BTC Weekly: Week 6 (2025)
Key Events from 2/2/2025-2/8/2025
The SEC is reassigning over 50 lawyers from its cryptocurrency task force, which may lead to a reduction in enforcement actions and could signal a shift towards less regulatory oversight in the crypto industry. (New York Times)
Banks are pushing to expand their involvement in cryptocurrency by offering services like custody and tokenized deposits, as the FDIC revises guidelines to allow these activities without prior regulatory consent. (Barron’s)
SEC filings show that PNC Bank now holds $67M in Bitcoin ETFS, while U.S. Bancorp holds $24M, and Michigan’s state retirement system holds $9M. (@Julian__Fahrer)
Trump Media has filed trademarks for Truth.Fi investment products with assets up to $250 million to be managed by Charles Schwab, including a "Bitcoin Plus" ETF. (@EricBalchunas)
Utah's House has passed a bill to potentially establish a Bitcoin reserve, which now requires approval from the Senate and the Governor's signature to become law, leading among approximately 15 states considering similar legislation. (Cointelegraph)
The Czech Republic has approved a tax exemption for long-term Bitcoin holders, allowing those who hold Bitcoin for more than three years to be exempt from capital gains tax on their Bitcoin investments. (Bezinga)
India's Economic Affairs Secretary Ajay Seth stated that the country is reevaluating its stance on cryptocurrency due to shifting policies and acceptance of digital assets in other countries, particularly following crypto-friendly initiatives announced in the U.S. (Reuters)
MicroStrategy (MSTR) has officially changed its name to Strategy and introduced new STRK convertible preferred shares offering an 8% dividend and a 10-to-1 conversion to common stock, with plans to switch to FASB accounting standards starting in the first quarter of 2025. (Strategy)
Bitcoin ATMs from LibertyX are being installed in Costco stores nationwide, allowing members to buy and sell Bitcoin directly at the retailer's locations. (Coin Edition)
Standard Chartered's ($870B AUM) Geoff Kendrick has outlined an optimistic trajectory for Bitcoin, predicting it will reach $200,000 by the end of 2025, increase to $300,000 by 2026, escalate to $400,000 by 2027, and peak at $500,000 by 2028, where it is expected to remain stable until 2029. (The Block)
Summary
This week, the SEC is reassigning over 50 lawyers from its cryptocurrency task force, potentially signaling a reduction in regulatory enforcement and oversight. Banks are now looking to expand their crypto services following updated FDIC guidelines. PNC Bank, U.S. Bancorp, and Michigan’s state retirement system have been investing in Bitcoin ETFs according to recent SEC filings. Meanwhile, Trump Media is developing crypto investment products, including a Bitcoin ETF of their own. Utah's House has advanced a bill for a potential Bitcoin reserve, with the next steps being approval from the Senate and the Governor's signature to become law. Internationally, the Czech Republic has approved a tax exemption for Bitcoin held over three years, and India is reevaluating its cryptocurrency stance due to international policy changes. Corporately, MicroStrategy has rebranded to Strategy while launching STRK, and Costco has made available Bitcoin ATMs via LibertyX. Lastly, Standard Chartered predicts Bitcoin will reach $500,000 by 2028.