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Ohio State Representative Derek Merrin is following in the footsteps of other representatives across the U.S., bringing forward a bill that would authorize the state’s treasury to invest public funds in Bitcoin.
House Bill 703, known as the Ohio Bitcoin Reserve Act, would establish a dedicated Bitcoin fund within the state treasury while investing the State Treasurer with discretionary power to purchase the crypto.
« The U.S. Dollar is being rapidly devalued, and our State Treasurer should have the authority and flexibility to invest in Bitcoin when determining proper asset allocation, » Merrin said in a statement posted to X. « Ohio must embrace technology and protect tax dollars from eroding. »
The bill amends section 2981.12 and enacts section 135.146 of Ohio’s Revised Code but does not mandate any specific Bitcoin purchases or portfolio allocations.
« Bitcoin provides a vehicle to supplement our state’s portfolio and preserve public funds from losing value, » Merrin stated, arguing that through the legislation, the Ohio state government could « harness the power of Bitcoin » to strengthen its state finances.
The Ohio representative said he anticipates the incoming Trump administration will pursue a national Bitcoin reserve program, referencing a proposal by Senator Cynthia Lummis of Wyoming.
The bill’s introduction comes as the current legislative session nears its end. Merrin expects the legislation to serve as a framework for lawmakers to address in the upcoming session in 2025.
A state strategy
Ohio joins a growing list of other U.S. State Representatives putting forth similar legislation.
In November 2024, Representative Mike Cabell introduced the Pennsylvania Bitcoin Strategic Reserve Act, proposing that up to 10% of the state’s treasury reserves be allocated to Bitcoin as a hedge against inflation.
Shortly after, Texas followed suit. Representative Giovanni Capriglione filed House Bill 1598 On December 12, aiming to create a strategic Bitcoin reserve funded through donations. The bill also seeks to authorize state agencies to accept Bitcoin for payments, including taxes and fees.
In October, a separate tax bill was proposed by Ohio State Senator Niraj Antani to accept Bitcoin and other crypto as payment.
Pepe Unchained, a trending new meme coin, is gaining momentum since its listing on BingX – one of the top centralized exchanges.
As the Pepe Unchained ($PEPU) team looks to expand the token’s availability, the project has also secured a listing on the MEXC crypto exchange, which will significantly boost its trading exposure. Additionally, LBank will list PEPU on December 18 – another milestone listing for the token.
These listings will naturally act as a catalyst in driving further interest in PEPU, which raised a staggering $73 million during its presale campaign. Exchanges such as MEXC and BingX offer major exposure, and boast 24-hour trading volumes of $5.5 billion and $512 million respectively.
In the past week, PEPU has become one of the most swapped tokens on MetaMask, reinforcing its rising popularity in the meme coin space. This surge is also being fueled by the imminent launch of double-rewards staking on the Pepe Unchained Layer 2, which is expected to attract even more stakers to the ecosystem.
Pepe Unchained is an advanced Layer 2 blockchain designed to drive the growth and innovation of the meme economy. The Pepe Unchained ecosystem features community-driven voting ecosystems, a decentralized exchange, cross-chain interoperability, block explorers, and a meme coin launchpad called Pepe’s Pump Pad.
By leveraging these features, Pepe Unchained aims to fix the problems of traditional blockchains – and provide a fast, scalable, and affordable platform focused on supporting meme-based innovation.
The ecosystem’s unique use cases, successful presale, and new exchange listings have played a big role in making Pepe Unchained one of the top trending ERC20 tokens on Dexscreener.
PEPU Holders Brace for a CEX-Driven Bull Run
After completing a spectacular presale, Pepe Unchained ($PEPU) proved to be rewarding after getting officially listed on the BingX crypto exchange.
PEPU initially listed at a price of $0.014 per token, and quickly reached an all-time high of $0.068 on December 12, 2024. This equates to a price increase of 385%. However, following this meteoric rise, some investors began taking profits – and PEPU dipped to its current price of approximately $0.0148 per token.
With a market cap of $119 million and a 24-hour trading volume of $16.9 million, Pepe Unchained is still gaining traction as one of the best new meme coins in the crypto space. This is normal for brand-new crypto projects, especially those focused on innovation and ongoing expansion.
