The BITCOIN Act Returns

Senator Cynthia Lummis (R-WY) has introduced a bill in the Senate that would authorize the U.S. to buy one million additional BTC over five years for the Strategic Reserve.

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CoinSnacks
March 12, 2025 • Estimated Reading Time: 4 minutes

5. Bitwise Launches ETF of Firms Holding Over 1K Bitcoin

The newly launched ETF, Bitwise Bitcoin Standard Corporations ETF (OWNB), will track publicly traded companies that hold at least 1,000 bitcoin (BTC). While more than 70 public companies hold bitcoin, only 21 have the required 1,000 to make it into the ETF. The fund will have a 0.85% fee. With this, investors no longer need to buy bitcoin… furthermore, they don’t even need to buy companies that buy bitcoin… they can just buy an ETF that buys shares in companies that buy bitcoin. Amazing!

4. Coinbase Expands to India… Again 🇮🇳

The U.S. isn’t the only country relaxing its hostility towards crypto companies. India, who in 2018 ordered the country’s lenders to stop working with the crypto industry and, according to Brian Armstrong, applied “informal pressure” on Coinbase $COIN ( ▲ 0.58% ), is now loosening its grip. On Tuesday, Coinbase announced it had gained regulatory approval to re-enter the country. Years ago, we wrote about why India was a massive opportunity for crypto companies. Fast forward to 2025, and India still tops Chainalysis’ Global Crypto Adoption Index.

3. Binance Raises $2 Billion

MGX, a technology-focused investment firm in Abu Dhabi, made the investment, which marks the “single largest investment into a crypto company and the largest investment ever paid in crypto (stablecoin)”.

2. IRS Crypto Rule Nixed

The house just voted to repeal the controversial “DeFi Broker” rule that requires certain DeFi platforms to file 1099s on user transactions and report user data to the IRS. It still has to pass in the Senate again but the White House says Trump is ready to sign. Supporters say the repeal will help keep DeFi innovation on U.S. soil, while opponents warn of a $4 billion tax gap. Either way, another Biden-era crypto restriction bites the dust.

1. Reintroducing The BITCOIN Act

Senator Cynthia Lummis (R-WY) has introduced a bill in the Senate that would authorize the U.S. to buy one million additional BTC over five years for the Strategic Reserve. The bill, dubbed the BITCOIN Act, already has five cosponsors in the Senate, all Republicans.