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Day 1 - Mainstage Sessions

U.S. lawmakers and government officials signaled a full policy pivot toward embracing Bitcoin as a strategic national asset. From proposals to create a federal Bitcoin reserve to sweeping reversals of restrictive crypto regulations, the mainstage was charged with political momentum and institutional buy-in.

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CYNTHIA LUMMIS, U.S. SENATE – A Bitcoin reserve could serve as digital gold for U.S. strategic defense.
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Senator Lummis outlined why Bitcoin should join U.S. strategic reserves alongside gold, citing a classified estimate of 200,000 BTC in forfeiture funds. She argued, “There are generals in our military right now who are big supporters of having a strategic Bitcoin reserve.” Instead of borrowing to accumulate, the plan would repurpose underperforming assets, including outdated gold certificates, to gradually acquire Bitcoin without new debt issuance.

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• The Bitcoin Act will follow stablecoin and market structure bills on the Senate floor.
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• Phase 1 funding may come from asset forfeitures; phase 2 from gold certificates revalued to market.
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• The goal is 5% of global Bitcoin supply held by the U.S. strategically.
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• 30 U.S. states considered Bitcoin reserve bills this year; UAE already buying via U.S. ETFs.

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✅ LedgerNotes: If implemented, a national Bitcoin reserve could introduce new audit trails for federal balance sheet disclosures and long-term asset management. Tracking BTC acquired through forfeiture vs. revaluation could affect public financial reporting and transparency measures. While not directly tied to enterprise finance, the use of “digital gold” as a sovereign hedge raises questions about classification and custody in public sector accounting frameworks.

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MARSHA BLACKBURN, U.S. SENATE – Bitcoin should join the U.S. reserve mix to hedge debt and signal leadership.
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Senator Blackburn positioned Bitcoin as both a fiscal hedge and geopolitical signal, noting: “This is one of the instruments that we have... to remain a solvent Nation.” She advocated for converting apprehended Bitcoin into a strategic reserve and suggested enabling federal retirement accounts to offer Bitcoin ETFs. Blackburn emphasized global follow-the-leader behavior in reserve strategy, arguing that other nations—and markets—watch how the U.S. allocates assets.

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• Bitcoin seen as more stable than fiat, bonds, or gold during debt volatility.
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• Supports using seized Bitcoin as a “nest egg” and building from there.
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• Advocates ETF access for federal retirement funds to legitimize Bitcoin.
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• Notes Tennessee’s rising role with miners, quantum networks, and energy innovation.

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✅ LedgerNotes: Blackburn’s statements could influence federal benefit plan custodians and pension fund compliance. If Bitcoin ETFs enter retirement portfolios, accounting teams will need to revisit valuation, disclosure, and risk segmentation. While not directly about enterprise crypto accounting, this may trickle into broader institutional acceptance—especially if retirement fund administrators must adapt ledger policies to track ETF-backed digital assets. It’s one step closer to normalization of BTC on U.S. financial statements.

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BO HINES, THE WHITE HOUSE – U.S. Wants to Stockpile Bitcoin Like Oil: The Strategic Bitcoin Reserve is now policy.
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Bo Hines revealed that the U.S. has quietly implemented a strategic reserve model for Bitcoin, akin to the petroleum stockpile. “We want as much as we can possibly get,” he said, emphasizing long-term accumulation and a no-sell policy. The Strategic Bitcoin Reserve (SPR) and the Digital Assets National Stockpile mark a shift in U.S. posture from reactive oversight to sovereign accumulation. “We’re not going to sell any Bitcoin that we possibly have in U.S. government period.”

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• Bitcoin is officially treated as a commodity with unique store-of-value properties.
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• The SPR aims to accumulate Bitcoin for national strategic value, not financial speculation.
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• U.S. policy now prohibits selling any government-held Bitcoin.
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• Bo called Bitcoin “digital gold” with “immaculate conception” and compared its significance to that of physical reserves.

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✅ LedgerNotes: This SPR policy could influence how other nations treat Bitcoin on their balance sheets or in sovereign wealth strategies. While there's no direct accounting standard update yet, controllers and auditors may face classification and disclosure decisions if public or private institutions follow suit. Consider future implications of whether sovereign digital asset holdings fall under investment, reserve, or strategic long-term asset classification.

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TYLER WILLIAMS, U.S. DEPARTMENT OF THE TREASURY – Market Structure Legislation Could Normalize Onshore Crypto Finance
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Tyler Williams emphasized Treasury’s commitment to shaping market structure rules that invite innovation without regulatory ambiguity. “If we have market structure legislation and if we have stablecoin legislation... that invites the industry to create and innovate in the United States.” He outlined Treasury’s role in negotiating with global regulators and refining onshore frameworks for intermediaries, stressing that clear delineations between securities and commodities are essential for U.S. crypto competitiveness.

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• Treasury plays a key role in technical assistance and reciprocal agreements with foreign regulators.
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• Stablecoin and market structure legislation seen as twin pillars of the next regulatory wave.
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• Clear token classification (security vs. commodity) needed for builders to return onshore.
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• Treasury is focused on onboarding formerly offshore activity through regulatory clarity.

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✅ LedgerNotes: Market structure legislation could directly affect accounting treatments for crypto intermediaries, particularly in how tokens are classified and how exchanges are audited. If token status (security vs. commodity) is codified, accountants will need to adjust reporting practices, investor disclosures, and potentially realign internal controls around asset custody and revenue recognition. Onboarding crypto-native firms into U.S. compliance frameworks may also increase audit readiness and reconciliation burdens.

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VLAD TENEV, ROBINHOOD – CEO & Co-Founder: Tokenization could shift private markets from exclusivity to accessibility—if regulators cooperate.

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Vlad Tenev highlighted how tokenization could unlock both operational efficiency and retail inclusion in U.S. and global markets. “We live in a strange world where SpaceX and OpenAI are deemed too risky for retail investors, but meme coins are okay.” He argued that tokenizing private companies could reduce transfer friction, expand investor access, and increase capital formation—while also pushing regulators to rethink accreditation frameworks for the digital age.

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• Robinhood users hold over 10 million crypto accounts, viewing assets as both wealth vehicles and belief systems.
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• Tenev believes tokenized securities could “plug [companies] into a global market of liquidity.”
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• Regulatory movement is possible without Congress; SEC has authority to enable tokenization via exemptions.
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• AI-powered solo startups could emerge, with tokens representing “economic activities of a project that is run by a single person.”

