cryptocurrency or SAFE Crypto Act would create a federal task force uniting Treasury, law enforcement, regulators, and private-sector experts to identify, track, and disrupt fraud.
• Lawmakers said the task force would analyze emerging scam trends while giving local police better investigative tools and public education resources.
• The bill mandates the task force to deliver an initial report to key congressional committees within a year, followed by annual updates to the panels.
• Crypto lawyer Gabriel Shapiro said the proposal could fill an enforcement gap left by the SEC and CFTC around hacks, phishing, and smaller-scale fraud.
• The push comes as Chainalysis estimates annual illicit crypto activity at over $50 billion, underscoring the scale of the problem.

Sell-side pressure from long-term bitcoin holders nears saturation: K33

Research and brokerage firm K33 argues prolonged sell-side pressure from long-term bitcoin holders is nearing saturation, with roughly 20% of supply now reactivated over the past two years.

• K33 noted 2024 and 2025 as the second and third-largest years for long-term supply reactivation in bitcoin's history, surpassed only by 2017.
• However, Head of Research Vetle Lunde predicts selling by early holders to subside in 2026, allowing two-year supply to recover as the market shifts toward net buy-side demand.
• Lunde also flagged potential portfolio rebalancing effects as the current quarter draws to a close, which could support inflows into late December and early January — similar to the dynamics observed in late September and early October.

BitMine buys the dip, adding $140M worth of ETH to treasury: onchain analysts

Onchain analysts reported Ethereum treasury company BitMine bought another $140 million worth of ETH late Tuesday, extending its aggressive accumulation strategy.

• Arkham data shows the firm received 48,049 ETH via a FalconX hot wallet, though BitMine has not yet officially confirmed the transaction.
• In its latest public disclosure on Monday, BitMine said it holds nearly 4 million ETH, worth about $11.6 billion, making it the world's largest corporate Ethereum holder.
• Chair Tom Lee, who is also co-founder of Fundstrat, said Monday that the firm remains bullish long term as it targets 5% of the circulating ETH supply, pointing to improving regulatory and Wall Street support.

Trump to interview pro-crypto Christopher Waller for next Fed Chair: WSJ

President Trump is set to interview Federal Reserve Governor Christopher Waller as he considers candidates to replace current Chair Jerome Powell, according to the Wall Street Journal.

• Waller has previously voiced positive crypto views, particularly stablecoins and DeFi, framing them as legitimate parts of the future payments system.
• Polymarket currently shows Waller as a long-shot nominee, with a 15% chance of selection behind Kevin Hassett (52%) and Kevin Warsh (29%), despite his role as the Fed's leading internal advocate for rate cuts.
• Markets are watching the Fed chair race closely, with analysts arguing a leadership change could tilt monetary policy more dovish and support crypto prices.

Binance offers $5M whistleblower reward as it cracks down on fraudulent 'listing agents'

Binance warned crypto projects over engaging with fraudulent third-party "listing agents" and offered a whistleblower reward of up to $5 million for tips exposing fake intermediaries.

• Binance emphasized that token teams must submit listing applications exclusively through its official channels, stressing that the company does not authorize external brokers to negotiate or influence listing outcomes.
• The crypto exchange named seven entities and individuals now on its internal blacklist, including BitABC, Central Research, May/Dannie, Andrew Lee, Suki Yang, Fiona Lee, and Kenny Z.
• Commenting on the issue, Binance co-founder Changpeng "CZ" Zhao said that even an unnamed country's president recently asked him privately for help securing a listing, but made it clear he could not influence the process.

In the next 24 hours

• The Bank of England's latest interest rate decision is due at 7 a.m. ET on Thursday. The ECB's rate decision follows at 8:15 a.m. U.S. CPI inflation and jobless claims data are scheduled for 8:30 a.m.
• Bank of England Governor Andrew Bailey will speak at 7:30 a.m. An ECB press conference is set for 8:45 a.m.
• Bubblemaps and Melania Meme are among the crypto projects set for token unlocks.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.