PEPU’s upcoming exchange listings on MEXC and LBank, along with the launch of double-rewards staking, indicate potential for further growth. As the meme coin ecosystem continues to thrive, Pepe Unchained’s strong foundation, combined with its growing adoption and upcoming events, makes it a compelling choice for those looking to capitalize on the next big altcoin wave.
Could PEPU Explode?
Some believe that Pepe Unchained has the potential to experience significant growth.
2024 has seen gigantic price surges from top cryptocurrencies like Bitcoin – which has now crossed the $100K mark for the first time in its history. At the same time, many new meme coins – such as Popcat (POPCAT) – have soared in value dozens or hundreds of times over.
The meme coin market is expanding rapidly, and Pepe Unchained is at the forefront of this wave, offering real utility beyond mere speculation. Developers can start building on the platform by downloading the Pepe Unchained SDK, unlocking opportunities to create innovative applications.
Prepare yourselves: Pepe’s Pump Pad is launching this January.
Meme coin mania is what the Pepe Unchained Ecosystem is all about—fun, memes, launches, and pumps. pic.twitter.com/I0wpUxwwbm
Other groundbreaking features include Pepe’s Pump Pad, which enables anyone with a great idea for a meme token to create it in two clicks using a no-code launcher. In a high-performing tweet that has been viewed almost 80,000 times, Pepe Unchained recently stated that this feature will go live in January.
After PEPU reached its all-time high in December, Pepe Unchained became the #1 trending coin on CoinMarketCap – an achievement that generated even more attention and engagement from investors and developers.
As the meme market continues to grow, Pepe Unchained’s unique features could propel it to new heights, making it a prime candidate for major returns in the near future.
Wall Street Pepe Set to Explode Next?
Right after the conclusion of the Pepe Unchained presale, some investors embraced a new Pepe-themed token: Wall Street Pepe ($WEPE).
This new crypto project combines humor with real utility, by allowing WEPE token holders to access in-depth trading insights, signals, and alpha calls. The goal of Wall Street Pepe is simple: To build a community of like-minded investors, and equip them with strategies to compete with the biggest Wall Street institutions.
Using the Wall Street Pepe platform, token holders can also access private community groups, and take part in weekly trading competitions. From a total supply of 200 billion tokens, 40 billion have been allocated to the WEPE presale.
Currently priced at $0.0003646 per token, Wall Street Pepe has raised a staggering $27 million in just a couple of weeks. To help users generate passive income, Wall Street Pepe also offers a high APY (currently 45%) through its staking mechanism.
Due to this project’s creative utility and long-term rewards, Wall Street Pepe has some experts think that it might have the potential to take the crypto markets by storm – just like Pepe Unchained.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
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Coinbase disclosed in atransparency report that it received 10,707 requests from global law enforcement and government agencies over the past year, an 18% decline from the previous reporting period.
For the third consecutive year, the US submitted the highest number of requests from law enforcement and government agencies despite a decline this year.
Outside the US, Coinbase experienced notable decreases in law enforcement requests from key markets. Requests declined significantly in Germany, the UK, and Spain, by 33%, 45%, and 35%, respectively.
In contrast, Singapore stood out with a 221% increase in requests, jumping from 34 in 2023 to 109 this year. This signaled growing regulatory activity in the region as it emerged as a prominent crypto hub.
Criminal enforcement
According to Coinbase, 81% of all requests originated from six key jurisdictions: the U.S., the UK, Germany, France, Spain, and Australia. The overwhelming majority pertained to criminal enforcement matters, such as investigations into illicit financial activities, fraud, or other criminal concerns.
These requests took various legal forms, including subpoenas, court orders, search warrants, and other official processes. The report emphasized its obligation to respond only to legally valid requests.
Additionally, the company noted a robust review process to ensure compliance without compromising customer rights. It added that each request is scrutinized by a dedicated team of lawyers, analysts, and privacy experts.
Complying without compromising users
According to the report, the goal is to narrow overly broad or vague requests, reject requests deemed legally insufficient, and provide anonymized or aggregated data where possible instead of individualized customer details.
Regarding the information shared with authorities, while Coinbase does provide certain customer details — such as names, IP addresses, and payment information—in response to valid requests, it stated that no government has direct access to its systems.