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✅ LedgerNotes: While no immediate accounting overhaul is implied, tokenized private company shares could introduce new classification and reporting challenges—especially for unrealized gains, liquidity events, and compliance with fair value or impairment standards. For controllers, the shift might require revisiting valuation techniques, investor onboarding flows, and system readiness for handling tokenized cap tables and smart contract–based transactions.

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GIDEON POWELL, CHOLLA INC. – Texas Bitcoin Ambassador: Bitcoin miners in Texas aren’t just consuming power—they’re rewriting the rules of how it’s distributed.

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Gideon Powell delivered a fiery call to action: use Bitcoin mining as a civic tool to reshape America’s energy infrastructure. He described how Bitcoiners helped push forward Texas legislation for a strategic Bitcoin reserve and energy grid reform. “Every single Bitcoiner can show up and be the change that we want to see in the world.” From grid bills to grassroots testimony, Powell argued that decentralized action—backed by power infrastructure—can renew U.S. civic institutions.

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• Texas legislature passed the state’s first Strategic Bitcoin Reserve bill, backed by miners.
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• Powell co-founded the Texas Bitcoin and Grid Alliance the night before legislative testimony.
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• HODL Ranch pioneered Bitcoin-only energy infrastructure in response to ERCOT grid issues.
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• Bitcoin mining used as signal for power demand, helping unlock new energy innovations.

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✅ LedgerNotes: While this session focused more on civic engagement than financial workflows, it signals a growing link between mining infrastructure and legislative participation. Accounting teams at mining companies may soon need to reconcile capex tied to grid co-investments, track electricity-as-a-service models, and classify government-subsidized energy incentives. If strategic reserves expand, controllers may also face scrutiny over inventory valuation and local compliance.

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DAVID SACKS, THE WHITE HOUSE – 100 Days, 10+ Reversals: A Regulatory Regime Shift Has Arrived
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David Sacks detailed the administration’s sweeping reversals on crypto regulation during its first 100 days, describing it as a “total comprehensive shift from being anti-innovation to being pro-innovation.” From pardoning Ross Ulbricht to ending SEC-led regulation by prosecution, Sacks positioned the current administration as actively dismantling chokepoints. “We rescinded SAB 121... the DOJ ended its regulation by prosecution approach... the CFPB got defunded.”

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• Rescinded SAB 121, which had restricted crypto custody in U.S. banks.
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• DOJ ended enforcement-first posture without clear rules.
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• Strategic Bitcoin Reserve formally established in March.
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• Agencies issued new favorable guidance for crypto banking participation.

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✅ LedgerNotes: Rescinding SAB 121 alone has major implications for how digital assets appear on balance sheets—especially in regulated institutions. If custody rules are relaxed and U.S. banks resume crypto services, accounting and audit teams will need to revisit fair value disclosures, control frameworks for custodial risk, and revenue recognition around safekeeping services. The rollback of enforcement-led regulation could also reopen accounting debates previously avoided due to legal uncertainty.

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CAMERON & TYLER WINKLEVOSS Founders @ Gemini - Tone Shift: From Headwinds to Tailwinds for U.S. Crypto Innovation
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Tyler and Cameron Winklevoss repeatedly emphasized a “vibe shift” in Washington and described the change in tone from “building into headwinds” to finally having a tailwind. They highlighted the difference in authenticity and engagement from this administration: “Trump really engaged and he really listened,” contrasting that with prior administrations that “mailed it in.” Tyler also framed the future of Bitcoin as fundamentally tied to the rights of self-custody and digital property, saying, “We’re on the cusp of enshrining these human rights.”

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Key contextual statements:

• “You actually couldn't hoard gold in 1933... now we’re enshrining the right to digital property.”
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• “Bitcoin is gold 2.0... and at $100k, it’s still inning one.”
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• “[Trump] stayed two hours longer than scheduled... and really listened to the crypto community.”

✅ LedgerNotes: While no new regulatory decisions were announced by the Winklevoss twins, their commentary frames the shift in federal engagement as a potential greenlight for renewed U.S.-based crypto infrastructure projects. Their focus on self-custody and digital property rights may influence future accounting treatment debates, especially around beneficial ownership, asset segregation, and rights classification under U.S. GAAP or IFRS. The broader implication for accountants: renewed onshore activity may drive complexity in wallet-level reconciliation and disclosures.

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BILL HAGERTY, U.S. SENATE – Stablecoins Could Become the Anchor of Dollar Dominance
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Senator Hagerty outlined the Genius Act’s potential to modernize payments and restore global demand for the U.S. dollar. “You’re going to see stablecoin issuers as the number one holder of U.S. Treasuries.” He emphasized that stablecoins reduce counterparty risk, unlock instant settlement, and reduce working capital needs for American businesses. The bill includes bipartisan protections, encourages non-bank issuers, and sets the stage for improved consumer safety.

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• Stablecoins cut counterparty and currency risk with instant clearing.
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• Legacy ACH systems cause costly payment delays and friction.
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• Dollar-denominated stablecoins could increase Treasury demand.
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• Non-bank issuers allowed under the bill to foster competition and innovation.

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✅ LedgerNotes: Controllers should note that real-time stablecoin settlement could alter working capital cycles, reduce AR float periods, and require updates to cash flow modeling. If passed, the Genius Act may also require enhanced tracking of stablecoin issuance, reserve backing, and custodian classification—especially for audit and compliance purposes. Expect accounting system updates if stablecoins become operational treasury tools.

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TOM EMMER, U.S. HOUSE OF REPRESENTATIVES – Legislation Is the Firewall Against Regulatory Overreach
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Congressman Tom Emmer argued that passing stablecoin legislation is essential not just for enabling innovation but for preventing misuse of regulatory power. “Failure to act will result in really inefficient regulatory environment and enforcement actions... if we ever go back to an era of someone like President Biden or Gary Gensler.” Emmer emphasized that Congress must pass foundational legislation to replace informal enforcement with structured oversight that encourages innovation and protects consumer rights.

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• Without legislation, regulatory enforcement fills the vacuum—often unpredictably.
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• Stablecoin and market structure bills work best as a unified ecosystem.
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• Legislation creates rule-based clarity instead of policy-by-litigation.
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• Political shifts can erase progress unless reforms are codified.

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✅ LedgerNotes: The shift from enforcement-first to law-first regulation directly impacts audit risk and financial reporting clarity. For controllers, this could mean a move from interpreting agency guidance to applying codified laws—especially around wallet-level stablecoin use, issuance classification, and reserve backing. Finance teams should prepare for internal control adjustments and clearer audit trails if these laws pass.

