Strategy co-founder Michael Saylor recently presented a sweeping plan at the White House Digital Assets Summit for the United States to capitalize on the cryptocurrency industry and block up to $100 trillion in economic value over the next decade.

Banco Bilbao Vizcaya Argentaria (BBVA), one of Spain’s largest financial institutions, has received regulatory approval to offer bitcoin and ether trading to its clients. 

A bill aimed at bolstering bitcoin adoption in Utah has passed the state Senate, however, a crucial provision that would have established a state BTC reserve was removed from it before it passed.

Top stories in the Crypto Roundup today:

• Strategy Co-Founder Michael Saylor Pitches ‘$100 Trillion’ Crypto Plan to White House
• BBVA Receives Regulatory Approval to Offer Bitcoin and Ether Trading
• Utah Senate Passes Bitcoin Adoption Bill Without State Reserve Provision

Strategy Co-Founder Michael Saylor Pitches ‘$100 Trillion’ Crypto Plan to White House

Strategy co-founder Michael Saylor recently presented a sweeping plan at the White House Digital Assets Summit for the United States to capitalize on the cryptocurrency industry and block up to $100 trillion in economic value over the next decade.

Saylor’s presentation included a structured taxonomy for digital assets, divided into four categories: digital tokens for capital formation, digital securities for market efficiency, digital currencies to bolster the dollar’s global standing, and digital commodities for wealth preservation.

It also emphasized the need for transparency and accountability, advocating for stringent disclosure requirements to combat fraud and conflicts of interest. Saylor called for the end of what he called “hostile and unfair tax policies” on the crypto sector” and called for the government to support the industry to help it “reach its full potential.”

A central pillar of Saylor’s vision is establishing a strategic bitcoin reserve. This reserve aims to see the U.S. acquire a significant portion of the total bitcoin supply, ranging from 5% to 25%, by 2035. 

Saylor’s projection suggests that by 2045, this reserve could generate revenue ranging from $16 to $81 trillion, providing a substantial long-term solution for the United States’ national debt reduction efforts.

BBVA Receives Regulatory Approval to Offer Bitcoin and Ether Trading

Banco Bilbao Vizcaya Argentaria (BBVA), one of Spain’s largest financial institutions, has received regulatory approval to offer bitcoin and ether trading to its clients. 

The approval was granted as the Markets in Crypto-Assets (MiCA) regulation was fully implemented across the European Union. BBVA’s pursuit of regulatory approval dates back several years, with 2020 reports showing the firm was already planning to dip its toes into the sector.

Initially, BBVA seemingly considered launching cryptocurrency services from Switzerland, leveraging the country’s established regulatory clarity under the Financial Markets Supervisory Authority (FINMA).

Earlier this year, the bank launched cryptocurrency trading in Turkey through a local subsidiary and has now secured approval within its home market.

Utah Senate Passes Bitcoin Adoption Bill Without State Reserve Provision

A bill aimed at bolstering bitcoin adoption in Utah has passed the state Senate, however, a crucial provision that would have established a state BTC reserve was removed from it before it passed.

The HB230 “Blockchain and Digital Innovation Amendments” bill primarily focuses on providing Utah residents fundamental custody protections, the right to mine bitcoin, operating nodes, stake funds, and more.

The bill passed the senate with a 19-7-3 vote and is now heading to Governor Spencer Cox for consideration. The bill’s original version, however, included a provision to authorize the state treasurer to invest up to 5% in cryptocurrencies with a market capitalization above $500 billion over the past year in five state accounts.

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