SEC launches Project Crypto to bring America’s markets on-chain

Billionaire Strategy Executive Chairman Michael Saylor has positioned his company’s Bitcoin-backed securities as a compelling alternative to conventional bank savings for retirement planning, presenting yields of 9.5% versus traditional savings rates ranging from 0.1% to 4%. During MicroStrategy’s second-quarter earnings call on July 31, Saylor highlighted the firm’s newest preferred stock offering, STRC, as especially appealing to conservative investors seeking returns on their income. Source: Strategy “ This presents opportunities for retirees and an entire demographic of investors ,” Saylor explained, emphasizing the product’s attraction for those pursuing enhanced returns without extended lock-up periods. He further noted that MicroStrategy’s preferred equity instruments provide exceptional yield-generating collateral for investors. Just watched the @Strategy earnings call and bought more $MSTR and replaced my cash reserve investment with $STRC . Not financial advice but my opinion is that the level of this firm’s performance aspiration and investor communication has no peer. @saylor @digitalphong 🔥🚀📈 https://t.co/WCgN62BsbQ — Tad Smith (@tadtweets) August 1, 2025 Saylor’s Bitcoin-Backed Retirement Plan: 9.5% Yields vs 0.1% Banks The STRC preferred stock offering successfully raised $2.5 billion on July 30, funds that were immediately deployed to purchase 21,021 Bitcoin in what became 2025’s largest US initial public offering to date. Driving the digital transformation of IPOs with $BTC . $STRK $STRF $STRD $STRC pic.twitter.com/ydraj0QTKt — Strategy (@Strategy) July 28, 2025 Strategy already announced that STRC will commence trading on the Nasdaq this Wednesday, marking it as America’s first exchange-listed perpetual preferred security from a Bitcoin treasury corporation offering monthly, board-determined dividends targeted at income-seeking investors. Notably, STRC represents the newest addition to MicroStrategy’s expanding portfolio of perpetual preferred securities designed to fund Bitcoin acquisitions. The series includes Strike (STRK), a convertible instrument with an 8% fixed dividend; Strife (STRF), a non-convertible option featuring a 10% cumulative yield; and Stride (STRD), which distributes a 10% non-cumulative dividend. This strategic positioning coincides with MicroStrategy’s announcement of record quarterly earnings totaling $10 billion , primarily fueled by Bitcoin’s appreciation from $77,000 in Q1 to above $111,000 in Q2. The Virginia-headquartered corporation, previously operating as MicroStrategy, established the blueprint for corporate Bitcoin treasury adoption and currently maintains 628,791 BTC valued at over $72.6 billion, representing approximately 3% of Bitcoin’s total supply. Source: Saylor/X MicroStrategy’s retirement plan initiative aligns with broader momentum toward incorporating Bitcoin into 401(k) investment options. U.S Government Greenlights Bitcoin-Backed Retirement Plans in Crypto 401(k)s Policy Change Notably, the U.S. Department of Labor withdrew its 2022 guidance discouraging cryptocurrency inclusion in workplace 401(k) programs this July. This regulatory reversal is expected to rekindle enthusiasm for cryptocurrency investment vehicles within retirement and mortgage savings frameworks. Similarly, Bitcoin adoption in retirement portfolios appears to be accelerating across multiple fronts. In May 2024, the State of Wisconsin Investment Board (SWIB), America’s ninth-largest pension fund, allocated $99 million to Bitcoin purchases, while Florida’s Chief Financial Officer Jimmy Patronis advocated for Bitcoin inclusion in the state’s pension system. International adoption is already underway, with UK retirement schemes dedicating up to 3% of their portfolios to Bitcoin , anticipating superior returns for beneficiaries. These pension investments received guidance from Cartwright, a firm specializing in defined benefit scheme management that provides employees with guaranteed monthly retirement income based on service duration and salary levels. Performance data indicates that Cartwright-managed pension fund Bitcoin investments have generated over 60% returns in less than twelve months, significantly outpacing traditional assets, including bonds, gold, and the S&P 500. Cartwright Pension Trusts is seeing rising interest from its clients after helping a UK pension fund allocate 3% to Bitcoin in 2024, yielding a 60% in November 2024—and according to Nasri, it secured a 60% return on investment in under 12 months pic.twitter.com/dhgIuST0Yi — The Crypto Utility Guy (@UtilityGuy7) July 2, 2025 Cartwright has also published specialized research targeting corporate treasurers, defined benefit administrators, and institutional investors, focusing on Bitcoin’s practical applications, volatility characteristics, and expanding macroeconomic significance.