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SAM KAZEMIAN, FRAX – U.S. Stablecoin Laws Are Dollar Infrastructure, Not Just Crypto Regulation
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Sam Kazemian positioned the Genius Act and STABLE Act not as stablecoin rules, but as upgrades to the U.S. dollar. “These are not stablecoin bills... These are USD bills of upgrading the digital dollar.” He emphasized Frax’s goal of being the first natively U.S.-compliant stablecoin under these acts. Kazemian also pointed out institutional hesitation from banks still unsure where they fit in, but argued that once regulatory clarity is achieved, the ecosystem will unlock.

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• FraxUSD aims to be fully Genius Act–compliant and built in the U.S.
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• Stablecoins and Bitcoin are complementary—not competitive—monetary tools.
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• U.S.-issued dollar infrastructure should not rely on foreign regulatory regimes.
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• Transparency and legal clarity could onboard custodians like Fidelity, BlackRock.

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✅ LedgerNotes: If the Genius Act defines U.S. dollar stablecoin parameters, accounting teams may need to treat compliant stablecoins differently than others, especially regarding legal tender equivalency, fair value, and counterparty risk. This may influence how stablecoins appear in cash, cash equivalents, or separate line items. The distinction between compliant vs. non-compliant stablecoins could become an audit control point in the future.

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DAVID MARCUS, LIGHTSPARK – Stablecoins Are a Dollar Distribution Layer, Not a Competing Currency
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David Marcus reframed stablecoins as dollar-access technology. “Stablecoins provide [a U.S. bank account] to hundreds of millions of people around the world.” He warned that the current patchwork of regulation prevents scale and increases legal risk, urging that a clear national framework is necessary to avoid fragmentation. He concluded that stablecoins extend the dollar’s reach and help institutional infrastructure improve through real-time, interoperable systems.

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• Stablecoins grant synthetic dollar access to unbanked global users.
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• Institutional use cases depend on real-time, cross-system interoperability.
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• National framework reduces legal fragmentation and regulatory hesitation.
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• Builders need protection to avoid “looking over their shoulders.”

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✅ LedgerNotes: For crypto-native businesses with global operations, if stablecoins are formalized as digital dollar channels, accountants may need to update how these assets are tracked in global books, especially in consolidation, intercompany transfers, and currency risk disclosures. The audit burden for ensuring reserve integrity and regulatory compliance will likely increase, especially across multi-jurisdictional finance teams.

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DONALD TRUMP JR., TRUMP MEDIA & TECHNOLOGY GROUP – Bitcoin is a hedge against debanking and speech deplatforming.

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Trump Jr. shared how his family’s access to banking, insurance, and loans evaporated overnight due to political targeting. “We're getting debanked. We're getting de-insured. We're getting de-everything.” This loss of access pushed him toward crypto and Bitcoin, which he now sees as tools for financial sovereignty. He emphasized that the $2.5B Bitcoin treasury announced by TMTG isn’t just a PR move—it’s a shift in infrastructure, including mining with Hut 8 and building DeFi rails through World Liberty Financial.

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• TMTG created a $2.5B Bitcoin treasury, one of the largest post-MicroStrategy announcements.
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• Collaborating with Hut 8 for mining and launching DeFi platform World Liberty Financial.
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• Said TradFi is a “Ponzi scheme” that collapsed when access was revoked.
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• Believes DeFi will “create the efficiencies that have been lacking” in legacy finance.

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✅ LedgerNotes: This session does not reference accounting mechanics directly, but the implications are substantial. Controllers and crypto accountants supporting treasury strategies tied to Bitcoin may need to classify holdings under new fair value rules and establish wallet-specific subledgers per IRS Rev. Proc. 2024-28. The use of DeFi for financial infrastructure by public companies also hints at upcoming reconciliation and audit challenges

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‍CYNTHIA LUMMIS, U.S. SENATE – A U.S. Bitcoin Reserve could reduce national debt without new borrowing.
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Senator Lummis laid out a blueprint for building a sovereign Bitcoin reserve by converting underperforming federal assets—like 1970s-era gold certificates—into BTC. “If we bought and held a million Bitcoin for 20 years, they would cut that debt in half.” She tied Bitcoin mining to national energy efficiency and defense, highlighting how grid-balancing efforts in Texas and Tennessee are supported by mining operations. Her broader message: Bitcoin is both an economic tool and a geopolitical strategy.

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• Bitcoin reserve strategy: no new debt, repurpose undervalued government assets.
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• Federal mining policy linked to energy grid stability and defense posture.
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• AI progress depends on energy; Bitcoin mining may drive innovation in power generation.
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• Called Bitcoin the base layer of freedom, economic resilience, and digital rights.

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✅ LedgerNotes: If a sovereign Bitcoin reserve is established using non-cash assets, government accountants will need new classification and fair value treatment frameworks. Treasury reporting, GAO reviews, and internal control systems could be impacted. Controllers at public institutions and federally engaged firms should monitor reserve acquisition mechanisms and mining-energy policy linkages.

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Day 2 - Mainstage Sessions

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JD VANCE, THE WHITE HOUSE – Vice President: “Crypto has a seat at the table—and Operation Chokepoint is dead.”
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JD Vance laid out the Trump administration’s policy stance on crypto: favorable, deregulatory, and politically integrated. “Operation Chokepoint 2.0 is dead,” he announced, promising no regulatory targeting of crypto businesses. Vance said stablecoins are seen as “a force multiplier of our economic might,” confirmed the firing of Gary Gensler, and pledged support for the GENIUS Act. “We reject the Biden administration’s legacy of death by 1,000 enforcement actions,” he declared, tying crypto to free speech, financial sovereignty, and American strategic power.

• Promised clear regulatory frameworks for stablecoins and digital assets.
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• Positioned Bitcoin as a national strategic asset, supported by a proposed “Bitcoin Reserve.”
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• Framed crypto as a hedge against inflation, regulatory abuse, and censorship.
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• Urged ongoing political involvement from crypto stakeholders to influence legislation.

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✅ LedgerNotes: Vance’s keynote didn’t dive into reporting standards, but its regulatory promises may shape future accounting treatments. If stablecoins are legally framed as payment instruments, that could shift how businesses record and audit on-chain payments. If a federal framework emerges, accountants may need to realign how they classify stablecoin liabilities, income, and cross-border use. The political momentum is relevant for forecasting how GAAP or IFRS might evolve to accommodate blockchain-based financial activity.

