Utah and Kentucky have officially passed new crypto regulations, while thirteen other states consider similar bills. Meanwhile, Solana faces a 99% drop in revenue as memecoin hype fades, raising concerns about the ecosystem’s sustainability.
Crypto Laws Advance
Two U.S. states—Utah and Kentucky—approved legislation in March that directly addresses various aspects of blockchain and cryptocurrencies. These laws include protections for crypto mining operations, land use regulations, and guidelines for businesses wishing to accept crypto payments. In total, 13 states moved forward with crypto-related proposals during the same month.
New bills were introduced in Texas, Georgia, and Illinois. Illinois aims to regulate the crypto industry and strengthen consumer protections. Georgia is exploring the creation of a Senate committee focused on digital assets and artificial intelligence. Texas introduced three separate proposals, including a state-backed oil-pegged stablecoin and investment options in crypto for state employees.
Solana Revenue Crash
Solana’s decentralized finance (DeFi) ecosystem has been hit hard by waning interest in memecoins. Once booming in January with trading volumes reaching $34 billion, daily volumes on Solana’s DEXs dropped sharply in March, often staying below $1 billion. As a result, revenues plummeted from a peak of $15 million on January 19 to just $119,000.
This collapse is partly due to recent scandals and the market’s growing caution toward memecoin speculation. According to Messari analyst Sunny Shi, memecoins played a major role in Solana’s valuation, and their decline threatens the ecosystem’s financial health. Still, Synthetix founder Kain Warwick believes memecoins helped by driving infrastructure investment, making Solana significantly stronger than before.
