1. Celsius Lawsuit Against Tether

• A U.S. bankruptcy judge allowed Celsius Network's $4 billion lawsuit against Tether to proceed. Celsius alleges Tether improperly liquidated over 39,500 Bitcoin during Celsius's 2022 collapse, breaching their lending agreement and U.S. bankruptcy laws.
• Tether argued for dismissal on jurisdictional grounds, but the judge rejected this, citing domestic ties. The case focuses on a margin call where Tether allegedly sold Bitcoin prematurely.
• The host speculates this could be "set dressing" by U.S. authorities to maintain appearances while potentially using Tether for global debt transfers, and doubts Celsius will win significant damages due to Tether's financial strength (e.g., $13 billion in net revenue last year).

2. UK Pension Firm and Bitcoin Interest

• Cartwright Pension Trusts reported growing interest in Bitcoin from UK pension funds, charities, and corporations. One unnamed client allocated 3% of its portfolio to Bitcoin in November 2024, yielding a 60% return in under a year.
• The firm emphasized Bitcoin's potential for portfolio diversification but noted pushback due to volatility. They advocate for gradual adoption as a fiduciary duty, highlighting its use in cross-border transactions and as a reserve asset.

3. Figma's Bitcoin Investments

• Design software company Figma disclosed in an SEC filing that it holds $69.5 million in Bitcoin ETFs (down from $78.8 million) and plans to invest an additional $30 million.
• The host expresses excitement, noting Figma's popularity among developers and its choice of Bitwise ETFs (which donate to Bitcoin development) as a positive step, even though Figma isn't directly tied to crypto.

4. Arizona and Connecticut Crypto Legislation

• Arizona's Governor Katie Hobbs vetoed a bill to create a Bitcoin reserve from seized crypto assets, citing concerns it would disincentivize local enforcement. She also vetoed other crypto-related bills, labeling cryptocurrencies "untested."
• Connecticut passed a law prohibiting state government from accepting crypto payments or establishing a crypto reserve, effective October 1, 2025. The host criticizes this as shortsighted and compares it to other states' approaches.

5. Deutsche Bank's Stablecoin Venture

• Deutsche Bank's subsidiary DWS, in partnership with Flow Traders and Galaxy, launched Germany's first regulated euro stablecoin (AllUnity EUR) after receiving a license.
• The host discusses its potential for cross-border settlements and speculates on Tether's role in global markets versus competitors like Circle, suggesting Tether may avoid EU regulations to focus on non-Western growth.

6. Bank of Korea Suspends CBDC Project

• South Korea's central bank paused its CBDC pilot after three months, citing high costs ($3.7 million per participating bank) and growing interest in won-backed stablecoins.
• The host attributes this to governments struggling with crypto tech, viewing it as a positive for innovation and a sign of Bitcoin's disruptive potential.

7. Thesis Acquires Lolly

• Bitcoin venture studio Thesis acquired Lolly, a rewards platform, to integrate it with its ecosystem (including Fold and Mezzo). Lolly has rewarded users with over $20 million in Bitcoin through shopping and gaming.
• Planned upgrades include more games, higher cashback, instant payouts, and global expansion. The host sees this as a step toward a "circular Bitcoin economy" but warns of potential customer service issues from industry consolidation.

8. Wallet of Satoshi and Spark Partnership

• Wallet of Satoshi partnered with Spark to offer a self-custodial Lightning Network experience, addressing past limitations like liquidity and regulatory hurdles.
• This could enable Wallet of Satoshi to re-enter the U.S. market. The host views this as part of a broader cycle of crypto industry consolidation, comparing it to corporate mergers and emphasizing the need for good customer service to avoid "big tech" pitfalls.

Additional Segments

• Market Updates: Bitcoin spiked to $109,560 amid weak U.S. jobs data, potentially signaling Federal Reserve rate cuts. Other updates included gains in oil, gold, and stocks.
• Host Commentary: The episode includes ads (e.g., for SoapMiner) and reflections on Bitcoin's growth, regulatory challenges, and the host's optimism about its future impact.