# Ethereal news weekly #16

> US SEC securities laws application to crypto, fast confirmation rule, EF mandate

Date: 2026-03-20
Source: https://ethereal.news/ethereal-news-weekly-16/
Editor: Andrew B Coathup

US SEC securities laws application to crypto, fast confirmation rule, EF mandate

### Ecosystem

* Ethereum Foundation:   
  * [EF mandate](https://blog.ethereum.org/en/2026/03/13/ef-mandate) ([audiobook](https://efmandate-audiobook.eth.link/) & [printable artwork](https://ef-mandate-art-files.netlify.app/)):   
    * Uphold CROPS: censorship resistance, open source & free (as in freedom), privacy and security  
    * Aims: decentralized & resilient tool for self-sovereignty and scale availability of self-sovereignty to users  
  * Protocol priority [harden the L1](https://x.com/ethereum/status/2034307029272293478) overview  
  * [3.4k ETH deposited](https://x.com/ethereumfndn/status/2034256031090450459) into Morpho from EF treasury  
* [ETHMumbai](https://ethmumbai2026.devfolio.co/projects) hackathon projects  
* Devcon 8: [$99 early bird vouchers](https://x.com/EFDevcon/status/2034302056098652429) for Indian residents  
* ETH metrics:  
  * [Gas](https://ultrasound.money/#gas) (gwei): 0.1 average, 0.0 \- 1.6 (12.5 for zero net issuance)  
  * [ETH supply change](https://ultrasound.money/): 19k net issuance  
  * [ETHUSD](https://www.coingecko.com/en/coins/ethereum): $2,067 \- $2,362 (all time high $4,946, August 24, 2025\)  
  * [ETH ETFs](https://dune.com/hildobby/eth-etfs): 5.1% of ETH supply  
  * [ETHBTC](https://ratiogang.com/): 0.030 (0.166 for the Flippening)

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### Enterprise

* [PayPal USD stablecoin](https://newsroom.paypal-corp.com/2026-03-17-PAYPAL-BRINGS-PAYPAL-USD-TO-USERS-ACROSS-70-MARKETS) (PYUSD) expands to 70 markets  
* [Mastercard](https://investor.mastercard.com/investor-news/investor-news-details/2026/Mastercard-to-Acquire-BVNK-to-Connect-On-Chain-Payments-and-Fiat-Rails/default.aspx) acquiring BVNK (stablecoin infrastructure)  
* [Amundi](https://int.media.amundi.com/article/spiko-and-amundi-introduce-safo) & Spiko launch tokenized sub-fund with shareholder register on Ethereum  
* AWS [x402 & agentic commerce in financial services](https://aws.amazon.com/blogs/industries/x402-and-agentic-commerce-redefining-autonomous-payments-in-financial-services/) guide

### Applications

* $50M swapped for $36k of AAVE: [Aave](https://x.com/aave/status/2032959512244518962) & [CoW](https://x.com/CoWSwap/status/2032959076502581623) postmortems  
* [OpenSea](https://x.com/dfinzer/status/2033637755838992569) token delayed  
* [Tally](https://x.com/tallyxyz/status/2033914203837280737) shutting down  
* Etherscan [proxy history](https://x.com/etherscan/status/2034231759970377897): view proxy contracts upgrade history  
* Ethereum Community Foundation [Swapboard](https://swap.ethcf.org/): bulletin board for peer to peer token trading  
* Sign in with Ethereum [Discourse plugin](https://discuss.ens.domains/t/siwe-discourse-plugin-update-user-action-item/21990): UI rewrite, adds contract wallet support, server-side ENS resolution & security fixes