Coinbase’s decision to share these figures reflects its push for transparency as it navigates the regulatory landscape.
The report pointed out that proactively disclosing the scope and nature of government requests signals to regulators and users that the firm is committed to balancing compliance and customer trust.
Nifty Island embraced a wide array of established communities in Web3 to help expand its Roblox-style metaverse game.
Now it’s rewarding them.
The project, which pioneered the now-popular “play-to-airdrop” campaign, just launched ISLAND, an Ethereum-based utility token that serves as the ecosystem token for its in-game economy.
Below, learn everything you need to know about ISLAND now that it’s live.
What is ISLAND?
ISLAND is the native token of the Nifty Island ecosystem, offering holders “in-game utility and demand drivers” to help power its creator-focused gaming metaverse.
ISLAND has a total supply of one billion tokens and launched on the Ethereum blockchain as an ERC-20 token.
The token generation event for ISLAND took place on Tuesday, December 17. The launch was delayed into the afternoon due to the game’s official account on X (formerly known as Twitter) being hijacked in the morning.
Who gets the airdrop?
ISLAND will be primarily distributed to five separate groups of ecosystem participants.
Community
The community receives the largest supply of ISLAND tokens, getting 38.6% in total.
The bucket of more than 400 million tokens is broken up into three separate community groups, allocating ISLAND tokens for the Nifty Island rewards pool, ecosystem incentives, and the play-to-airdrop campaign.
Play-to-Airdrop Campaign
Those who participated in the nine-month play-to-airdrop campaign will split 12.6% of the ISLAND supply, all of which was liquid and tradable upon the token generation event. This bucket is aimed at rewarding “genuine gameplay and engagement” within Nifty Island.
A player’s ISLAND airdrop is primarily based on the airdrop points they accrued by collecting Blooms, an in-game resource, and their respective collector tier, which is determined by the on-chain holdings of their connected Nifty Island accounts.
Users who held at least one of more than 170 eligible partner community NFTs during a March 25 snapshot may also be eligible for ISLAND tokens as part of Nifty Island’s “Wave 3” addition to the play-to-airdrop campaign. Eligible communities are listed in the airdrop section on the Nifty Island website.
Rewards pool
An additional 175 million tokens—or 17.5% of the ISLAND supply—has been set aside in a Nifty Island rewards pool for real-time earnings through future gameplay.
Ecosystem incentives
Lastly, 85 million ISLAND, or 8.5% of the supply, is set aside for attracting developers and creators to Nifty Island.
The first installment is being provided to Animoca Brands’ flagship NFT community, Mocaverse, offering 10 million ISLAND to its community via the MocaDrop at token generation.
Investors and advisors
More than 300 million ISLAND tokes were set aside for investors and advisors to Nifty Island.
Described as “exceptionally long-termist,” Nifty Island’s backers will have 71% of their tokens locked for two years, linearly unlocking over the course of the next two years thereafter. Meanwhile, the additional 29% of their tokens will be locked for three years, and then linearly unlocked over the following three years.
Nifty Island team
The Nifty Island team has been allocated 19.5% of the ISLAND supply, or 195 million tokens. Like the advisors and investors, team members will not be able to sell their tokens on day one. Instead, 66% of team member tokens will be locked for two years from the token generation event, unlocking linearly for the following two years. And the remaining 34% will be locked for one year from the token generation event, unlocking linearly over the course of the following year.
Project Treasury
Managed initially by the Nifty Island team, the project treasury will house 9.2% of the supply, or 92 million ISLAND tokens. These tokens are designed to be used to fund project expansion and promotion of Nifty Island.
Exchange Liquidity
Finally, 2.5% of the ISLAND supply is set aside for centralized exchange liquidity. This was increased from 1% just before the token was generated, with the additional amount shaved from the « Ecosystem incentives » bucket.
Nifty Island has already announced that the biggest utility benefits will be awarded to holders of the ISLAND token that stake their tokens on Ethereum or Base.
Those that stake ISLAND will be eligible for the following benefits:
Enhanced rewards rate
Staking ISLAND will offer those that play in Nifty Island a higher rate of rewards, earning them additional ISLAND tokens faster than those who are not staking the ecosystem’s native token.
