Scenius Sync (Issue #143)

Trump establishes Strategic Bitcoin Reserve, The OCC clears path for banks to engage in crypto activities, & Coinbase plans to tokenize $COIN stock

Scenius: The intelligence and the intuition of a whole cultural scene. The communal form of the concept of genius.

Welcome to The Scenius Sync.

Our mission with this concise publication is twofold:

1. Share the essential stories driving the crypto industry and markets.

2. Highlight innovative applications and mainstream adoption of crypto and blockchain technology.

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Essential News 🗞

1. Trump establishes Strategic Bitcoin Reserve and Digital Asset Stockpile

   • The Strategic Bitcoin Reserve will be capitalized with bitcoin owned by the Department of Treasury that was forfeited as part of criminal or civil asset forfeiture proceedings. The Secretaries of Treasury and Commerce are authorized to develop budget-neutral strategies for acquiring additional bitcoin, provided that those strategies impose no incremental costs on American taxpayers. The government will not acquire additional assets for the U.S. Digital Asset Stockpile beyond those obtained through forfeiture proceedings.

2. The OCC clears path for banks to engage in crypto activities

   • The Office of the Comptroller of the Currency said in a statement that national banks are permitted to engage in some crypto activities, such as crypto-asset custody, some stablecoin activities, and participation in distributed ledger networks. The OCC also rescinded prior guidance telling banks they should clear crypto activities with regulators beforehand, including showing they have adequate controls in place for that business.

3. Coinbase plans to tokenize $COIN stock in renewed security token push

   • Coinbase is renewing its effort to tokenize its own stock $COIN as part of a broader push to bring security tokens to the US market, an initiative it first attempted in 2020 but abandoned due to regulatory hurdles.

     With a newly formed crypto task force at the SEC, the company sees a renewed opportunity to integrate blockchain-based securities into traditional finance.

4. U.S. SEC's Acting Chair Walking Back Agency Proposal on Crypto Trading Platforms

   • The acting chairman of the U.S. SEC is seeking to erase a crypto-specific portion of a proposed rule expanding the definition of exchanges that need to register and by overseen by the agency.

5. Gemini crypto exchange said to file confidentially for IPO

   • Crypto exchange and custodian Gemini Trust filed confidentially for an initial public offering late last week, and could go public as soon as this year, according to a media report. The preparation for a listing represents another step ahead for digital assets as the Trump administration reverses the Biden administration's strict stance on the sector. Gemini is working with Goldman Sachs and Citigroup on the potential listing

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Innovation & Adoption 💡📈

1. Blackrock Incorporates Bitcoin ETF in $150 Billion Portfolio Strategy

   • Blackrock has integrated its iShares bitcoin trust ETF (IBIT) into its $150 billion model portfolio strategy. The move marks the first time the world’s largest asset manager has officially allocated BTC exposure within its investment models, opening the door to broader mainstream acceptance. According to Bloomberg, Blackrock’s target allocation ETF model portfolio will allocate between 1% and 2% to IBIT, a cautious but significant step.

2. Crypto Asset Manager Bitwise Deploys on DeFi Platform With Maple Finance Partnership

   • Crypto asset manager and ETF provider Bitwise has made its first allocation into decentralized finance (DeFi) through a partnership with on-chain credit specialist Maple Finance, the companies said on Thursday. Bitwise’s allocation, the size of which was not disclosed, is leveraging a Maple bitcoin-backed lending product, and represents a significant milestone in the adoption of on-chain credit by institutional allocators, said Maple CEO Sid Powell. Maple’s BTC backed lending product is available to accredited investors in the U.S.

3. Stablecoin Market Cap Tops $200B as U.S. Sees Industry Helping Maintain Dollar Dominance

   • The combined market capitalization of the five biggest stablecoins passed $200 billion for the first time after Treasury Secretary Scott Bessent pledged to use the digital assets to help maintain the greenback as the world's reserve currency. Since President Donald Trump won the U.S. election, the stablecoin market cap has grown by $40 billion. With both cryptocurrencies and U.S. equities struggling in recent weeks, stablecoins have emerged as the clear winners. Market leader Tether's USDT has maintained a market cap of around $140 billion since December, while second-placed USDC, issued by Circle, is nearing $60 billion — an increase of $25 billion since the election.

4. Singapore Exchange Plans to Launch Bitcoin Perpetual Futures in 2025

   • SGX's bitcoin perpetual futures will cater exclusively to institutional clients and professional investors. The contracts, which are subject to due regulatory process from the Monetary Authority of Singapore, aims to provide a secure and trusted trading option in the growing crypto market.

5. Coinbase to launch 24/7 Bitcoin and Ethereum futures for US traders 'in the coming weeks'

   • Coinbase Derivatives will soon launch the first 24/7 futures contracts for Bitcoin and Ethereum open to U.S.-based traders, eliminating traditional markets’ weekend downtime. Coinbase is also developing a “first of its kind perpetual-style futures contract”.