The UK Financial Conduct Authority (FCA) has announced that, from October 8, retail investors will once again be allowed to access crypto exchange-traded notes (ETNs), marking a policy shift after more than four years of restrictions. The decision reflects what the regulator describes as an evolution in market maturity and investor understanding. UK FCA ban on retail trading in Bitcoin ETFs lifted on 8 October. It’s going to be big. https://t.co/45OZRO9vmw — Charlie Morris (@AtlasPulse) August 1, 2025 Retail Investors Regain Access to ETNs In a press release, the FCA confirms that retail consumers will be able to invest in crypto ETNs, provided the products are traded on an FCA-recognised, UK-based investment exchange—known as a Recognised Investment Exchange (RIE). These firms will be required to comply with UK financial promotion rules, ensuring consumers receive clear and fair information without being misled by aggressive marketing tactics. “Since we restricted retail access to cETNs, the market has evolved, and products have become more mainstream and better understood. In light of this, we’re providing consumers with more choice, while ensuring there are protections in place,” said David Geale, executive director of payments and digital finance at the FCA. The FCA made it clear that although crypto ETNs will become available to retail investors, protections such as the Financial Services Compensation Scheme (FSCS) will not apply. Consumers will need to assess the risks themselves, with firms bound by the Consumer Duty to act in their clients’ best interests. Regulatory Progress in Crypto Oversight This move forms part of the FCA’s effort to build out a workable regulatory framework for cryptoassets in the UK. It follows the publication of proposals on stablecoin regulation and broader crypto market oversight. The regulator’s roadmap seeks to create structured access to digital assets without encouraging risky behavior. Despite lifting the restriction on ETNs, the FCA confirms that its ban on retail access to cryptoasset derivatives will remain in place. The agency reiterated its commitment to monitoring the evolving environment of high-risk investments, adjusting its approach based on developments in product safety, investor behavior, and global regulation. From Ban to Reform: A Gradual Policy Shift The FCA originally imposed a ban on the sale, marketing, and distribution of crypto derivatives and ETNs to retail clients in January 2021. By March 2024, however, the FCA shared a softer stance by allowing recognised investment exchanges like the London Stock Exchange to list crypto ETNs for professional investors. That softening continued into June 2025, when the regulator opened a consultation to explore lifting the ban for retail clients. With the latest rule change, the UK joins other global financial centers in re-evaluating the role of retail access to crypto-linked financial products under clearer rules and improved investor protections. Industry Reacts to FCA Policy Shift Laurent Kssis, CEO of CEC Capital, a long-standing expert in crypto ETPs, welcomes the FCA’s decision, calling it a long-overdue step toward aligning with international standards. “The FCA’s move to allow retail access to crypto ETNs on UK exchanges marks a major turning point. It brings the UK in line with global best practices—something I, along with many retail investors, have been advocating for,” said Kssis. Drawing on his experience managing regulated crypto products across Europe, he added: “We’ve seen how a strong regulatory framework can offer sophisticated exposure to crypto while still prioritizing investor protection.” Kssis describes the shift as a transformative moment for the UK market. “Until now, the 2021 retail ban effectively shut UK investors out of the regulated crypto investment wave that’s swept across Europe and the US. Many were left with little choice but to either miss out or turn to unregulated, riskier options.” He also praises the FCA’s requirement that only recognised investment exchanges—such as the London Stock Exchange—can list these products. “This ensures institutional-grade transparency and oversight that retail traders simply don’t get when accessing crypto directly,” he said. “Combined with the Consumer Duty framework and stricter financial promotion rules, this structure offers more protection than most current retail crypto platforms.”

PANews reported on August 2nd that, according to Fortune magazine, blockchain startup Subzero Labs has secured $20 million in seed funding led by Pantera Capital, with participation from Variant, Coinbase