Access to exclusive resources
Players that stake the ISLAND token will gain access to greater platform resources, allowing them to make their in-game islands larger and more immersive.
Consumables
Consumables that boost content and earnings inside Nifty Island will be provided to stakers based on the amount of ISLAND tokens they lock in a staking contract.
Exclusive prizes
Exclusive prizes and Bloom rewards will be offered by Nifty Island and its partners on occasion to those who have staked the token.
Governance
Last but not least, staking ISLAND offers users the opportunity to vote on governance proposals that can directly shape the future of Nifty Island. Voting power will scale proportionally according to the amount of ISLAND tokens that a player stakes.
In addition to these utilities, Nifty Island’s developers indicated that more benefits will be extended to ISLAND holders as the platform expands.
Editor’s note: This story was originally published on December 16, 2024. It was updated with new details after the token generation event on December 17.
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The TRON blockchain has achieved a remarkable feat, processing $587.2 billion in USDT transfers during November 2024.
This all-time high (ATH) reflects significant growth compared to $424.4 billion in September and $489.3 billion in October.
TRON’s Stablecoin Boom
The figure, captured by CryptoQuant analyst Maartunn, is noteworthy, considering in July 2019, the network only managed to move about $73.8 million in USDT. However, its share has increased steadily since then, registering $287.1 billion in May 2021, $315.5 billion a year later, and $462.6 billion in March 2024.
While the numbers dipped slightly in May and June, they soared since September, culminating in the November ATH.
CryptoQuant’s data also showed that the number of USDT receivers on TRON was also at its highest level in October, reaching 10.6 million. However, the 9.2 million senders in that month were only bettered by the 10.18 million recorded earlier in May.
Some market watchers have attributed the uptick in stablecoin transfers on the network to its key advantages, including low transaction fees, fast processing times, and cost-effective remittance services.
The record-breaking growth also positively impacted TRON’s native TRX token. Figures from CoinGecko show that it has surged by more than 160% over the last 12 months, possibly reflecting the blockchain’s rising importance in the crypto space.
At the time of writing, TRX was trading at $0.2912, up 3.3% in the previous 24 hours, with a range of $0.2772 to $0.304 in that period. Additionally, the coin has outshined the broader crypto market, gaining 10.7% across the past week against the sector’s 9.1%.
The performance is even better compared to similar smart contract platform cryptocurrencies, which gained an average of 8.80% in the last seven days.
Ethereum’s Growing Competition
While Justin Sun’s network leads in USDT transfer volume, Ethereum has also gained ground. Recent data shows that Tether minted $20 billion worth of the stablecoin on Ethereum, pushing it ahead of TRON as the leading platform for USDT supply.
Furthermore, analysts expect Ethereum’s supply of the highest capped stablecoin to reach $1 trillion by the end of 2025, solidifying its position as a trusted institutional-grade blockchain.
Elsewhere, Circle and Binance announced a strategic partnership to expand the global adoption of USDT’s closest competitor, USDC. Per the arrangement, Binance will offer the dollar-pegged cryptocurrency to its estimated 240 million user base and make it a core component of its corporate treasury.
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BlackRock’s spot Bitcoin (BTC) exchange-traded fund (ETF) IBIT became the most successful ETF launch in over 10 years, following the $418.8 million in net flows registered on Dec. 16.
Nate Geraci, CEO of The ETF Store,highlighted that IBIT had beaten approximately 2,850 ETFs. He added:
“In other words, IBIT has more lifetime inflows than any ETF launched since 2014. Did this in just over [11 months].”
Since its launch, IBIT has amassed $36.3 billion in positive net flows, surpassing the $36.2 billion in inflows received by US-traded spot Bitcoin ETFs, according to Farside Investors’data.
The amount is nearly 3x higher than the $12.4 billion in inflows received by the second-largest spot Bitcoin ETF, FBTC, managed by Fidelity.
Additionally, IBIT holds the record for the most significant daily inflow among the Bitcoin ETFs, with over $1.1 billion captured in a single day. This is over 2x higher than FBTC’s single-day inflow record of $473.4 million, the second-largest daily inflow by a spot Bitcoin ETF.
Notably, spot Bitcoin ETFs secured over $36 billion in year-to-date flows despite Grayscale’sGBTC’s $21 billion in outflows since its conversion.