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‍ERIC ADAMS, NEW YORK CITY – MAYOR: New York wants back in—BitLicense repeal and BitBond proposal signal open door to crypto.
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Mayor Eric Adams delivered a five-minute rallying cry, calling Bitcoin a modern revolution led by working-class innovators—not regulators. “Let’s get rid of the Bitcoin license and allow us to have the free flow of Bitcoin in our city.” He announced plans to push for a “BitBond” in NYC, encouraging residents and investors to view Bitcoin as both civic infrastructure and a growth engine for the city’s financial future.

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• Advocated repeal of BitLicense to attract crypto companies back to NYC
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• Proposed “BitBond” as a tax-exempt financial instrument for Bitcoin holders
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• Promised NYC would lead by normalizing Bitcoin usage for fines, taxes, birth certificates
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• Urged the audience to engage in local politics: “Local politics would determine what happens to this industry.”

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✅ LedgerNotes: While no direct accounting changes were introduced, the proposed repeal of BitLicense and creation of BitBonds could affect regulatory expectations for reporting Bitcoin-based financial instruments in New York. If BitBond legislation advances, auditors and controllers may need to track these new instruments distinctly, especially around tax treatment, maturity schedules, and valuation under state-level guidance.

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MILES SUTER, BLOCK / SQUARE– BITCOIN PRODUCT LEAD: Square POS now accepts Lightning—bringing BTC into daily commerce for millions of businesses.
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Miles Suter announced Square’s native Lightning integration at Bitcoin 2025, calling it the start of a new chapter: “For the first time ever, businesses will be able to accept Bitcoin natively directly through the Square point of sale.” Block is building a full Bitcoin stack—from payments to treasury to self-custody—designed for small businesses to manage Bitcoin alongside fiat in daily operations.

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• Square POS now supports Lightning payments; live demo at conference merch booth
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• 1 in 4 outbound BTC payments from Cash App are now on Lightning
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• 1,700 businesses already DCA into Bitcoin from daily sales—some up to 60%
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• Square Banking will offer treasury tools: set BTC conversion %, auto-custody, buy/sell

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✅ LedgerNotes: This rollout could reshape how BTC enters small business balance sheets. Financial controllers should track: (1) daily BTC conversions and how they affect AR/AP timing, (2) Lightning-settled payments and FX treatment, and (3) custody location and audit trail if funds leave Square’s ecosystem. Reporting tools must adapt to natively track Bitcoin alongside USD.

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‍JP RICHARDSON, EXODUS – CEO: Stablecoins are the gateway. Bitcoin is the destination.
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JP Richardson introduced Exodus’ “Trojan Horse” thesis: stablecoins serve immediate financial needs—Bitcoin fulfills long-term sovereignty. “We lead with what the people need today, so that we can deliver what they will need tomorrow.” He shared real user stories, like a Venezuelan teen mining crypto to swap into dollars to support his family. The message: the next billion users won’t buy Bitcoin—they’ll download wallets that default to it.

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• 70% of Exodus users are outside the U.S.; wallets = bank branches
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• UX must abstract seed phrases, addresses, and L1/L2 complexity
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• Users want to “save in dollars and be ready to swap for sovereignty”
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• Stablecoins are mass onboarding; Bitcoin sits behind, ready to activate

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✅ LedgerNotes: There are no direct accounting implications here—but the trend matters. If wallets start blending stablecoin and Bitcoin balances invisibly, auditors may face challenges verifying source of funds, transaction intent, and timing of swaps. Reconciliation processes will need to account for wallet-layer abstraction and potential opacity in cross-asset conversions.

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ARTHUR HAYES, MAELSTROM – CIO: The path to $1M Bitcoin runs through debt monetization, bank leverage, and inflation.
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Arthur Hayes broke down his thesis on how fiscal policy, credit expansion, and regulatory loopholes could drive massive Bitcoin appreciation. “If we have less Bitcoin on exchanges due to ETF demand, and we’re printing double the amount of money between now and 2028 than during COVID, then Bitcoin $1 million is just easy.” His three drivers? Capital controls on foreigners, supplemental leverage ratio (SLR) exemptions for banks, and reactivation of Fannie & Freddie to flood credit markets.

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• U.S. deficit now tracking above 2024’s record pace despite cost-cutting rhetoric
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• SLR exemption would allow banks to buy treasuries with “infinite leverage”
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• Fannie & Freddie reactivation could add $5T of mortgage liquidity (Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation)
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• Hayes estimates $9T in new credit/liquidity between now and 2028

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✅ LedgerNotes: While speculative, Hayes’ “QE for poor people” thesis highlights real potential for large-scale liquidity influx. For finance teams, this could distort yield assumptions, pricing inputs, and valuation benchmarks for crypto assets. If banks issue stablecoins or expand BTC exposure using SLR exemptions, controllers should prepare for new flows and audit trails entering traditional and digital asset balance sheets alike.

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ADAM BACK, BLOCKSTREAM – Co-founder & CEO: Bitcoin’s core values are converting institutions, not being eroded by them.
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Adam Back argued that institutional exposure to Bitcoin isn’t diluting its permissionless nature—instead, it’s reinforcing it. “Bitcoin’s hard money incentives, the bearer assurances, seem to capture the imagination of all the people it comes into contact with.” He explained that most institutional investors are still at a conservative, early stage of adoption. Despite ETF inflows and headline allocations, actual deployment of capital remains limited and procedural. Blockstream’s strategy: onboard endowments, sovereigns, and pensions through asset management and custodian-grade interfaces.

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• Institutional conversations feel like “it’s 2015,” but progress is visible post-ETF approvals.
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• BlackRock’s ETF reportedly holds 33% institutional funds—still small relative to total AUM.
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• Blockstream hired Sean Bill, who onboarded the first U.S. public pension fund to Bitcoin.
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• Treasury firms use BTC as the hurdle rate; many now operate on a Bitcoin-denominated capital base.

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✅ LedgerNotes: While not directly about accounting workflows, Back’s comments imply a slow but steady shift toward institutional-grade custody, treasury operations, and Bitcoin-denominated balance sheet logic. If pension funds and sovereigns begin holding Bitcoin at scale, financial controllers may eventually confront new asset classification, custodian audit requirements, and reporting workflows for bearer assets. This could lead to rising demand for treasury subledger support and clearer treatment under fair value models

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DAN TAPIERO, 10T HOLDINGS + 1ROUNDTABLE PARTNERS – Store of purchasing power, not just a trade: Bitcoin’s macro role depends on long-term conviction.
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Dan Tapiero emphasized that Bitcoin’s value lies in its ability to preserve purchasing power over decades—not its volatility-driven tradability. “If the dollar is the denominator, you’re in trouble.” He argued that institutional adoption is still nascent despite the ETF hype. Many macro investors lack incentive to understand Bitcoin deeply, and fiduciary structures make volatility a career risk. Still, Tapiero believes Bitcoin’s institutional integration will advance through IPO-ready crypto companies and balance sheet exposure, not just ETFs.

