12th January 2025 > > New Hampshire, Heritage Distilling, & the CFTC.
tl;dr
New Hampshire is mulling over its own BTC strategic reserve. Heritage Distilling has adopted BTC as a treasury reserve asset. Change at the CFTC tells us which way the regulatory winds are blowing.
Market Snap

Market Wrap
Spot BTC ETF flows have been disappointing in 2025 with only $1bn of net inflows. I am surprised by this – I expected investors to front run the inauguration on 20th January. Perhaps that day will be a buy the news event instead.
Curious Cryptos’ Commentary – New Hampshire
Now it’s New Hampshire’s turn to embrace liberty and freedom.
Representative Keith Ammon has introduced a bill in the New Hampshire State Legislature to allow the state treasury to invest in “digital assets”:

This bill is up for discussion next week, with a vote soon thereafter. My sources rank it highly probable that the bill sails through the legislature.
If anyone out there is still a little hazy on the direction of travel, please raise your hands.
Curious Cryptos’ Commentary – Heritage Distilling
Heritage Distilling has announced it will take payment in BTC and hold BTC in its treasury reserves.
The press release is a bit clunky but the opening statement tells us all we need to know:
“Sets the stage for the Company to lead the craft e-commerce space in accepting bitcoin as a form of payment and hold bitcoin as a strategic asset”.
Sorry, I must ask, who amongst our dear readers is still unsure about the direction of travel?
Curious Cryptos’ Commentary – All change at the CFTC
The Commodities and Futures Trading Commission has not been subjected to the same ire from crypto enthusiasts as the SEC. But that does not mean it has been crypto-friendly the last few years. Though lower profile than the SEC, it has launched legal action against many crypto firms, including leading centralised cryptocurrency exchanges Binance and Kucoin.
Enforcement Director Ian McGinley is following in Gensler’s footsteps and stepping down ahead of the inauguration of the new President. McGinley is not generally considered to be part of Warren’s anti-freedom and anti-liberty army, but perhaps he was hoping to be promoted into those ranks.
It has been suggested that a possible replacement is former Commissioner Brian Quintenz. You may not know Brian, personally or otherwise, but he is currently Head of Policy at a16z (for disclosure, the CC Treasury has invested in a16z). Brian is undoubtedly on our side.
The ferocious charge into forthcoming crypto-friendly rules and regulations in the US gets stronger by the day, attracting crypto entrepreneurs and shed-loads of investment capital that will produce plentiful tax dollars for the new administration to fritter away. It is no surprise that some individual US states, and some US companies, are wanting to get in on the action early, long before the others wake up to what is staring them in the face.
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