Fellow TRU Capitalists,
In many ways, July has been the most bullish month in the history of digital assets,
The Genius Act made stablecoins the law of the land, digital asset treasury companies are taking over Wall Street, the SEC is all-in on crypto, and Bitcoin broke $120,000.
Let's dive in.
First, we're happy to announce that two of our general partners, Robert Miller and John Gillen will be featured speakers and panelists at the Heartland Digital Asset Summit in Kansas City on Sept 8th-9th
We think this will be an excellent event and strongly encourage you to attend if you can. Please make sure to let us know if you're coming, we'd love to set up time to speak with you.
The landmark Genius Act passed Congress and was signed into Law.
This was a major success for the digital assets industry and the beginning of a new era in American financial innovation.
SEC Chairman Paul Atkins said on TV recently that the SC's job is to promote innovation. And he's delivering.
The SEC approved inkind redemption for Bitcoin and ETH ETPS.
They also approved raising the limits on options trading.
There's no other way to say it - this is going to lead to an explosion in options trading activity on Bitcoin and Ethereum. Wall Street is finally coming to digital assets and things are only going to get more interesting from here.
The SEC's Project Crypto, announced by Chairman Paul Atkins on July 31, 2025, is a Commission-wide initiative designed to modernize U.S. securities rules and regulations for digital assets. The intent is to bring financial markets 'on chain' and position the United States as the global hub for Bitcoin, cryptocurrency, tokenization, DeFi, and digital assets in general.
The U.S. SEC is telling the world that they’re about to move mountains to massively accelerate crypto adoption and bring capital markets on-chain. Here are five of the objectives outlined by the SEC: 1. Bring crypto asset distributions back to America. That means legal ICOs, airdrops, network rewards, and tokenized assets. No more classification confusion. All the world’s securities tokenized on-chain. 2. Protect the right to self-custody without infeasible bureaucratic red tape. 3. Enable the creation of "super apps", where non-security crypto, crypto asset securities, traditional securities, and other services, like crypto staking and lending, can be offered on one platform with one federal license. 4. Update outdated rules and regulations to allow on-chain apps and DeFi to flourish and protect the publishers of software code. 5. Establish an innovation exemption (safe harbor exemption) to allow companies to go to market with new business models and services quickly.
This is the most bullish news to come out of the SEC in the history of digital assets.
Meanwhile, the Secretary of the Treasury is bull-posting crypto in the Washington Post.
This accompanied the release of the White House report on digital assets.
This is the most comprehensive report on digital assets to come out of Washington, ever. We will summarize a few key points here, but I encourage investors to read it in its entirety.
The President’s Working Group on Digital Asset Markets aims to fulfill the administration's promise to make the United States the "crypto capital of the world" by fostering innovation in digital assets and blockchain technology while protecting consumers and maintaining financial stability. Key findings highlight the transformative potential of digital assets to revolutionize finance, ownership, and governance. The report criticizes past regulatory ambiguity under previous administrations and praises the grassroots crypto movement for building a more open financial system. Core recommendations include:
The report concludes that these steps will usher in a "Golden Age of Crypto," ensuring U.S. leadership in the blockchain revolution. Bullish.
Since Michael Saylor and Microstrategy, now Strategy, started buying Bitcoin, they've spawned a lot of imitators. Some of these companies are also accumulating Bitcoin, but others are accumulating ETH, SOL, and several other digital assets. The increased attention and demand for ETH pushed its price to nearly $4K.
Everyone is coming to crypto. Digital asset treasury companies are yet another way for investors to get access to the fastest-growing industry in global finance.
Bitcoin hit a peak of $123,091.61 on July 14, briefly overtaking Amazon to become the fifth-largest asset globally by market capitalization. This surge was fueled by institutional inflows, ETF momentum, and whale accumulations.
The price has retraced slightly since then but is still showing remarkable strength.
MACRO OUTLOOK
The Fed held rates at 4.5% as expected by the market. The tone of the press conference following the meeting was a bit more hawkish than most investors were hoping. This, combined with Trump reapplying tariffs to many nations that still have not closed a trade deal, led to a sell off in risk assets and in the digital assets market.
However, the long term view is still very strong. We expect Bitcoin to put in another all-time high this year. We also expect this bullish momentum and accommodative fiscal and monetary changes to push the alt coin market higher.
Finally, the regulatory landscape, institutional involvement, fundamental value proposition, and adoption levels of digital assets have never been stronger. We anticipate this to continue as well as this industry and asset class emerge as vital to all financial, economic, and monetary activity in the years and decades to come.
Now is an excellent time to be in digital assets. We hope you will join us on the journey.
Until next time, remember that this is TRU Capital. We believe capital is value, cryptography is truth, and Truth is priceless.
"Buy the truth, and sell it not" - Proverbs 23:23 KJV HODL, The General Partners of TRU Capital
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