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• Even large sovereign fund allocations (e.g., $450M) are tiny relative to their AUM.
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• Physical vs. “paper” asset ownership analogy: Bitcoin will mirror gold’s bifurcated adoption.
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• IPO pipeline includes Galaxy, Circle, Deribit, and eToro—offering indirect BTC exposure.
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• Resistance inside investment committees due to career risk in holding volatile assets.

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✅ LedgerNotes: Tapiero’s framing reinforces that institutional Bitcoin adoption may show up more in operating businesses’ equity than in direct asset holdings. This matters for accountants: public companies holding Bitcoin will trigger new disclosures, fair value accounting treatment, and auditor review. Controllers will also need to reconcile BTC exposure across both treasury and equity holdings. The comparison to gold highlights a future where some institutions hold directly, others via proxies.

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DAN MOREHEAD, PANTERA CAPITAL – Retail still leads: Institutions haven’t arrived—regulatory clarity could change that.
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Dan Morehead reflected on the arc from Mt. Gox chaos to today’s ETF-fueled optimism—and argued the institutional wave is still pending. “This is the first asset class I’ve seen in 40 years of investing where the, quote, smart money isn’t in yet.” Regulatory uncertainty has long been the final excuse for institutional hesitation. Now, with shifting U.S. leadership and legal frameworks improving, Morehead sees regulatory clarity as the last gate before significant inflows.

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• In early days, Pantera tried buying 20,000 BTC with a $50 limit—custody and infra were nonexistent.
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• Today’s ETF volumes don’t mean institutional conviction—two-thirds of firms still hold 0.0%.
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• Retail adoption is driving price action and narratives ahead of institutional validation.
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• U.S. government changes and Congress movement on crypto bills are clearing legal roadblocks.

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✅ LedgerNotes: Morehead’s comments directly tie to accounting challenges ahead. As regulatory clarity removes institutional barriers, finance teams should prepare for increased scrutiny, especially around crypto treasury holdings, fair value measurement, and audit compliance. Controllers at firms onboarding BTC—or exposed to it via equity investments—will need to review classification frameworks and risk disclosures as inflows scale. If ETFs serve as Trojan horses, expect backend ledger complexity to grow.

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ADAM BACK, BLOCKSTREAM – Co-founder & CEO: Institutional Bitcoin use may depend on infrastructure that preserves custody and auditability across layers.
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Adam Back outlined the challenges of building Bitcoin infrastructure for broader enterprise participation. He stressed that custody, hardware, and protocol tooling must evolve to support secure access without sacrificing audit transparency. “Bitcoin is still early, but more mainstream players are starting to become involved,” he said. Back noted that off-chain solutions like Liquid could help reduce on-chain congestion—but would also require new forms of financial infrastructure to verify transactions at scale.

• Noted friction between on-chain scalability and enterprise demand
  
  
• Layer 2s like Liquid introduced as capital market rails
  
  
• Custody and protocol access seen as infrastructure gaps
  
  
• Hardware and off-chain tooling needed for operational resilience

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✅ LedgerNotes: If transactions move off-chain to networks like Liquid, controllers lose visibility unless new data pipelines are built. Crypto subledgers may need to support standardized API integrations that can enrich off-chain data with timestamped, wallet-linked metadata. Without those, reconciling balances across L1 and L2 becomes unreliable—and audit controls could weaken in high-volume enterprise use cases.

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SAIFEDEAN AMMOUS, SAIFEDEAN.COM – CEO: Tether is a synthetic treasury wrapper—and could import fiat fragility into crypto.
‍Watch the full session in this link →

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Saifedean Ammous offered a sharp critique of Tether, describing it not as a crypto-native innovation, but a repackaged fiat instrument. “They found a whole new generation of bag holders around the world to buy the Treasury shitcoin,” he said, arguing that growing stablecoin adoption may just deepen global dependency on U.S. debt. He warned that if Tether grows 100x by 2035, its $20T balance sheet would hold $16T in Treasuries—reproducing central banking’s core risk profile in crypto.

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• Projects 100x Tether growth = $20T by 2035
  
  
• 80% of Tether reserves are U.S. Treasuries = $16T exposure
  
  
• Labels Tether a “synthetic Treasury wrapper”
  
  
• Implies U.S. monetary fragility could be mirrored in crypto systems
  
  

✅ @LedgerNotes: Most controllers currently treat fiat-backed stablecoins like USDT as cash equivalents. But Saifedean's critique raises a treasury-level consideration: if stablecoin reserves are primarily U.S. Treasuries, firms may be indirectly concentrated in sovereign debt risk—even when assets appear stable on the surface. For finance teams managing digital assets at scale, this may warrant more granular disclosures or internal reviews of counterparty and reserve asset exposure.

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ELIZABETH STARK, LIGHTNING LABS – CEO & Founder: Scaling Bitcoin isn’t just about throughput—it’s about routing, liquidity, and real-time reconciliation. Watch the full session in this link →

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Elizabeth Stark described Lightning as Bitcoin’s real-time layer for global micropayments. But scaling isn't just technical. “We’ve moved from speculation to utility,” she said, pointing to real-time streaming payments, enterprise adoption, and programmatic routing logic. This shift challenges traditional accounting systems to handle continuous inflows and outflows, especially when reconciliation doesn’t happen on-chain.

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• Described Lightning as a “routing protocol for money”
  
  
• Use cases include streaming wages, live tipping, global micro-payments
  
  
• Lightning is being integrated into enterprise developer stacks
  
  
• Stark: “The real scalability is happening behind the scenes.”
  
  

✅ LedgerNotes: Lightning-based flows introduce new reconciliation challenges. Since many transactions don’t settle on-chain, accounting teams may lack complete source-of-truth visibility. Controllers working with Lightning apps may need to develop off-chain logging frameworks, timestamp mapping, and payment channel tracking to match revenue and cost recognition to usage patterns.

