April 2024 was the month of the Bitcoin halving. April 2025 wasn’t—but that doesn’t mean there wasn’t plenty going on in the crypto world. On the contrary! From Trump slapping tariffs on the entire planet and then pausing them for 90 days (leaving a baseline 10% in place), threatening to fire Jerome Powell, the Chair of the Federal Reserve, for not lowering interest rates, to general uncertainty in global financial markets—there were also some key developments in crypto. We highlight the top 3:
1. A Big Legal Win for Stablecoins in the U.S.
The U.S. Securities and Exchange Commission (SEC) officially stated that stablecoins are not considered securities as long as they meet the following criteria:
- Pegged 1:1 to the U.S. dollar
- Instantly redeemable for USD
- Fully backed by liquid, low-risk instruments such as U.S. government bonds
- Do not entitle holders to interest, income, or profit-sharing
- Used strictly for payments, money transfers, or as a store of value
- Must be marketed to the public as digital dollars, not as investments
After years of being targeted by the Biden administration, this marks a major step forward in regulatory clarity for stablecoins, which play a crucial role as a bridge between TradFi and DeFi.
A golden era for stablecoins may be ahead. The current U.S. policy aims to secure dollar hegemony through dollar-based stablecoins, with predictions that their market cap could grow from $240 billion to $2 trillion in the coming years.
2. The Fed Withdraws Crypto Activity Guidelines for Banks
Back in 2022, when crypto crises were stacking up, the Fed issued guidelines warning banks about engaging with crypto assets—requiring them to seek permission before participating in such activities.
These guidelines emphasized risks to safety and soundness, consumer protection, and U.S. financial stability—especially highlighting the systemic risk that large-scale adoption of stablecoins could pose. They also cited crypto’s use in money laundering and terrorism financing.
Now, under the new administration, U.S. banks can legally offer crypto custody, staking, and mining services—something unimaginable just a year ago. This means institutions in the world’s largest capital market can now work with crypto, offer exposure to their clients, and launch crypto-based products.
The withdrawal of these guidelines marks the Fed’s first major crypto move under the Trump administration, which has already started several initiatives to make the U.S. the Bitcoin and crypto capital of the world.
Just compare the Fed’s former stance—labeling stablecoins a top threat to financial stability—to the current outlook, aiming to use stablecoins to reinforce dollar dominance. This is a complete reversal in U.S. crypto policy.
3. Introducing 21 Capital—The World’s First Bitcoin-Only Acquisition Company
A new company, 21 Capital, was formed with a single goal: acquire as much Bitcoin as possible. If you’re familiar with Michael Saylor’s MicroStrategy, this may sound familiar—but 21 Capital seems to be an even more serious venture.
The company launches with backing from major industry players and already holds 42,000 BTC, making it the third-largest corporate holder. Its investors include:
- Tether: $1.5 billion in Bitcoin
- SoftBank: $900 million
- Bitfinex exchange: $600 million
What makes 21 Capital unique is that it’s not a passive tracker like an ETF. Instead, it’s built to accumulate Bitcoin and increase Bitcoin per share (BPS) actively.
It’s structured as an operational company, strategically allocating capital to boost BTC holdings per share. The company also aims to create Bitcoin-native financial products—like lending models, capital market instruments, and other innovations to replace outdated financial tools with Bitcoin-aligned alternatives.
They introduced two core success metrics:
- Bitcoin Per Share (BPS): Represents how much BTC each share holds—reflecting shareholder value in BTC terms.
- Bitcoin Rate of Return (BRR): Tracks the growth of BPS over time—measuring the company’s performance in Bitcoin, not fiat.
Jack Mallers, CEO of 21 Capital, stressed the difference: while ETFs offer static exposure, 21 Capital is a live company building BTC-based products and using capital markets to grow BTC holdings. Their goal is to make shareholders wealthier in Bitcoin terms.
“We’re not here to beat the market. We’re here to build a new one,” said Mallers. “Bitcoin is the answer. 21 Capital is how we bring that answer to public markets.”
His partner, Paolo Ardoino, CEO of Tether, added: “Bitcoin is one of the few truly decentralized, immutable, censorship-resistant assets—and its role as the foundation of a new financial system is inevitable.”
Bogdan Vujović
Legal Advisor & Brand Ambassador
Crypto12