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⌐◪-◪ → The SEC is getting a taste of its own medicine!

A coalition of Republican Attorneys General from 18 different states just filed a lawsuit against the SEC and its five commissioners over the agency’s unfair prosecution of crypto. More specifically, the complaint says the SEC has operated “without Congressional authorization” in its four-year regulation-by-enforcement campaign.

The coalition is led by Kentucky Attorney General Russell Coleman, with participation from TX, FL, OH, IN, MO, UT, TN, NE, MS, LA, OK, KS, IA, AR, SC, MT, and WV.

This comes right after what sounded like a farewell speech from Gary Gensler to the “remarkable SEC staff,” potentially signaling his resignation. If he doesn’t resign, as we all know, Trump will fire him on day one — as promised at Bitcoin 2024 in Nashville.

Either way, whether Gensler resigns or is fired, it’s starting to feel like the SEC’s war on crypto is coming to an end. The tides are turning. We have the most pro-crypto Congress of all time, and the industry is finally on the offense.

As for how this lawsuit pans out, we’ll just have to wait and see. I don’t think this is the retirement plan Gary had in mind.

⌐◪-◪ → Hide yo kids, hide yo wife, hide yo Bitcoin.

Goldman Sachs just disclosed a whopping $710M in Bitcoin ETF holdings in a recent 13F filing with the SEC. This is a pretty big deal considering they’re one of the top 10 asset managers in the world, with over $2.8T under management. For context, this is a massive 2.5x increase from their last filing, which disclosed around $281M in Bitcoin holdings at the time.

A majority of their holdings are BlackRock’s IBIT ETF, which they are now the second-largest holder of. In addition to BlackRock’s ETF, they hold major positions in Fidelity, Grayscale, and Bitwise, and smaller positions in others.

This underscores the growing institutional demand for Bitcoin and how the Bitcoin ETFs unlocked a totally new pool of capital — which will help carry Bitcoin’s market cap to new highs.

Goldman wasn’t alone in disclosing Bitcoin holdings in their quarterly 13F filings, a report mandated for managers with over $100M AUM. Other major institutions include Citadel, Morgan Stanley, Wisconsin Investment Board, Bank of America, HSBC, and more.

I’ve said this many times before, and I’ll say it again — first corps, then banks, then states, then nations. Gradually, then suddenly.

Forward this to your loved ones who still think Bitcoin is a joke.

⌐◪-◪ → Remember how I said, “First corps, then banks, then states, then nations?”

Well, spoiler alert, this is already well underway — with the state of Pennsylvania now proposing a strategic Bitcoin reserve. More specifically, PA legislators are proposing the state allocate 10% of its $7B reserves to buy Bitcoin — insane.

This proposal is tied to the broader Bitcoin Act, sponsored by Sen. Cynthia Lummis, which in addition to stipulating the U.S. buy 1M Bitcoin (5% of the supply), has a voluntary state participation program where states receive their own segregated account to hold Bitcoin.

I really can’t think of a more fitting state than Pennsylvania, where American Freedom began, to be the first to adopt the hardest and most free money the world has ever seen.

As for how likely this is, the passing of The Bitcoin Act, it’s hard to say, but here are a few signals:

• Sen. Lummis says it could happen within the first 100 days of Trump’s presidency.

• Galaxy’s Mike Novogratz loves the idea but says it has a “low possibility” of passing.

• Polymarket currently gives it a 31% chance of approval within the first 100 days of Trump’s presidency.

Either way, strategic Bitcoin reserve or not, the future of crypto in America and the world has never looked brighter.

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