### Developers

* Reminder: [Synthesis](https://synthesis.md/) AI \+ human hackathon, building ends March 22  
* Hardhat [v3.2.0](https://github.com/NomicFoundation/hardhat/releases/tag/hardhat%403.2.0) (dev framework): export gas stats report to JSON  
* Nethereum [6.0.4](https://github.com/Nethereum/Nethereum/releases/tag/6.0.4) (.NET client library): adds nethereum-dapp Aspire template (Solidity, C\#, Blazor & EIP6963 wallet)  
* [EVM chronicle](https://x.com/evmchronicle_io/status/2033661351579815999) (web tool): adds search contracts by pattern  
* [x402](https://www.coinbase.com/en-au/developer-platform/discover/launches/x402-ERC20) (internet-native payments): adds support for any ERC20 token using Uniswap Permit2 & Coinbase gas sponsorship extensions  
* ERC8004 trustless agents [first 6 months](https://x.com/DavideCrapis/status/2034149830952464802): 97k+ agents  
* Privy [Earn](https://privy.io/blog/earn-on-balances-with-privy): connect application balances to onchain lending markets  
* Base [OnchainKit](https://docs.base.org/onchainkit/migrate-from-onchainkit) sunsetting; migrate to wagmi/viem  
* EF Institutional Privacy Task Force (IPTF) proof of concepts:   
  * [DIY validium](https://iptf.ethereum.org/diy-validium/)  
  * [Private crosschain atomic swaps](https://iptf.ethereum.org/private-crosschain-atomic-swap-part-2/): using shielded pool, stealth addresses & TEE as the coordinator  
* Application layer standards (ERCs):  
  * [ERC8194](https://github.com/ethereum/ERCs/pull/1603/changes): Payment gated transaction relay  
  * [ERC8195](https://github.com/ethereum/ERCs/pull/1604/changes): Task market protocol  
  * [ERC8196](https://github.com/ethereum/ERCs/pull/1606/changes): AI agent authenticated wallet  
  * [ERC8199](https://github.com/ethereum/ERCs/pull/1609/changes): Sandboxed smart wallet

### Agents

* World [AgentKit](https://world.org/blog/announcements/now-available-agentkit-proof-of-human-for-the-agentic-web), verified humans can delegate their World ID to agents, beta  
* [Ottie](https://x.com/yq_acc/status/2033486467411198012): self-evolving agent purpose built for crypto

### Security

* dTrinity [$257k bad debt](https://x.com/dTRINITY_DeFi/status/2033886149438001392) via first-deposit inflation attack  
* Votemarket \~[$175k exploit](https://www.stakedao.org/blog/incident-disclosure-12-03-2026), campaign incentive rewards stolen on Arbitrum & Base  
* Shutter DAO [governance capture mitigation](https://paragraph.com/@blockful/shutter-attack-prevention) via two day timelock & security council veto

### All core devs (main protocol calls)

#### All core devs \- consensus (ACDC) [\#176](https://forkcast.org/calls/acdc/176/)

* [Glamsterdam](https://forkcast.org/upgrade/glamsterdam) upgrade (targeting mid-2026):  
  * glamsterdam-devnet-0 targeting mid-April  
  * ePBS discussions: PTC look behind & missing parent beacon block roots  
* Engine API discussions: optional SSZ, redesign & versioning  
* [Hegotá](https://forkcast.org/upgrade/hegota/) upgrade (targeting late-2026):  
  * Non-headliner EIPs can be proposed once execution layer headliner selected  
  * Proposed: [EIP8148](https://eips.ethereum.org/EIPS/eip-8148) Custom sweep threshold for validators

#### All core devs \- testing (ACDT) [\#74](https://forkcast.org/calls/acdt/074/)

* [Glamsterdam](https://forkcast.org/upgrade/glamsterdam) upgrade (targeting mid-2026):  
  * Devnets: [epbs-devnet-0](https://epbs-devnet-0.ethpandaops.io/) & [bal-devnet-2](https://bal-devnet-2.ethpandaops.io/)  
  * ePBS & Block-Level Access Lists [breakout rooms](https://ethereum-magicians.org/t/all-core-devs-testing-acdt-74-march-16-2026/27971/2)

