The Daily: Binance seeks MiCA license, what’s next for US crypto legislation, bitcoin holders realizing net losses, and more

Happy Friday! Regulatory momentum is building: the Senate Agriculture Committee introduced amendments to its crypto bill, Kansas advanced a bitcoin reserve proposal, and Binance applied for a MiCA license via Greece.

IPO activity is heating up. BitGo listed on the NYSE with backing from YZi Labs. Ledger and CertiK are exploring IPOs, Grayscale filed for a BNB ETF, and Dogecoin landed another ETF. Revolut dropped its U.S. merger plans to pursue a de novo bank charter. UBS is eyeing crypto trading for private clients.

Onchain signals are shifting. CryptoQuant says bitcoin holders are realizing net losses — a pattern last seen during the 2021–22 cycle. CZ is back online, reflecting on prison, Trump, and a potential bitcoin supercycle.

Meanwhile, Farcaster says it’s staying online and returning $180 million to VCs. Coinbase expects a constructive Q1 after last year’s reset.

 

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!

Binance applies for EU-wide crypto license via Greece under MiCA

Binance has applied for a Markets in Crypto-Assets (MiCA) license in Greece, aiming to secure a unified regulatory approval that would allow it to operate across all 27 European Union member states.

• If approved by Greece’s Hellenic Capital Market Commission, the license would let Binance bypass country-by-country authorizations using MiCA’s “passporting” framework.
• MiCA, which came into force in 2023, sets strict EU-wide standards for governance, consumer protection, and compliance. Existing crypto firms in the EU have until June 30 to obtain a license or risk having to exit individual countries.
• Binance has established a local Greek holding company and is working with major accounting firms like Ernst & Young and KPMG. While Greece is not typically viewed as a European crypto hub, Binance’s filing there may be strategic, given past regulatory hurdles elsewhere.
• Binance’s European journey has included withdrawals or suspensions in Germany, Austria, the Netherlands, and Belgium, while French regulators have inspected the firm’s operations. Binance says it has over 20 million users in the region and operates in at least six European countries.

What’s next for US crypto legislation as Senate Ag Committee releases bill text

Senate Agriculture Committee Chair John Boozman released the text of the crypto market structure bill on Wednesday. Boozman acknowledged that “fundamental policy issues” remain unresolved.

• The bill includes pro–DeFi provisions and CFTC oversight, but lacks the full Democratic support needed to pass the Senate. Bipartisan support is essential: the bill needs 60 Senate votes, meaning at least seven Democrats must join Republicans.
• A source familiar with the matter told The Block that Democrats haven’t clearly articulated their opposition, though political disagreements seem to be at play.
• Senate Banking Committee efforts have stalled — Coinbase pulled its support due to disagreements over tokenized equities, stablecoin rewards, and DeFi treatment. Banking Committee hearings (or markups) are delayed as the panel shifts focus to housing and affordability.
• The Senate Agriculture Committee will hold its markup hearing next week to debate, amend, and vote on the bill.
  Prospects for passage of a crypto bill remain slim ahead of the midterms, as political focus turns elsewhere, Saga CEO Rebecca Liao, a member of former President Joe Biden’s 2020 presidential campaign, told The Block.
• Legislative momentum exists, but success will depend on resolving internal party disputes and aligning the Senate Banking Committee.

CryptoQuant says bitcoin holders are realizing net losses for the first time since October 2023

Bitcoin holders are now realizing net losses after over a year of realized gains, marking the first instance since October 2023, according to CryptoQuant. This marks a “regime shift” from profit-taking to loss realization, the firm said.

• Since Dec. 23, 2025, cumulative realized losses total ~69,000 BTC, per CryptoQuant. Realized profit momentum has declined steadily through successive lower peaks in 2024 and 2025, the firm noted.
• Net realized profits are now at 2.5 million BTC, down from 4.4 million BTC in October — the lowest since March 2024, according to CryptoQuant. Net realized losses also resemble levels from March 2022, the early stages of the last bear market, the firm added.
• The current pattern closely mirrors the 2021–2022 bull-to-bear transition, when net losses began to dominate, CryptoQuant said. It calculates realized P&L by comparing the price at transfer with the previous transfer price using onchain data.

Dogecoin gets another ETF but Wall Street’s memecoin appetite remains muted

21shares has launched the 21shares Dogecoin ETF (TDOG) on Nasdaq. The firm noted that it is the only ETF provider endorsed by the Dogecoin Foundation.

• TDOG is the latest in a line of Dogecoin ETFs, following launches from REX-Osprey (DOJE), Bitwise, and Grayscale.
• Cumulative DOGE ETF trading volume since 2025 stands at ~$200 million, with less than $40M in AUM — underwhelming versus XRP ETFs, which did $2B+ in volume.
• Given DOGE’s role as a memecoin, the flop from the ETF side is not a surprise to some.
• “It’s the people’s coin, built on memes, community energy, and viral moments,” Dominant Strategies CEO Alan Orwick told Sherwood News earlier this month. “The fact that Dogecoin can pump 21% in a week without a single dollar of ETF inflows shows the community still has pricing power independent of Wall Street.”

Farcaster to return $180M to investors, says protocol will continue under Neynar

Merkle Manufactory, the company behind decentralized social protocol Farcaster, plans to return the full $180 million it raised from investors, according to co-founder Dan Romero.

• Romero clarified that Farcaster is not shutting down and will continue operating after its acquisition by Neynar, a decentralized social infrastructure startup. Neynar plans to steer the protocol toward a more developer-centric direction.
• Romero said Farcaster had 250,000 monthly active users in December and over 100,000 funded wallets.