SEC Scraps Gensler Rules, Stablecoins to Exceed $2T Projection, Brazil Moves Closer to Bitcoin Reserve, First BTC Baby Turns 12 (#214 - 15 June 2025)

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1. SEC Scraps Gensler-Era DeFi Rules

The U.S. SEC officially scrapped its Gary Gensler-era positions on DeFi exchanges and custody rule proposals.

This development will enable further DeFi innovation in the U.S.  

If these Gensler-era proposals had been implemented, they would have effectively subjected DeFi to the same rules as centralized exchanges, essentially killing DeFi in the U.S.  

2. U.S. Stablecoin Market Could Exceed $2 Trillion Projection

The U.S. stablecoin market could exceed its $2 trillion projection by the end of 2028, according to Treasury Secretary Scott Bessent.

Whilst this number may seem bullish, it could very well happen, catalyzed mainly by the U.S. Genius Act, which makes stablecoins part of the global financial system, especially as the legislation makes stablecoins categorized as cash or cash equivalent from an accounting perspective and makes them acceptable as collateral for any financial institution. 

The winners here will be stablecoin issuers (including Trump's USD1 stablecoin firm) and the U.S. Dollar, as it may result in its shelf life being extended. 

[NEWSLETTER CONTINUES BELOW]

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3. Brazil Looks to Set Up Strategic Bitcoin Reserve

Brazil’s strategic Bitcoin Reserve Bill cleared a significant legislative hurdle this week, moving the country closer to holding Bitcoin as part of its national reserves. 

The legislation which was approved by the Economic Development Committee of the Brazilian Chamber of Deputies proposes the creation of a “Sovereign Strategic Bitcoin Reserve”, which would empower the Central Bank of Brazil, in conjunction with the Ministry of Finance, to manage and hold Bitcoin as part of the country’s foreign exchange reserves.

Specifically, the proposal would authorize the allocation of up to 5% of Brazil’s reserves into Bitcoin, marking a significant diversification from traditional fiat-based holdings such as U.S. dollars, euros, or non-fiat assets like gold.

However, the bill still faces several obstacles before becoming law. It must next be reviewed by Brazil’s committees on technology, constitutionality, and finance. If it clears these stages, the proposal will then move to the Chamber floor for a full vote, followed by Senate approval and eventual presidential ratification.

Following the U.S. launching a strategic Bitcoin reserve, we should expect more countries to follow. Pakistan already did so, but Brazil is the first G20 country to do so after the U.S.  

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4. First Bitcoin Baby Born 12 Years Ago This Week

Many in the crypto world (and beyond) know the story of those two pizzas sold for 10,000 Bitcoin in 2010. 

But another (perhaps cuter) story is that of the first Bitcoin baby. 

In 2012, Dr. Terence Lee was offering to its fertility clients to pay in Bitcoin. Nobody took up the offer until a couple accepted to pay in Bitcoin, not because of a love of crypto but rather a 50% price discount….

After a complex process (buying Bitcoin was not easy back then), the couple paid 30 Bitcoin (worth $500 in total) to the doctor, who had helped them acquire the Bitcoin. 

The baby was born in June 2013, and CNN subsequently wrote a story titled “Meet the World’s First Bitcoin Baby.”

I highly recommend that everyone read it, not only for the details of the story, but also because it shows how much the Bitcoin narrative has evolved. 

Here is the link to the 2013 CNN story.

So, here you go - now you know the story of the first Bitcoin baby!

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Henri Arslanian

*Please note that this newsletter reflects Henri’s personal views and not those of any organisation he is involved with. This newsletter is for educational purposes only, and none of its content should be construed as investment or financial advice of any kind.