### Layer 1

* Fast confirmation rule:  
  * Julian Ma [fast confirmation rule](https://x.com/_julianma/status/2033851796574154808) explainer: assumes synchronous network & no adversary controls more than 25% of stake; falls back to finality; L2 & exchange deposit time reduces to 13 seconds, rolling out in next few months  
  * [Fast confirmation rule](https://fastconfirm.it/) info website  
* Consensus-specs [v1.7.0-alpha.3](https://github.com/ethereum/consensus-specs/releases/tag/v1.7.0-alpha.3)  
* [Glamsterdam](https://forkcast.org/upgrade/glamsterdam) upgrade (targeting mid-2026):  
  * Glamsterdam repricings [\#4](https://forkcast.org/calls/price/004/): targeting April for final numbers  
* Thomas Thiery: proposed upgrades to [remove privacy protocol dependency on broadcasters](https://x.com/soispoke/status/2034587465382514773) that can see, frontrun & censor transactions: native account abstraction (EIP8141 Frame transactions), 2D nonces, [encrypted frame transactions](https://ethresear.ch/t/encrypted-frame-transactions/24440) & FOCIL  
* Ethproofs [v3.2](https://x.com/eth_proofs/status/2034337406414151690) (website): overhaul of metrics, visualization & coordination stack  
* Feel your protocol [v2](https://x.com/HolgerD77/status/2034940553003987202) (website): protocol explorations of upcoming EIPs & research  
  * [EIP8141 Frame transaction](https://eip-8141-docs.feelyourprotocol.org/) implementation & docs, vibe coded  
* Ethereum improvement proposals (EIPs):  
  * [EIP8197](https://github.com/ethereum/EIPs/pull/11413/changes): Cryptographically agile transactions (CATX)  
  * [EIP8198](https://github.com/ethereum/EIPs/pull/11426/changes): Quick slots 

### Research

* [Dynamic availability](https://ethresear.ch/t/why-ethereum-needs-a-dynamically-available-protocol/24418): proposal for next consensus protocol, two decoupled layers, heartbeat produced by small randomly-sampled committee & trailing finality gadget using full active validator set  
* [Binary tries optimal group depth](https://cperezz.github.io/bintrie-benchmarks/group-depth-benchmarks/index.html) benchmark: sweet spot is 5-6 bits  
* [Falcon signature aggregation for post quantum transaction pools](https://ethresear.ch/t/revisiting-falcon-signature-aggregation-for-pq-mempools/24431): key recovery without aggregation most straightforward path to deployment due to lower storage costs & simplicity  
* [Post-quantum threats to app layer privacy](https://ethresear.ch/t/post-quantum-threats-to-ethereum-privacy/24450), such as stealth addresses, zkID & zkTLS

### Staking

* [Client diversity](https://clientdiversity.org/#distribution):  
  * Consensus layer: Lighthouse \~52% (data may not be accurate)  
  * Execution layer: Geth \~41%, Nethermind \~38% (estimated from self reports)  
* [Staking marketshare](https://dune.com/hildobby/eth2-staking): Lido 23.4% \[Note: [dual governance](https://dg.lido.fi/)\]  
* [Validators](https://pectrified.com/mainnet): 944k active (target 128k), 10k accumulating (0x02 withdrawal credentials)  
* Client releases:  
  * Consensus layer:  
    * Lodestar [v1.41.0](https://github.com/ChainSafe/lodestar/releases/tag/v1.41.0) (recommended): adds QUIC transport support, ipv6 fixes, js-libp2p v3, faster build times & first pieces of ePBS  
    * Prysm [v7.1.3](https://github.com/OffchainLabs/prysm/releases/tag/v7.1.3): logging infrastructure improvements, performance optimizations, Geth v1.16.8 security update & Glamsterdam upgrade groundwork

### Regulation

* US SEC [securities laws application to crypto](https://www.sec.gov/newsroom/press-releases/2026-30-sec-clarifies-application-federal-securities-laws-crypto-assets)  
  * Token taxonomy: Not securities: digital commodities (e.g. ETH), digital collectibles, digital tools (e.g. ENS), stablecoins (GENIUS Act payment stablecoins); Securities: digital securities  
  * Non-securities transactions: protocol staking, wrapping & airdrops  
  * Investment contracts: how a non-security crypto asset becomes/ceases to be subject to an investment contract  
* US SEC: [Nasdaq tokenized securities trading approved](https://www.sec.gov/files/rules/sro/nasdaq/2026/34-105047.pdf) for pilot  
* US CFTC: [Phantom no action letter](https://www.cftc.gov/PressRoom/PressReleases/9197-26), allows self custodial wallet to connect users to regulated derivatives trading without broker registration

### General

* Bitrefill [cyberattack post mortem](https://x.com/bitrefill/status/2033931580352221656): initial access via compromised employee laptop  
* Stripe & Paradigm alt-L1 [Tempo](https://tempo.xyz/blog/mainnet) live with machine payments protocol  
* Vanity Fair: [crypto believers](https://www.vanityfair.com/news/story/cryptos-true-believers) including Danny Ryan

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*Editor: [@abcoathup](https://x.com/abcoathup)*  
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