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West Virginia's BTC reserve bill is 'freedom' from a CBDC — State Senator

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2 months ago

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West Virginia’s Bitcoin (BTC) strategic reserve bill would give the state more sovereignty from the federal government and freedom from a potential central bank digital currency (CBDC), State Senator Chris Rose told Cointelegraph in an exclusive interview.

“You hear these rumors that there are people at the federal government that will want to have a central bank digital currency,” Rose said. “And people don’t want that. People want decentralized currency. They want freedom.”

The bill, introduced in February, seeks to allow the state treasury to invest up to 10% of public funds in precious metals like gold and silver, stablecoins, or any digital asset that has had a $750 million market capitalization or higher over the last 12 months. Currently, the only digital asset with such a market cap is Bitcoin.

West Virginia State Senator Chris Rose. Source: Cointelegraph

Rose, the bill’s sponsor, said that the reason they decided on the market cap requirement was to allow the state to have exposure to cryptocurrency, but not to get trapped “in any things like memecoins.”

Adopting Bitcoin on the state level would “give us a little more state sovereignty,” Rose added. “And I think that’s one reason why you see a lot of people who normally buy [Bitcoin] for themselves want to see their state government do the same.”

He added that a 10% allocation of state funds would be a “good way to introduce [Bitcoin] to the state” while avoiding any fear from people who don’t understand digital assets. “It’s a good way to cap that where they feel comfortable, but also give us at least a decent exposure as well.”

Bitcoin: “a very powerful” investment and freedom tool

Rose said that one of the roadblocks to getting the bill passed is fear, in particular among those who don’t understand cryptocurrency. “Just like any other state, we have people who understand it. We also have people that don’t understand it, and people are always afraid of what they don’t know.”

He added that “once they understand it, they realize it’s a very powerful investment tool and freedom tool for every one of us to adopt.”

Excerpt of West Virginia Bitcoin reserve bill. Source: West Virginia Legislature

West Virginia Governor Patrick Morrisey, who has envisioned a future state economy powered by crypto and other tech, won’t be a roadblock, Rose said. And the state treasurer, whom Rose consulted before introducing the bill, won’t either.

However, according to WVNews, a West Virginia publication, some lawmakers and financial experts remain skeptical. Investing state funds into Bitcoin may be risky due to the asset’s volatility and price swings, which can cause financial instability and make Bitcoin a controversial choice for state investments.

Although Bitcoin strategic reserve bills have been popping up in state legislatures around the United States, some bills have failed to pass or have scrapped key provisions, including some of those in traditionally conservative states.

Currently, 47 strategic Bitcoin reserve bills have been introduced in 26 states according to Bitcoin Laws. While, in most of the states, the bills have only been introduced or referred to committees, some have made headway in three: Arizona, Oklahoma, and Texas.

Related: Texas Senate passes Bitcoin strategic reserve bill

Rose clarified that the 10% of state funds allocated to precious metals, stablecoins, or Bitcoin would be sourced from two key areas.

“It would be the assets under the pensions fund and under the severance tax fund,” Rose said. “They would be able to divest some of those ETF funds into these assets. We wanted to keep it separate from the petty cash fund, which is day-to-day, just paying the bills of the state. We wanted to keep it to our longer-term assets,” he added.

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Amina Bank hits $40M revenue in 2024 as crypto AUM doubles

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5 minutes ago

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May 28, 2025

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Swiss crypto bank Amina Bank, formerly Seba Bank, reported record financial results for 2024, with revenue climbing 69% year-over-year to $40.4 million.

The bank also saw its assets under management (AUM) rise by 136% to $4.2 billion, driven by institutional demand and strategic expansion, according to a May 28 news release.

The Zurich-based bank credited the growth to its multi-jurisdictional footprint, 24/7 trading capabilities and a lending book that has maintained zero defaults over five years.

“I’m incredibly proud of our team’s tenacity and focus, which led to quarterly profitability in Q4 2024, a pivotal milestone that confirms the value of our approach,” CEO Franz Bergmueller said.

Related: Bitcoin Suisse eyes UAE expansion with regulatory nod in Abu Dhabi

Amina adds $801 million in assets in 2024

During the year, Amina added $801 million in net new assets. Revenue from derivatives increased by 40%, reflecting increased interest from clients seeking crypto-based risk-management tools.

The bank also said it invested in building a proprietary digital platform last year, aiming to serve business-to-consumer (B2C), business-to-business (B2B) and business-to-business-to-consumer (B2B2C) clients.

The system, expected to launch later this year, will feature API-based infrastructure to handle increasing demand across markets.

