The Bitcoin Rights Act has been officially passed!

The “Bitcoin Rights Act” was initiated by Republican Congressman Mike Cabell and received bipartisan support, reflecting the increasing recognition across parties of the transformative potential of blockchain technology. This legislation positions Pennsylvania as one of the leading states in the United States in the field of digital asset regulation and emphasizes its commitment to fostering innovation in the sector while addressing key issues such as economic empowerment and financial inclusion. The bill officially recognizes Bitcoin as a “store of value” asset for the first time, similar to digital gold, rather than a utility token. The introduction of Pennsylvania’s “Strategic Bitcoin Reserve Act” coincides with widespread discussions about government-held cryptocurrency reserves, echoing the national debate sparked by Wyoming Senator Cynthia Lummis( and the Trump administration’s proposed U.S. Strategic Bitcoin Reserve initiative. This state-level measure reflects Pennsylvania’s proactive stance. The “Strategic Bitcoin Reserve Act” could enhance fiscal stability through diversified state investments. The proposal mirrors extensive efforts in states like Wyoming, where Lummis has advocated for including Bitcoin in the national reserve, calling it a safeguard against dollar devaluation and economic volatility. Below are the core points of the document’s “Bitcoin Bill 2024” (BITCOIN Act 2024):

1. Establish a Strategic Bitcoin Reserve: Develop a decentralized, secure network of Bitcoin storage facilities across the United States.
2. Bitcoin Purchase Program: The Treasury will buy 200,000 Bitcoins annually for five years, totaling 1 million Bitcoins, and hold them for at least 20 years.
3. Reserve Proof System: Issue quarterly reports audited by independent third parties and verified cryptographically.
4. Consolidate Holdings: Transfer all Bitcoins held by other institutions into the Strategic Bitcoin Reserve.
5. Voluntary State Participation: States may voluntarily participate by depositing or withdrawing into isolated accounts.
6. Cost Offset: The first $6 billion of net annual profits from the Federal Reserve will be used for the Strategic Bitcoin Reserve (SBR).
7. Protect Bitcoin Property Rights: Confirm self-custody rights; the U.S. government cannot confiscate or seize legally owned Bitcoins.

Beyond the benefits brought by the passage of the Bitcoin Bill, what else can we look forward to?

One: ZhongAn Bank launches a cryptocurrency division
On November 25, ZhongAn Bank (ZA Bank) announced it became Asia’s first bank to offer cryptocurrency trading services to retail customers, now providing Bitcoin and Ethereum trading in HKD and USD via its app. Hong Kong residents opening an investment account with ZhongAn Bank need to complete risk assessments and other procedures to trade within the app.
Does the compliant ZhongAn Bank’s launch of a cryptocurrency division truly solve the last mile problem?!

Two: The most promising development for BTCFi
Recently preparing for BTCFi, aiming to enable everyone to buy US stocks and ETFs with compliant USDT. Once successful, it could trigger a butterfly effect, with influence comparable to MicroStrategy. Looking forward to being able to buy MicroStrategy and Tesla with USDT soon…

Three: Trump takes office, implementing cryptocurrency policies

1. Appoint SEC, CFTC, and OCC chairs supportive of cryptocurrencies;
2. Establish a cryptocurrency committee under the White House Economic Council;
3. Microsoft shareholders will discuss investing in Bitcoin at the December 10 meeting;
4. Public hearings on the Bitcoin Strategic Reserve Bill submitted to the U.S. Congress;
5. X launches a payment system;
6. Elon Musk-led DOGE department’s first press conference;
7. Submission of DOGE ETF and more cryptocurrency ETFs to the SEC;
8. Major traditional U.S. banks accept Bitcoin as collateral for dollar loans.