ETFs in the spotlight
Crypto-related ETFs were one of the key topics for the market this year. They provided US-based institutional investors with a regulated way to gain exposure to Bitcoin and Ethereum (ETH).
Analysts see crypto ETFs as one of the main drivers of Bitcoin’s stellar growth this year. In a recentreport, Bitfinex analysts pointed out ETF adoption is one of the main catalysts capable of changing Bitcoin’s patterns from previous cycles.
Additionally, Bloomberg senior ETF analyst Eric Balchunas highlighted how fast Bitcoin ETFs are growing. The total assets under management by these products traded in the US, including futures and leveraged ETFs, reached $130 billion, surpassing gold ETFs’ $128 billion.
Even taking just the nearly $117 billion in AUM from spot Bitcoin ETFs, Balchunas stated that it is “unreal” how close they are to gold ETFs within just 11 months after launch. Bitwise also considers ETFs one of the two main catalysts forsignificant growth in Ethereum over the next year.
On Tuesday, U.S. lawmakers met with members of the intelligence community in a closed-door classified hearing to discuss the ongoing drone activity that has captured both the imagination and the conspiracy theories of the U.S.
The story took another turn when Belleville, New Jersey, Mayor Michael Melham noted the disappearance of some radioactive material from the Port of Newark and claimed the drones appeared to be “looking for something.”
“We’re aware of a threat that came in through Port Newark,” Melham told Fox 5 New York on Tuesday. “There is an alert that’s out right now that radioactive material in New Jersey has gone missing on December 2. It arrived at its destination. The container was damaged and was empty.”
NEW: Belleville, NJ Mayor says drones are likely U.S. Govt assets “Looking for something”
“We’re aware of a threat that came through Port Newark… There is an alert that’s out right now that radioactive material in New Jersey has gone missing on December 2nd.”
On December 13, a report was filed by the U.S. Nuclear Regulatory Commission, indicating that a shipment containing “less than category 3” radioactive material arrived damaged and empty.
According to the report, the container’s content was reported lost in transit on December 2, and the USNRC was notified on December 5.
“This is just an example of what I think that we’re sniffing for,” Melham continued. “I think we do have the assets that can go up and fly around and sniffing, which is why we’re not seeing the uptick we used to see in Belleville anymore. It’s kind of moving, but we’re seeing alerts that it’s happening now in Pennsylvania.”
USNRC officials clarified that “less than a category 3” radioactive material is unlikely to cause permanent injury to people.
“The categories refer to the risk significance of the material involved; it’s a ranking by the International Atomic Energy Agency,” a USNRC spokesperson told Decrypt. “Categories one and two involve dangerous materials.”
While the notion of radioactive materials may conjure images of nuclear meltdowns, weapons, or the Incredible Hulk, the USNRC spokesperson said the material in question is comparable to a Gamma Knife. A Gamma Knife is a tool used in radiosurgery that delivers highly focused beams of radiation to treat brain tumors and cancer.
“Category three is widely used in industry and medicine,” the spokesperson added. “Less than category three indicates a very small amount of radioactive material, posing no real threat to public safety.”
According to the New Jersey Department of Environmental Projection, the radioactive material was located last week.
“The radioactive source—about six inches in length and with a 1.5-millimeter diameter—was located on Dec. 10, 2024, repackaged, and sent to the manufacturer from the FedEx shipping facility where it was misplaced,” a spokesperson with the NJDoEP told Decrypt. “The Ge-68 pin is a very low-level radiation source that is approved for shipping through common carriers like FedEx.”
“The New Jersey Department of Environmental Projection did not use drones to find the radioactive material,” they added, countering claims that the drones are scanning for the missing radioactive materials.
Still, the mystery surrounding drones continues to grip the nation, with sightings over residential and government facilities.
Despite efforts to calm fears–ranging from alien invasions to sentient plasmoids and foreign spies–concerned citizens have filed over 5,000 reports of these sightings.
Exclusive👀🚨
Multiple Drone Incursions Reported Over Marine Corps Base Camp Pendleton
This is the first Marine Corps facility to acknowledge drone incursions during the recent wave of sightings at bases across the country.
