Sweden Inches Closer to Strategic Reserve

Sweden just took a step toward a Bitcoin Strategic Reserve with two lawmakers filing a motion asking the Riksdag, its national parliament, to study creating a national BTC reserve and assign authority oversight without changing any legal-tender rules (to rule out the creation of CBDCs). For a quick refresher, only one government – El Salvador – has been actively buying BTC with public funds for reserve asset purposes. Everyone else, including the US, has basically only formed “stockpiles” largely sourced from seized crypto. Meanwhile, Rep. Nick Begich is still looking to advance the BITCOIN bill that could see USA buying one million bitcoins. Read more →

The SEC just gave investment advisers a green light to use state-chartered trust companies as qualified custodians for crypto via a staff no-action letter under the Advisers Act custody rule. Translation: RIAs and funds now have clearer cover to custody digital assets with state trusts (not just national banks), opening the doors for more qualified players in the custody market such as Coinbase, Ripple, Gemini, BitGo, WisdomTree and others. Read more →

Lava raised $17.5 million (Series A extension) and launched a USD yield product paying up to 7.5% by funding over-collateralized, bitcoin-backed loans. The earlier Series A was led by Peter Thiel’s Founders Fund and Khosla Ventures. Unlike BlockFi-style accounts that drew SEC heat and eventually blew up, Lava’s pitch is plain-vanilla BTC-only collateral – no wrapped assets, no altcoin mix, with borrowers posting >2× the loan amount. Founder Maredia Shehzan went on TPBN yesterday to explain how no lenders have taken losses to date. Read more →

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