This week saw Grayscale’s attorneys challenging the US Securities and Exchange Commission’s (SEC) postponement of its Digital Large Cap exchange-traded fund (ETF) proposal. The SEC’s Office of the Secretary halted the initially approved proposal for further review, a move Grayscale’s attorneys argue is a violation of the SEC’s set “approval or disapproval deadline” and established procedure.

Binance made headlines as it was revealed to have played a significant role in creating the code behind the World Liberty Financial’s (WLF) USD1 stablecoin. The crypto venture, backed by US President Donald Trump and his three sons, launched USD1 on March 4.

Longtime Bitcoin skeptic and gold proponent, Peter Schiff advised investors to use the recent BTC rally as an opportunity to sell Bitcoin and invest in silver. Schiff believes that silver offers more potential for growth compared to Bitcoin, which he claimed “can easily crash”.

Arthur Hayes, co-founder and ex-CEO of BitMEX, made a bearish market prediction due to the US Treasury General Account being replenished through debt issuance, which could lead to a temporary liquidity drain.

High-leverage trader James Wynn deactivated his social media account, following substantial losses. His wallets show a combined balance of just $10,176.

Iconic American rapper Snoop Dogg’s collection of nearly a million non-fungible tokens (NFTs) sold out on Telegram in just 30 minutes, signaling a potential resurgence in the NFT industry.

As the week rounds off, Bitcoin (BTC) stands at $117,967, Ether (ETH) at $2,962, and XRP at $2.78. The total market cap is at $3.68 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, MemeCore (M), Stellar (XLM), and Story (IP) are the top three altcoin gainers of the week. The top three altcoin losers of the week are Jito (JTO), OKB (OKB), and Pi (PI).

Bitcoin analyst apsk32 predicts a possible Christmas rally for Bitcoin, reaching $200K or $300K based on the ‘power law’ model.

Finally, the crypto world saw its share of controversies. A Chinese creditor filed an objection to FTX’s motion to halt payouts in restricted countries. Bitzlato co-founder pleads for US pardon after pleading guilty in 2023. France opens a criminal investigation into X for alleged algorithmic manipulation.

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This has rekindled the ongoing debate about the most appropriate asset to back digital coins that guarantee a steady peg.

Schiff has questioned the rationale behind supporting a token pegged to a currency which is susceptible to inflation. He expressed his understanding of Bitcoin, but expressed skepticism for US dollar stablecoins in a social media post. Schiff highlighted that unlike fiat money which can be printed in large quantities, gold has a limited supply and has been used as a monetary asset for centuries. According to him, gold is not easily devalued by inflation or reckless monetary policies.

Reports suggest that gold-backed stablecoins are gaining traction among investors who are concerned about inflation and the weakening of the dollar. Stablecoins such as Tether Gold (XAUT) and Paxos Gold (PAXG) enable users to transact digital claims on physical gold. These assets provide the same speedy transfers and high liquidity as dollar-pegged coins, but they tie each token to actual metal stored in vaults.

Regulatory bodies worldwide are scrambling to set up clear regulations for stablecoin reserves. In the US, Congress members are contemplating stricter reserve and audit requirements, while Europe and Asia are formulating their own rules to ensure transparency and protect users. Schiff’s advocacy for gold adds a fresh perspective to these discussions, potentially prompting regulators to consider whether commodities could serve as backing for tokens under specific regimes.

Reactions to Schiff’s tweet were mixed. While it received over 500,000 views within 24 hours, some critics praised his perspective on fiat risk, while others warned that gold-backed tokens come with higher fees and burdensome custody costs. They argued that transferring metal or setting up physical reserves adds complexity compared to exchanging dollar-backed coins at a bank custodian.

Investors also pointed out that stablecoins are widely used in lending, trading, and payments within DeFi platforms. Dollar-pegged tokens like USDC and USDT dominate these flows because they are directly connected to existing banking systems. On the other hand, gold-backed coins are typically held as digital bullion rather than used for everyday transactions.

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President Trump’s executive order initiates the formation of a reserve holding nearly 200,000 BTC, confiscated by the U.S. law enforcement over the years. None of these bitcoins will be sold; they will be stored as a “digital Fort Knox,” ensuring their value preservation. Moreover, the order also includes plans for a digital asset stockpile that will hold altcoins such as Ethereum, Solana, Cardano, and XRP.

However, Schiff criticizes this decision, stating that it is a product of political and financial agenda. He alleges that Trump’s decision was significantly influenced by his cabinet members and donors, who majorly consist of the crypto community, contributing over $22 million towards his re-election campaign. He went on to state, “Trump just signed a bogus executive order to create a Strategic Bitcoin Reserve using the Bitcoin the government already owns.”

Schiff extended his criticism beyond the creation of the reserve. He opposed the notion of selling gold to fund BTC purchases, stating that such a sale would still constitute a cost. However, some proponents argue that such a move involves opportunity costs rather than direct taxpayer expenses.

Notwithstanding Schiff’s objections, many view the national Bitcoin reserve as a landmark in the cryptocurrency’s adoption. Joe Burnett, Head of Market Research at Unchained, believes that Trump’s order heralds the start of a new era of Bitcoin integration.

Burnett anticipates the creation of new financial products centered around Bitcoin and increased institutional exposure to BTC to emerge from this move. He asserted, “With the establishment of a Bitcoin Strategic Reserve, the U.S. has taken its first real step toward integrating Bitcoin into the fabric of global finance.”

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