The Department of Homeland Security, Federal Aviation Administration, and Department of Defense issued a joint statement Tuesday downplaying the drone sightings as explainable by normal air traffic, drone pilots, and natural phenomena.
Echoing statements made by White House and Pentagon officials last week, the agencies said after examining the data and tips received related to the drones, the sightings include a combination of “lawful commercial drones, hobbyist drones, and law enforcement drones, as well as manned fixed-wing aircraft, helicopters, and stars mistakenly reported as drones.”
“We have not identified anything anomalous and do not assess the activity to date to present a national security or public safety risk over the civilian airspace in New Jersey or other states in the northeast,” the agencies said.
Public hearings in Washington have brought growing attention to Unidentified Aerial Phenomena in recent weeks. Lawmakers on both sides of the aisle have pushed for greater transparency from military and intelligence agencies, citing natural security and public safety concerns.
Federally approved digital asset securities platform Prometheum has filed a defamation lawsuit against crypto commentator Matthew Blumberg.
The dispute stems from a November 6 post on X, where the critic accused the firm of operating “an illegal unregistered commodities exchange” and engaging in shady dealings with the U.S. Securities and Exchange Commission (SEC).
Free Speech or Defamation?
Prometheum’s complaint, filed in the New York Supreme Court, argues that Blumberg’s statements were false, baseless, and damaging to its reputation. Further, the company claimed that the crypto enthusiast sought to boost his public profile as an industry expert at its expense. The legal filing cites several of the analyst’s offending posts, including one where he stated:
“They’re the scammers who testified in front of Congress reading the SEC’s talking points in exchange for a sweetheart deal where they were the only ones able to get a broker-dealer license to trade crypto securities.”
In the same post, Blumberg bragged about “constantly talking sh*t” about Prometheum while calling on the Commodity Futures Trading Commission (CFTC) to investigate the company for allegedly unlawfully operating a commodities exchange with regard to its custody of Ethereum.
In another post, the crypto watcher crowed over a possible implosion of the digital assets platform due to the impending departure of current SEC Chair Gary Gensler, whom he implied was some sort of protector of the firm.
Prometheum claims that these remarks, among others, were not only defamatory but also designed to stoke public distrust. The company further asserted that the comments have harmed its credibility and market share.
Blumberg Fires Back
However, the analyst, supported by prominent legal representation from Boies Schiller Flexner, has defended himself against the allegations, filing a countermotion to dismiss on December 16.
In the filing, he argued that his observations were foreclosed by New York’s anti-SLAPP laws, designed to protect individuals and entities from lawsuits intended to silence or intimidate them from exercising their free speech rights on matters of public interest.
The crypto enthusiast described his social media comments as “opinions about well-documented concerns” regarding the SEC’s dealings with Prometheum.
He also reiterated that the firm was the first and only recipient of a special-purpose broker-dealer (SPBD) crypto license from the SEC, issued right before one of its co-CEOs testified before Congress in favor of the regulator. Many in the crypto community have long considered this a “sweetheart deal,” especially given how prominent players like Coinbase and Robinhood have not been able to acquire the same license despite trying on numerous occasions.
Even New York Congressman Ritchie Torres previously called for an investigation into the circumstances under which the platform received its SPBD license from the financial watchdog.
Additionally, Blumberg claimed that the company had contacted his mother in an apparent bid to bully him through her. He said they wanted him to sign a statement extolling their “innovative approach to crypto markets,” but when he refused, they sued.
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Dennis Porter, founder of the Satoshi Action Fund, hasunveiled a draft of an executive order crafted for President-elect Donald Trump to establish a Strategic Bitcoin (BTC) Reserve within the Exchange Stabilization Fund (ESF).
The order allows for an initial allocation of up to 2% of the ESF’s total portfolio value over an 18-month pilot period. Furthermore, it would use BTC in the US government custody as the foundation for the Reserve.
The draft executive order sets out a roadmap for incorporating Bitcoin into the ESF, a fund traditionally used to stabilize the US dollar and respond to macroeconomic shocks. It also outlines a framework for integrating Bitcoin as a foreign-currency-like reserve asset while ending the auction of confiscated Bitcoin held by US authorities.
Draft suggestions
Among its primary provisions is the US Treasury would be authorized to acquire, hold, and manage Bitcoin as part of the ESF portfolio. Additionally, Bitcoin would be treated similarly to foreign reserves like gold or foreign currencies.
