Bitcoin 2025: Legal Takeaways from Vegas
Las Vegas was buzzing for the Bitcoin 2025 Conference—and not just with price predictions. The energy was high, the conviction was real, and the regulatory tide has clearly begun to shift. As I walked the floors, spoke on panels, and soaked in the new legal infrastructure being built, one thing became clear: this cycle’s narrative isn’t just number go up—it’s law catching up.
Bitcoin 2025 Vegas marked a significant milestone in the mainstream acceptance of cryptocurrency, featuring a powerhouse lineup of speakers that underscored the growing political and institutional support for Bitcoin. Vice President JD Vance's keynote address highlighted the Trump administration's pro-crypto stance, signaling a shift towards embracing digital assets at the highest levels of government—and ending the prior administration’s war on crypto—including the debanking of crypto companies and users under Operation Choke Point 2.0. Vance emphasized that crypto finally has a champion and an ally in the White House, advocating for regulatory clarity and the integration of cryptocurrencies into the mainstream economy.
The conference also featured prominent figures such as Ross Ulbricht, Michael Saylor, Senator Cynthia Lummis, and Robinhood CEO Vlad Tenev, reflecting a diverse coalition of political leaders, industry pioneers, and financial innovators.
🔍 CLE Legal Track Highlights: Bitcoin and the Law Meet in Vegas
The Bitcoin 2025 CLE program was one of the strongest legal tracks I’ve seen at any crypto event. If you missed it, here’s what stood out from each session:
1. Bitcoin and Trump 2.0: The Strategic Bitcoin Reserve Era
Panelists broke down how the next administration could drive Bitcoin policy, including the bold Strategic Bitcoin Reserve (SBR) plan—essentially turning Bitcoin into a sovereign asset class. Props to to the panel for also breakdown of the DOJ’s Blanche Memo and the prior administration’s weaponization of the money transmitter statute to prosecute crypto code creators.
🔗 My take on this session
2. Bitcoin on the Balance Sheet: Corporate Treasury Strategies
This panel offered practical blueprints for how public companies can legally move Bitcoin, potentially other qualifying crypto assets, into their treasuries.
Key takeaways:
How to structure board resolutions.
How to navigate securities disclosure and FASB impairment.
And how to use PIPEs, convertible notes, and public offerings to fund a treasury build.
🔗 My summary here
⚖️ Meeting Tor Ekeland: A Frontline Defender in Crypto’s Legal Battles
One of the most meaningful conversations I had at Bitcoin 2025 was with Tor Ekeland and his legal team. Tor’s name is well known to those of us in the crypto defense world for his fearless advocacy on behalf of clients targeted by expansive government theories in cybercrime and crypto prosecutions. At the center of our conversation was his tireless work defending Roman Sterlingov—the alleged operator of Bitcoin Fog—who was convicted earlier this year following a DOJ prosecution that hinged on dubious blockchain forensics and circumstantial digital evidence. That case is now pending on appeal.
Tor’s commitment to pushing back against prosecutorial overreach in the digital asset space is a reminder that while the law may be catching up to crypto innovation, it’s often adversarial cases like this that shape the boundaries of enforcement power.
Another highlight of the conference was meeting and visiting with Calli Bailey, one of the original founders of the Bitcoin Conference. We talked about her excitement over the continued growth of BTC Inc.'s flagship event—riding high off last year’s successful debut in Nashville and this year’s huge turnout in Las Vegas. Her vision for expanding the reach and impact of the conference was inspiring, as she emphasized how crucial it is to keep building community and momentum in the Bitcoin space. Big thanks to crypto tax lawyer, Kristin Stroud, for making the introduction.
It was also a fun surprise to stop by @AP_Abacus’s Arch Public room for a live taping of Scott Melker’s Macro Monday—this time on a special live Wednesday edition. Great energy in the room as @scottmelker broke down market trends and macro catalysts with his usual sharp insights.
Another major highlight was catching some powerhouse speakers who delivered sharp, forward-looking takes on the future of crypto and digital finance:
Arthur Hayes brought the heat, forecasting Bitcoin’s continued upward trajectory and making a compelling case for the massive upside in U.S. Treasuries if the GENIUS Stablecoin Act becomes law. His macro analysis didn’t disappoint.
SEC Commissioner Hester Peirce, known affectionately as Crypto Mom, weighed in on the much-needed regulatory reset happening at the SEC. Her remarks were a breath of fresh air for those hoping to see more thoughtful and tech-savvy policymaking in Washington.
On the Nakamoto Stage, Tether’s Paola Ardoino shared bold insights on the future of Tether, emphasizing growth, infrastructure expansion, and stability strategies in evolving markets.
These talks underscored the energy and momentum building around Bitcoin, stablecoins, and regulatory reform in the U.S.—with leaders who clearly see where the puck is headed.
🏦 New Trends: Public Companies Want BTC and ETH in Treasury
The breakout legal theme this year wasn’t regulatory overreach or criminal risk—it was capital strategy. Companies are now actively structuring takeovers and convertible offerings to add BTC and ETH to balance sheets. Think Saylor 2.0, but across dozens of microcaps and SPACs.
The Janover case study shared during CLE (Session 2) showed exactly how a company can:
Acquire a controlling interest in a PubCo,
Change treasury policy,
And fund it all with equity + debt raises.
Adding to the momentum around digital asset treasuries, a recent headline-grabbing transaction suggests that corporate interest in Ethereum (ETH) is accelerating. In May 2025, SharpLink Gaming (NASDAQ: SBET), a small-cap online gaming company, announced a $425 million private investment in public equity (PIPE) to make ETH its primary treasury reserve asset. The deal, executed under Section 4(a)(2) and Regulation D, saw the issuance of roughly 69.1 million new shares to accredited investors, including Consensys Software Inc. (founded by Ethereum co-founder Joseph Lubin), Pantera Capital, and Galaxy Digital. The market’s response was immediate—SBET’s stock price soared over 1,000% in just one week.
🇺🇸 Future Trends: GENIUS Act—Stablecoin Regulation Is Coming
In conversations with regulatory attorneys and colleagues throughout the event, it was clear: the GENIUS Act, if passed , wil be the biggest non-crypto native digital asset onboarding multiplier ever. The bill, if signed into law, will create a federally regulated, bank-grade framework for USD-backed stablecoins.
Here’s my core thesis, shaped by dozens of conversations with lawyers, founders, and executives in Vegas: The GENIUS Act will be the single biggest non-crypto-native onboarding moment of the cycle.
Why?
Stablecoins fix wires. No more waiting days, worrying about reversals, or facing absurd SWIFT fees.
Dollar exposure, without bank risk. Businesses can move millions with stablecoins faster than a bank can send a confirmation.
Family offices, e-commerce shops, and cross-border trade platforms are next. They don’t care about ideology—they care about settlement speed and cost.
🎙️ Final Word from the Floor
I left Bitcoin 2025 more confident than ever that we’re heading into a regulatory environment where crypto isn’t just tolerated—it’s leveraged. Builders aren’t hiding anymore. Lawyers aren’t just saying “no.” And Congress is finally drafting laws instead of letting agencies stretch 1940s rules into 21st-century tech.
Whether you’re advising clients, launching a startup, or structuring a treasury—this is the time to lean in.