SEC Chair: Legal Interpretation of Crypto Assets 'Just a Starting Point, Not the Endpoint'

**March 20 (The Block) — Morgan Stanley has filed the second amended S-1 for its Bitcoin ETF with the U.S. Securities and Exchange Commission (SEC).** The fund, initially filed in January 2024, is now confirmed as the *Morgan Stanley Bitcoin Trust*, set to list on NYSE Arca under the ticker symbol **MSBT**. Key details from the filing: - A 10,000-share basket size; - An initial seed basket of 50,000 shares, targeting ~$1 million in initial capital; - Morgan Stanley purchased 2 ETF shares on March 9 for audit purposes. The first amendment (submitted earlier this month) named The Bank of New York Mellon as cash custodian, administrator, and transfer agent, with Coinbase as the primary broker. This revision signals progress in the application process, though SEC approval is not guaranteed. If greenlit, Morgan Stanley would be the first major U.S. bank to directly issue and sponsor a physically-backed Bitcoin ETF.

On March 20th, NVIDIA CEO Jensen Huang highlighted Bittensor (TAO) and lauded the project during an interview on the All-In Podcast. “Bittensor’s Subnet 3 successfully trained a 4-billion-parameter Llama model,” Huang noted. “The entire process was fully distributed, with a group of contributors pooling their idle computing power to get it done. Most notably, they executed and oversaw the full training workflow in a stateful manner—an incredibly remarkable technical achievement.” Per HTX market data, TAO has rallied against broader market trends, climbing 4.23% today to trade at $278.3, likely fueled by Huang’s comments.

March 20 Per HyperInsight’s monitoring: - All three major U.S. stock indexes closed lower today, while gold and silver also declined—pressuring the broader market. - Sandisk (SNDK) rose 2.44% again, notching its fifth straight counter-trend session and a new all-time high. Its contract on the Hyperliquid platform trades at $774 currently. - On-chain long whales have locked in notable profits. The largest SNDK long whale (address 0x6ba) holds a ~$7.73 million position, with unrealized gains jumping from $840k (+30%) yesterday to $1.43 million (+43%) today. No positions have been closed as of now.

March 20th — Per HTX market data, PHA has surged more than 30% in a short span after news of its listing on Bithumb, South Korea’s second-largest crypto exchange. It was last trading at $0.0394.

On March 20, per an official announcement, Bithumb is set to list the Phala Network (PHA) KRW trading pair.

March 20 — Per alternative data, the crypto Fear and Greed Index sits at 11 today, down from 23 yesterday, as market "fear" sentiment spikes sharply. Note: The Fear and Greed Index ranges from 0 to 100, with components including: - Volatility (25%) - Market Volume (25%) - Social Media Hype (15%) - Market Surveys (15%) - Bitcoin’s share of total market dominance (10%) - Google Trends Analysis (10%)