Moreover, the draft suggests that the Treasury establish a working group to develop custody systems to ensure the secure management of Bitcoin holdings. This includes evaluating solutions that provide the Treasury with direct access to reserves and leveraging existing custody infrastructure, such as systems currently employed by the US Marshals Service (USMS).
The proposal would discontinue the auction of forfeited Bitcoin by the USMS. Instead, approximately 200,000 BTC currently in US custody — valued at $20.6 billion at $103,000 per Bitcoin — would serve as the initial foundation of the Strategic Bitcoin Reserve.
The draft also includes robust oversight mechanisms to balance innovation with accountability. The Treasury would issue semiannual reports detailing Bitcoin transactions, holdings, and risk management strategies to Congress and the President.
Additionally, the Treasury Inspector General and the Government Accountability Office (GAO) would conduct regular audits, with annual public summaries to ensure transparency.
Jumpstarting legislation
While the ESF provides an initial vehicle for Bitcoin reserves, the draft acknowledges that it may not be a permanent solution.
Within 24 months, the Treasury would be required to deliver a comprehensive report to Congress outlining the limitations and benefits of using the ESF as a Bitcoin custodian, alternative frameworks for reserve management, and legislative recommendations to enshrine the Strategic Bitcoin Reserve into US federal law.
The proposal emphasizes that creating a Bitcoin reserve would not interfere with the Federal Reserve’s independence in setting monetary policy. This provision addresses concerns that Bitcoin integration could complicate traditional monetary frameworks or undermine confidence in the US dollar.
On the contrary, by leveraging Bitcoin’s position as a non-sovereign global asset, the proposal aims to hedge against macroeconomic risks, stabilize the dollar, and position the US as a leader in financial innovation.
If the draft is enacted, it would mark the largest government-led embrace of Bitcoin to date, with profound implications for the digital asset industry, US economic policy, and global reserve practices.
It’s been 13 days since Hailey Welch, aka the “Hawk Tuah” girl, said she was logging off and going to sleep amid furious backlash to her meme coin rollout. But now that her launch partners are starting to blame each other over the token’s disastrous debut, will she finally wake up?
The day that Welch’s HAWK meme coin pumped and dumped earlier this month, eliciting widespread claims of rug-pulling and insider collusion, the influencer told an irate X Spaces audience of holders that she was going to bed and would “see you guys tomorrow.”
Welch has since not made a single post across her usually active X, Instagram, and TikTok accounts. It’s been almost two weeks.
But one group involved in HAWK’s calamitous creation is now finally speaking out.
OverHere, a crypto site that currently lists HAWK as its only product, posted an X thread late Monday titled “The Truth,” seeking to clarify the group’s role in the token’s troublesome rollout.
Back on December 4, OverHere dismissed concerns about HAWK—which crashed to near-zero because a group of interconnected wallets dumped vast sums of the token as soon as the public began buying it—as “FUD,” crypto parlance for baseless rumors designed to cause needless “fear, uncertainty, and doubt.”
Now, OverHere is singing a much different tune, claiming those concerns were entirely valid… but it’s not their fault.
OverHere said on Monday that the group took zero fees from HAWK and made zero profit on the project, but ultimately became the chief architect of the token because another mysterious figure connected to Welch—”Doc Hollywood,” an individual who has since locked their X account—was supposed to design it all but “vanished when things got hard.”
The OverHere team says that these issues with Doc Hollywood created a situation where the token under-delivered on key promises at launch.
The group stopped far short of calling the project a rug pull, though, pointing to “transparency” as the key shortcoming that Hollywood and Welch herself failed to deliver on.
4/ The Core Problem? Transparency:
Transparency from Doc decayed early on, but died when it mattered most.
In some attempt at accountability over the fiasco, OverHere said that it did make mistakes—but only by trusting the wrong partners, attempting to fix their mess, and not speaking out sooner.
The group ended their appeal by asking Welch to come forward and repair the situation with “truth, transparency, [and] trust.”
In the almost 24 hours since OverHere posted their statement, Welch has remained radio silent across all social channels. Her representative also did not immediately respond to Decrypt’s request for comment.