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Day 3 - Mainstage Sessions

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HESTER PEIRCE, U.S. SECURITIES AND EXCHANGE COMMISSION – Commissioner: The SEC is reassessing what falls under its remit—and what crypto assets might be securities.
Watch the full session in this link →

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Hester Peirce outlined a new tone at the SEC: clearer rulemaking, less overreach. “We’re trying to identify things that are not within our ambit as a securities regulator.” She emphasized that most crypto assets “are probably not themselves securities,” though transactions involving them may be. Guidance is being developed through staff roundtables, 50+ stakeholder questions, and a dedicated crypto task force working across agencies to clarify what counts as a securities transaction.

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• SEC is attempting a "180" from prior enforcement-heavy posture
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• Crypto task force set up internally with participation from outside experts
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• Guidance is being developed on when disclosures apply and how
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• Most crypto tokens not inherently securities—but transactions may be

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✅ LedgerNotes: If finalized, new SEC guidance could clarify which token holdings or transactions require financial disclosures for public companies. It may also affect how digital asset treasuries are reported—especially for firms holding Bitcoin or other tokens. Controllers may need to prepare for more nuanced treatment of token sales, staking rewards, and platform interactions depending on whether they fall within securities transaction classifications.

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LYN ALDEN, Ego Death Capital General Partner: The U.S. fiscal system is too leveraged to stop, and Bitcoin could be its mirror.
Watch the full session in this link →

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Lyn Alden explained why U.S. fiscal deficits are now structurally unstoppable, highlighting that “the train, nothing stops this train because there’s no brakes attached to it anymore.” With over 100% federal debt-to-GDP and Social Security spending locked in by demographics, interest rate hikes now worsen deficits rather than curb them. Alden emphasized that Bitcoin’s scarcity and transparency are a counterpoint to this persistent debt expansion, offering an alternative to a system she likened to a "shark that can't stop swimming."
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• Since 2017, deficits and unemployment have decoupled, exposing a structural shift.
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• Raising rates now increases deficits, instead of curbing credit growth.
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• Social Security depletion by 2035 could inject $3 trillion more into the economy.
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• Total U.S. debt exceeded $100 trillion; monetary base expanded from $1T to $6T post-2008.

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✅ @LedgerNotes: While Lyn Alden didn’t directly address accounting workflows, her insights could indirectly reshape financial reporting. Persistent deficits and structural fiscal imbalances may drive asset revaluation cycles, requiring accountants to navigate heightened volatility in fair value measurements, especially for scarce assets like Bitcoin. Controllers tracking real asset holdings may need to reassess valuation frameworks amid those macro pressures.

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PAOLO ARDOINO, TETHER – CEO: Stablecoins have evolved from crypto trading tools to real-world financial infrastructure.
Watch the full session in this link →

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(1:08:33–1:12:43) Paolo Ardoino explained how Tether grew from a crypto-only tool into a bridge for emerging economies. “USDT has more than 420 million users in emerging markets, growing by 30 million new wallets per quarter.” He positioned USDT not just as a trading vehicle but as the “ultimate social network” for financial inclusion. Ardoino emphasized Tether’s shift to powering underserved populations where banks ignore small accounts, suggesting stablecoins could become primary financial infrastructure for billions.

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• USDT market cap: $153B+ as of the session date.
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• 420M+ users, mainly in emerging markets.
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• Growing 30M new wallets per quarter.
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• Tether sees financial inclusion, not just crypto trading, as its mission.

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✅ LedgerNotes: While not directly accounting-focused, the scale of USDT adoption could introduce major reconciliation complexities. Controllers may need to prepare for higher volumes of stablecoin transactions from markets where fiat rails are unreliable, and stablecoins are dominant in payment cycles. Tracking USDT usage, especially across high-volume wallets, may require new classification rules under GAAP/IFRS if treated as cash equivalents.

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YVES LA ROSE, EXSAT – Founder: Bitcoin’s balance sheet role is expanding beyond passive holding.
Watch the full session in this link →

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Yves La Rose outlined how ExSat aims to make Bitcoin more functional for institutions by offering banking services like yield generation, collateralized loans, and payments—functions they expect from traditional capital. “Institutions were coming to us and saying, we now have Bitcoin on our balance sheets. But we still can't really do anything with it.” ExSat’s solution combines staking, tokenization, and a Visa card to enable liquidity and leverage without asset liquidation, targeting a real-world financial role for Bitcoin.

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• 1.5% yield on Bitcoin offered through on-chain staking services via Standard Chartered and Sephe custody.
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• Launch of ExatPay, a Visa credit card reloaded with stablecoins (USDT, USDC) or fiat.
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• Collateralization of Bitcoin for loans without selling assets, mitigating taxable events.
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• Partnership with Fosun International to tokenize $100B+ in managed assets.

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✅ LedgerNotes: While direct accounting frameworks weren’t discussed, the introduction of on-chain yield, tokenized real-world assets (RWAs), and crypto-collateralized loans could complicate asset classification and fair value assessments for controllers. As institutions integrate Bitcoin beyond passive holdings, financial teams may need to reassess how these hybrid structures are recorded, valued, and audited on corporate balance sheets.

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MIKE BENZ, FOUNDATION FOR FREEDOM ONLINE – Executive Director: Bitcoin could reinforce U.S. dollar dominance instead of replacing it.
Watch the full session in this link →

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Mike Benz unpacked the tension between Bitcoin’s decentralized ethos and its potential to serve U.S. statecraft. “Stablecoins can effectively serve as a kind of crypto petrodollar for the global crypto trade.” While Bitcoin remains a tool for financial freedom, Benz warned that institutional and governmental forces could redirect it to reinforce existing power structures. Civilian adoption and regulatory shifts might determine whether Bitcoin strengthens individual autonomy or aligns with dollar dominance strategies.

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• Stablecoins could become tools for reinforcing U.S. dollar hegemony.
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• Institutional adoption may shift Bitcoin from parallel finance to state-aligned finance.
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• Retail Bitcoin community values are at odds with governmental goals.
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• Historical parallels drawn between multinational corporate expansion and stablecoin strategy.

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✅ LedgerNotes: While this session doesn’t directly touch on financial reporting, it hints at potential future complexities. If stablecoins are institutionalized as dollar instruments, auditors and accountants may need to differentiate between decentralized asset holdings and state-influenced instruments. Stablecoin classification, origin tracing, and cross-border compliance could become more critical in financial audits.

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PAOLO ARDOINO, TETHER – CEO: Tether is scaling Bitcoin's ecosystem by betting on direct ownership, mining, and decentralized wallets.
Watch the full session in this link →

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In a wide-ranging talk, Paolo Ardoino shared Tether’s Bitcoin-first strategy: “We are very proud of having more than 100,000 Bitcoin in our treasury.” Beyond treasury reserves, Tether is investing heavily in mining, wallet development, and peer-to-peer AI platforms. Ardoino criticized financial intermediaries and Big Tech for eroding self-sovereignty over money and data, emphasizing that Tether’s role is to remove middlemen wherever possible.

