GM and have a great weekend!🐳

🇺🇸Details on the U.S. crypto reserve are expected at Friday’s White House Crypto Summit. Meanwhile, ~19 states are moving forward with their own state-level crypto reserve legislation, with Utah, Arizona, and Texas in the final stages. 5 states have rejected the concept.

🇺🇸Lutnick on the U.S. crypto reserve, expected Friday: 'Bitcoin is one thing, but other crypto tokens will be treated differently-positively, but differently.' On Thursday, the CFTC will also hold a forum on tokenized assets & stablecoins ahead of the White House Crypto Summit.

🌎Governments hold an estimated 530,000 BTC, which accounts for about 2.5% of Bitcoin’s supply. The biggest holders are the USA, China, and the UK. Most holdings come from seizures, except for Bhutan (mining) and El Salvador, which has been buying since September 2021.

🇺🇸The ambiguous IRS DeFi reporting mandate, which treated decentralized platforms as traditional brokers and raised the possibility of KYC requirements for apps like MetaMask, has been overturned by Congress - continuing the process of dismantling restrictive policies.

🌎About 100K of the 200K BTC the U.S. claims to hold comes from the Bitfinex hack and is likely to be returned, not included in the SBR. China, Russia, and India’s actual crypto holdings remain unclear, as they use them for commodity trade under sanctions.

The last thing a never-traded asset sees before having a futures contract created on it. Enjoy the weekend! 🐳

🇺🇸The Senate is set to vote on the GENIUS Act-a bill regulating stablecoins through KYC/AML, reserves, audits and oversight. Its goal is to 'secure America’s role as a financial leader' potentially by favoring U.S.-compliant firms like Circle over offshore alternatives like USDT.

Happy Fed Day! Happy Fed Day! Will it pump or fade away? •Forecast: 4.50% •Previous: 4.50%

🇺🇸Following a court ruling that Tornado Cash’s smart contracts aren’t ‘property’ and thus beyond OFAC’s authority to be sanctioned, the U.S. Treasury lifted its 2022 ban, which froze assets and barred U.S. persons from interacting with them - affecting users worldwide. Notable.

🇺🇸U.S. Treasury claims the Tornado Cash lawsuit against them is resolved after removing sanctions, but Coinbase’s CLO, supporting Tornado Cash, insists a final ruling is needed to stop future sanctions, provide legal clarity and avoid a limbo impacting the industry.

🇺🇸The SEC's Crypto Task Force will hold four roundtables with crypto industry leaders to discuss regulation of trading, custody, tokenization, and DeFi. Trump says stablecoin rules may be ready by August.

🇺🇸Crypto 'made in the U.S.' stands to benefit from clear laws and lighter enforcement. U.S.-based stablecoins will be issued by regulated depository institutions, while state-level sandboxes enable innovation testing under relaxed rules.

Privacy is normal. Enjoy the weekend! 🐳

🇺🇸Trumps are expanding their involvement in crypto: Eric and Don Jr. took a stake in a Bitcoin mining firm. Meanwhile, WLFI - now run by them - raised $550M and plans a USD1 stablecoin backed by U.S. Treasuries.

🌎 This week’s tariff shake-up: S&P 500 dropped over 10% in 2 days - previously seen in 2020, 2008, 1997. Gold is down -2.5%, and Bitcoin, which Bessent said “is becoming a store of value,” shows signs of decoupling from US equities.