Mike Foy, chief financial officer at Amina Bank, said the bank’s liquidity coverage ratio increased to 228% in 2024, up from 219% in 2023.

“In addition, our CET1 capital ratio, which compares a bank’s capital against its risk-weighted assets, is more than double the regulatory requirement at 34%, despite an increase in risk-weighted assets as a result of our expansion,” Foy added.

Related: Crypto projects prepare to battle for privacy in Switzerland

Amina’s international revenue grows

Amina also noted that its international revenue continues to increase, with income from its Abu Dhabi operations rising 150% year-over-year and Hong Kong posting 570% growth. The bank expects to onboard 30 B2B2C partners by the end of 2025, up from almost 20.

Founded in 2019, Amina holds licenses from the Swiss Financial Market Supervisory Authority (FINMA), Abu Dhabi’s Financial Services Regulatory Authority (FSRA) and Hong Kong’s Securities and Futures Commission (SFC).

Amina rebranded from SEBA Bank on Dec. 1, 2023, to highlight its shift toward integrating traditional finance with digital and crypto services.

In November 2023, Switzerland’s St. Galler Kantonalbank, one of the largest banks in the country, partnered with then-branded Seba to offer its clients digital asset custody and brokerage services.

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TON Foundation hires former Visa executive to lead payments strategy

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May 28, 2025

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The Open Network Foundation (TON Foundation) appointed former Visa executive Nikola Plecas as its new vice president of payments.

Plecas will be responsible for shaping and executing TON’s payment infrastructure strategy, the company said in a May 28 blog post.

He is tasked with expanding the network’s capabilities, managing financial partnerships and ensuring compliance across jurisdictions as the foundation scales services for over 1 billion Telegram users.

“Joining TON Foundation represents an incredible opportunity to shape the future of payments on a truly global scale,” Plecas said.

Related: How to use tsUSDe on TON for yield-generating dollar savings

Plecas to lead TON’s new payment strategy

Plecas will lead the push to build a payments architecture that is both globally interoperable and robust enough to handle increasing demand from developers, enterprises and end-users, per the announcement.

Plecas brings a track record from his time at Visa, where he played a central role in crypto-related initiatives, including product development and global commercialization.

He helped streamline on-ramp performance across multiple markets and developed Visa’s digital currency engagement model for European clients. He also contributed to numerous fintech and crypto issuance projects and frequently spoke on Visa’s behalf at major industry events.

Source: TON

TON Foundation CEO Max Crown noted that payments are a core pillar of TON’s roadmap. “With deep industry expertise and a clear vision for scaling payment infrastructure, Nikola brings the experience and leadership we need to accelerate TON’s global growth.”

Cointelegraph reached out to TON for comment but had not received a response by publication.

Related: TON’s Broxus launches blockchain app scalability platform TON Factory

Ethena offers USDe to Telegram users

On May 1, decentralized stablecoin platform Ethena partnered with TON to make its stablecoins available to Telegram’s user base of over 1 billion people.

The partnership will see the deployment of Ethena’s USDe (USDE) and Ethena Staked USDe (sUSDe) within the TON blockchain. The sUSDe variant will be integrated under the name tsUSDe, enabling Telegram users to access US dollar-denominated savings directly within Telegram.

Notably, the TON Foundation has also been closely collaborating with Tether, connecting TON to Tether’s USDt ecosystem with LayerZero in February 2024.

As part of its ambitious scaling plans, TON expects to connect its ecosystem to at least 100 chains, including Ether (ETH), Tron (TRX) and Solana (SOL).

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GameStop officially confirms first Bitcoin purchase of 4,710 BTC

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5 minutes ago

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May 28, 2025

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GameStop, the US video game and consumer electronics retailer, has officially announced its first Bitcoin purchase, confirming multiple reports on kicking off BTC investment.

GameStop has purchased 4,710 Bitcoin (BTC), the company announced in its short official statement on X posted on May 28.

Source: GameStop

The event marks the first publicly announced Bitcoin acquisition by GameStop since the company disclosed plans to move into Bitcoin investment in March 2025.

At the time, GameStop mentioned that it planned to finance the purchase through debt financing and launched a $1.3 billion convertible notes offering.

The news comes months after online reports first suggested that GameStop was considering investment in alternative asset classes, including cryptocurrencies, in February 2025.

Amid the news on GameStop’s Bitcoin investment plans in March, GME shares showed significant growth, jumping 12%. Previous BTC investment speculation fueled an 18% spike in GME.

According to TradingView, GameStop shares closed at $35 on May 27 and were up to $36.3 on pre-market by publishing time. The stock is up around 30% in the past 30 days, with year-to-date gains of roughly 10%.

This is a developing story, and further information will be added as it becomes available.

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