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• 100,000+ Bitcoin owned by Tether; addresses are public.
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• $2B invested in Bitcoin mining; aims to become the largest miner by end of year.
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• 420M users in emerging markets use USDT, with 35% treating it as savings.
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• Launched WDK (Wallet Development Kit) for non-custodial Bitcoin wallets; open-source approach.

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✅ LedgerNotes: While Ardoino did not directly address accounting or audit practices, Tether’s strategy of Bitcoin accumulation, decentralized wallet infrastructure, and mining expansion could introduce new complexities for financial controllers. Auditors might need to classify large Bitcoin holdings and evaluate on-chain transparency claims. Future wallet-driven models could affect transaction traceability and revenue recognition in emerging markets.

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LUKE RUDKOWSKI, WE ARE CHANGE – Founder: Bitcoin must remain a rebellion technology, not absorbed into the establishment.
Watch the full session in this link →

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Luke Rudkowski delivered a blunt warning: “It has to be the technology that stands outside of the status quo, which is more important than ever now.” He outlined Bitcoin's role as an alternative to legacy financial systems, criticizing past financial crises and ongoing corruption. Rudkowski urged the community to protect Bitcoin's original ethos and resist institutional co-option, emphasizing decentralization and personal sovereignty over assimilation into traditional systems.

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• Bitcoin must not integrate into existing institutional structures to preserve its purpose.
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• Legacy financial systems described as “the biggest rug pull” against the public.
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• Skepticism and community-driven verification are essential in an AI-influenced media landscape.
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• Social bonds and decentralized relationships are key defenses against systemic collapse.

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✅ @LedgerNotes: While no direct accounting or audit implications were discussed, Rudkowski's emphasis on maintaining decentralization could indirectly impact financial reporting. Bitcoin treatment in corporate treasury and accounting may remain complex and unconventional, requiring careful fair-value classification and policy updates in evolving standards like IFRS and GAAP.

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‍MAYER MIZRACHI, CITY OF PANAMA – Mayor: Local Bitcoin initiatives can proceed without national mandates.Watch the full session in this link →

Mayor Mayer Mizrachi outlined how Panama City began accepting Bitcoin for taxes and services without needing national legal tender status. “We created a new roadmap for how cities can embrace Bitcoin regardless of national law.” By routing Bitcoin payments through intermediaries and receiving USD, Panama sidestepped the legal hurdles that national adoption might entail. Mizrachi emphasized municipal autonomy as a model for others, framing Bitcoin acceptance as a gradual, bottom-up process rather than an overnight regulatory overhaul.

“You’re autonomous… you can build the building blocks for the central government to then copy what you are doing after you’ve got the results.”

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• Panama City now accepts Bitcoin payments for municipal taxes and services, processed and settled in USD.
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• Estimated $5 billion in Bitcoin transactions annually in Panama.
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• Tower Bank and Cajal Horros Bank offer Bitcoin services and custodial solutions.
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• Focus on allowing organic Bitcoin growth before introducing national regulations.

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✅ LedgerNotes: For financial controllers and accountants, the hybrid setup—accepting Bitcoin but settling in USD—may simplify reporting and mitigate FX volatility risks. However, growing adoption without a national legal framework could introduce inconsistencies in accounting treatments for crypto-denominated revenue and taxes. Tracking settlement pathways and ensuring correct classification (crypto vs. fiat) would be key in these setups.

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MAX KEISER, BUILDING BITCOIN COUNTRY EL SALVADOR – Presidential Advisor: Classifying Bitcoin as money and crypto as securities filters out bad actors.
Watch the full session in this link →

Max Keiser explained how El Salvador minimized scam projects by formally defining Bitcoin as legal money while requiring other crypto assets to register as securities. “Bitcoin is money, everything else is an unregistered security.” This policy discouraged opportunistic actors by adding regulatory friction to non-Bitcoin ventures. Keiser framed this dual strategy—official Bitcoin endorsement plus higher barriers for altcoins—as essential for maintaining credibility during early national adoption.

“If you go to El Salvador and you have to actually interact with a bureaucrat and register something, you're like, I'm going somewhere else.”

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• Bitcoin was designated legal money; other cryptocurrencies were treated as unregistered securities.
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• A Bitcoin Office was created to report directly to the President, formalizing Bitcoin policy oversight.
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• Tight administrative requirements discouraged non-Bitcoin crypto projects from entering El Salvador.
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• Focus on early, clear policy distinctions to protect against fraud and safeguard Bitcoin’s credibility.

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✅ @LedgerNotes: While Max Keiser’s regulatory approach underscores risk mitigation, there are limited direct accounting impacts unless replicated at a municipal or enterprise level. However, financial controllers should note that legal classification differences between Bitcoin and other digital assets may affect future audit, custody, and asset categorization workflows if similar frameworks emerge in other jurisdictions.

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JOHN PERKINS, CONFESSIONS OF AN ECONOMIC HITMAN – Author: Bitcoin could dismantle the debt-based empire built on dollar dominance.
Watch the full session in this link →

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John Perkins described how the U.S. used dollar-denominated debt to impose control over resource-rich countries, but warned that Bitcoin must avoid replicating these power structures. “Without the Federal Reserve, without the dollar being the reserve currency of the world, this imperialistic economic policy wouldn’t work.” He emphasized Bitcoin’s potential to democratize finance globally but cautioned that accumulation by state actors or oligarchs could recreate old imbalances under a new banner.

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• Perkins explained how World Bank loans never funded local development, but funneled wealth back to U.S. corporations.
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• Structural debt traps depend on the dollar’s reserve currency status and Federal Reserve control.
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• Bitcoin’s finite supply prevents inflationary policy used for economic leverage.
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• Perkins warned Bitcoin adoption risks oligarchic capture if ownership concentrates among states or elites.

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✅ @LedgerNotes: While Perkins didn’t directly address accounting, his remarks highlight risks that could impact financial reporting under a Bitcoin-based system. Controllers and auditors should consider how decentralized asset concentration could affect cross-border transactions, valuation standards, and exposure disclosures. Monitoring who holds reserves might become crucial for risk assessments if Bitcoin adoption grows among sovereigns or large actors.

