Minnesota is embracing the future with the introduction of the Minnesota Bitcoin Act. This pioneering legislation adds cryptocurrency to the investment options for the State Board of Investment and approves crypto as a form of state payment. The bill also offers tax incentives by allowing deductions of cryptocurrency from federal adjusted gross income and excluding crypto gains from certain tax calculations.

Authored by Republican Jeremy Miller the bill will proceed to the State and Local Government Committee. If passed changes under the act would be effective starting either December 31 2025 or January 1 2026 showcasing Minnesota’s commitment to becoming a more inclusive financial ecosystem.

The state’s forward-thinking approach is further highlighted by protections for consumers using cryptocurrency kiosks and requirements for crypto exchanges to register as money transmitters. These steps reflect Minnesota’s strategy to integrate cryptocurrency securely and responsibly while fostering an environment conducive to digital innovation.

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Trezor, the leading hardware wallet provider, has patched a security issue in their Safe 3 and Safe 5 wallets after researchers from Ledger Donjon, the security team of rival company Ledger, found a bug.

The issue was in the microcontrollers and potentially allowed attacks to compromise security. But Trezor says users’ funds are safe and no action is required.

The security flaw was discovered by Ledger Donjon, an open-source research team focused on hardware wallet security.

According to their findings, Trezor had implemented Secure Elements (SE) to protect user’s PIN codes and cryptographic secrets, but cryptographic operations could still be performed on the…

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Goldman Sachs has officially recognized the growing significance of cryptocurrencies marking a pivotal change in its 2024 annual shareholder letter. The firm noted an increase in competition driven by advanced technologies such as electronic trading and distributed ledger technologies including AI and cryptocurrencies. This is the first acknowledgment from the banking giant which had not mentioned “cryptocurrency” or “blockchain” in its letters since 2017.

The adoption of cryptocurrencies like Bitcoin which saw a 1.24% increase has been accelerated by positive regulatory shifts and an evolving financial landscape shaped by the previous administration. Goldman Sachs now competes by offering diverse financial products and client experiences some of which include cryptocurrencies and other digital assets that were previously not part of their portfolio.

With the launch of a crypto desk in 2021 and a Digital Asset Platform in 2022 Goldman Sachs has been at the forefront among traditional banks integrating blockchain technology. Despite recognizing the risks associated with new technologies the bank’s progressive embrace of digital assets signals a significant turn towards innovative banking solutions that align with current market trends.

Annual Shareholder Letter 

A new proposal submitted to the U.S. Securities and Exchange Commission’s (SEC) newly-established Crypto Task Force by a Maximilian Staudinger makes the case for XRP as a “strategic financial asset” for the United States (using some very questionable math and logic).

I’m here to tell you that XRP is not a strategic asset and that the logic in this proposal is dubious at best.

In the proposal, Staudinger states that $5 trillion is locked up in U.S. Nostro accounts (accounts that banks use for cross-border payments). And he claims that if certain regulatory conditions were created — including the SEC classifying XRP as a payment network, the U.S. Department of Justice (DoJ)…

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