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JACK MALLERS, STRIKE – CEO & FOUNDER: Bitcoin's next chapter could unlock collateral-backed liquidity without selling.
Watch the full session in this link →

Jack Mallers tackled the classic Bitcoiner's paradox: “You can't HODL forever.” He argued that Bitcoin has matured into an ideal form of collateral, comparable to real estate and equities. “Bitcoin is not different. Bitcoin is next.” Strike’s new lending product aims to solve the HODLer's dilemma — offering non-rehypothecated loans at single-digit rates. Mallers claims Bitcoin’s declining volatility could justify lower lending rates, enabling holders to access liquidity without selling sats.

"Bitcoin is the best performing asset in human history... the solution to all eight billion people's problem."

• Fiat currencies’ purchasing power has declined by 97% since the Fed's creation; Bitcoin offers an alternative.
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• Traditional Bitcoin loans had 15–20% interest rates; Strike claims single-digit rates with no rehypothecation.
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• Bitcoin’s volatility is now similar to Tesla and lower than some tech stocks, supporting its use as collateral.
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• Strike’s lending allows $10K–$1B loans, aiming for global access including Latin America and Africa.

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✅ LedgerNotes: While there’s no direct accounting workflow discussed, Bitcoin-backed loans could introduce new collateral valuation, disclosure, and fair value measurement challenges for financial controllers. As Bitcoin's role in balance sheets expands, auditors may need to assess whether crypto-collateralized liabilities align with GAAP/IFRS rules on secured borrowing. Monitoring loan terms, LTV ratios, and rehypothecation risks would be key for risk management and financial reporting integrity.

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ERIC SEMLER, SEMLER SCIENTIFIC – Chairman: Bold Bitcoin conviction has to withstand real-time volatility.
Watch the full session in this link →

Eric Semler described the pressure of deploying $60 million into Bitcoin and facing a 20–25% plunge immediately after. “I wanted to hide under the mattress,” he said, reflecting on the moment conviction was tested. Still, his board encouraged them to double down. He emphasized that volatility has kept many companies from adopting Bitcoin, but those that endure view downturns as buying opportunities, not existential threats.

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• Semler Scientific bought Bitcoin near the $60k price point before a sharp drop.
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• Bitcoin’s volatility immediately tested Semler’s investment thesis and board confidence.
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• Board support led to further Bitcoin accumulation during downturns.
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• Semler views Bitcoin as "digital gold" with potential for a 10x return.

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✅ LedgerNotes: For financial controllers and auditors, companies adopting Bitcoin must prepare for fair value accounting, recognizing gains and losses in earnings at each reporting period under new FASB rules (ASU 2023-08). Controllers and auditors should update valuation and reporting policies to align with these requirements, ensuring real-time remeasurement of Bitcoin holdings.

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WILL REEVES, FOLD – Founder & CEO: Building a Bitcoin treasury means adapting to market cycles, not chasing them.
Watch the full session in this link →

Will Reeves shared Fold’s approach to Bitcoin volatility: “Bitcoin will throw a wrench into every plan... it’s the Bitcoin baptism.” By aligning its treasury with Bitcoin’s natural cycles, Fold grew its Bitcoin holdings by 50% in just 100 days. Reeves emphasized that long-term success depends on managing volatility through operational alignment — not speculative timing — and maintaining customer trust during bear markets as well as bull runs.

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• Fold passively accumulates Bitcoin through customer activity: saving, spending, and buying Bitcoin.
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• Treasury strategy is designed to harness Bitcoin’s upside volatility and endure downturns.
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• Bitcoin holdings increased 50% within the company’s first 100 days as a public entity.
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• Customer behavior during bear markets (doubling down) strengthens Fold’s model of continuous accumulation.

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✅ LedgerNotes: For controllers and finance teams, a Bitcoin-aligned treasury strategy introduces ongoing fair value remeasurement requirements under ASU 2023-08. Managing volatility cycles could complicate earnings stability and impact quarterly reporting. Controllers should prepare for real-time asset valuation, revenue recognition impacts, and increased scrutiny on treasury practices that intertwine with customer transactions and market cycles.

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SIMON GEROVICH, METAPLANET INC. – President: Bitcoin volatility isn’t a risk — it’s a tool for efficient capital formation.
Watch the full session in this link →

Simon Gerovich explained how Metaplanet leverages Bitcoin’s volatility to raise capital efficiently. “Volatility is not something to be afraid of — it’s something that can be harnessed.” With ~180–190% stock volatility, Metaplanet uses at-the-market equity offerings and moving strike warrants to raise funds without deep discounts. Gerovich views Bitcoin treasury companies as early-stage, with volatility providing a competitive advantage in capital markets compared to traditional businesses.

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• Metaplanet raised ~$650M in 60 trading days using volatility-driven strategies.
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• Stock trades with ~180–190% volatility, driving higher investor interest.
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• Moving strike warrants and ATM offerings minimize capital raising costs.
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• KPIs for Bitcoin treasuries will focus on Bitcoin per share growth and buying cadence.

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✅ LedgerNotes: Moderate
For financial controllers, high volatility treasury strategies demand tighter earnings reporting controls and valuation transparency. Frequent capital raises tied to volatile assets could require enhanced disclosure practices under SEC and IFRS standards. Controllers should anticipate increased auditor scrutiny on treasury valuation models, equity issuance timing, and fair value presentation in financial statements.

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Michael Saylor, MicroStrategy – Executive Chairman: Wealth-building could increasingly depend on Bitcoin-backed corporate structures.

Watch the full session in this link →

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In a sweeping keynote, Saylor argued that Bitcoin is "perfected capital, programmable capital, incorruptible capital." His 21-point framework urged individuals and families to prioritize incorporation and AI-assisted legal structuring to capitalize on Bitcoin's potential. “A well-structured corporation is the most powerful wealth creator.” Saylor stressed that moving assets into corporate wrappers could provide leverage, tax efficiency, and access to credit markets—tools individuals can't tap alone.

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• Bitcoin described as "capital perfected," worth "half of everything" in the future.
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• Corporate structures give access to credit, tax advantages, and longer duration than individuals.
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• AI can level the playing field for legal, financial, and strategic decision-making.
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• Building companies around Bitcoin treasuries could outperform traditional operational businesses.

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✅ LedgerNotes: While Saylor didn’t directly address accounting standards, his focus on leveraging corporate structures implies that crypto controllers must track Bitcoin on balance sheets within complex entities. This could introduce new compliance, reporting, and fair value classification challenges—especially as more firms move assets from personal holdings into corporate treasuries. Accounting teams may need to prepare for evolving GAAP/IFRS treatments of Bitcoin in these contexts.

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