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Altcoin Season Incoming? Sygnum Predicts Rally in Q2 2025 Driven by Regulatory Clarity

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  • Sygnum forecasts Q2 2025 as the start of an altcoin season because there will be new and clearer crypto regulations while mainstream crypto adoption continues to grow.
  • The bank expects a change, even though Bitcoin dominance has reached its maximum after users started to show interest in altcoin projects, which could kickstart the much-awaited altcoin season.
  • Innovative strategies, being tested on emerging altcoins and Layer 2 networks, will help overcome adoption hurdles and build long-term value.

As rules and regulations around crypto become more supportive and clearer in 2025, Swiss bank Sygnum predicts that in the second quarter of this year, some altcoins, or cryptocurrencies other than Bitcoin, could make a strong comeback in value in what is generally referred to as the altcoin season.

In its latest investment report, the bank noted that there has been significant progress in crypto regulation, which has prepared the ground for the altcoin season. Yet, the market has yet to reflect these positive changes in the altcoin prices.

Despite Bitcoin dominance, the altcoin season is approaching

Many traders moved their funds into Bitcoin recently when it reached its highest level of dominance in the crypto market in four years. This usually indicates that investors are playing it safe rather than engaging with particularly volatile altcoins. 

However, Sygnum believes this may change soon. The bank pointed out new developments in the US, such as President Donald Trump’s establishment of a Digital Asset Stockpile and efforts to clarify stablecoin regulations, which would make crypto more mainstream, leading to greater adoption.

It believes that projects or protocols that succeed in attracting and retaining users will outperform others over time. Bitcoin’s dominance will decrease in favor of these emerging altcoins.

Mass Crypto Adoption could result from New Altcoin Strategies

Each of the altcoins mentioned by Sygnum, such as Toncoin, Sui, Aptos, Sonic, and Berachain, grew in a unique way. These newer blockchains are created with the aim of overcoming some of the inadequacies of older ones, such as Bitcoin, Ethereum, and Solana. 

While these coins have gained widespread adoption, they still face challenges in generating consistent income from transaction fees. Nevertheless, some of these projects are promising. 

For instance, Berachain incentivises its validators to help with liquidity for DeFi apps, Sonic pays the developers who bring in the fans, and Toncoin has a close association with Telegram, providing a platform of one billion potential users.

Sygnum also mentioned the use of layer two networks, which are networks built on top of an existing blockchain to make them faster and cheaper. An example is Base, which in the past attracted a wave of interest, leading to huge trading volumes and revenue into the network. 

Crypto: China Monetizes Seized Digital Assets to Fund Budget

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  • In the face of a strict crypto ban, Chinese local governments are now legalizing the sale of the confiscated digital assets to help public budgets, raising legal and ethical issues.
  • China has one of the largest government-owned Bitcoin reserves in the world, but its methods of selling them contradict crypto trading rules.
  • Centralized management or strategic holding of seized crypto assets is what experts and industry leaders suggest is needed for transparency and legal compliance.

Although China has banned crypto trading and its local governments haven’t disclosed any plans to initiate crypto activity, they are reportedly still selling off confiscated cryptocurrency to raise money for public spending.

Reuters reported on April 16 that private companies have been working with these authorities to convert seized digital assets into cash by selling the digital assets on offshore markets. The money raised is then used to support local government budgets.

The practice in China has caught the attention of industry experts because the Asian nation currently does not have clear laws regarding what to do with seized cryptocurrencies. For this reason, there are now rumors that this action might leave open the possibility for corruption or misuse of funds since there is no transparency or oversight.

China’s Bitcoin Holdings Clash With Crypto Ban

When 2023 came to an end, as much as 15,000 Bitcoins were being held by local Chinese authorities, which were valued at roughly $1.4 billion. Currently, China is estimated to have around 194,000 Bitcoins (BTC) that are roughly valued at $16 billion, making it the second biggest holder of Bitcoin among governments after the United States.

Some experts believe China’s current approach of selling crypto is not entirely legal under China’s crypto ban. “The sales help to raise funds, but they are technically against China’s ban on crypto trading,”  Professor Chen Shi of Zhongnan University of Economics and Law told Reuters.

Proposed Strategies for Managing Seized Crypto Assets

Experts suggest that China should consider what steps to manage seized crypto tokens. An idea might be to let the central bank simply perform the process itself and sell the assets abroad or even use them as a government reserve.

But not everyone in the industry agrees, for example Ru Haiyang (co-CEO of the Hong Kong based crypto exchange HashKey) believes that China should hold onto the crypto that has been seized, in a similar manner as US President Donald Trump does.

Ripple vs. SEC: Court Grants Joint Motion to Pause Appeal – SEC Given 60 Days for Next Move

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  • The Ripple vs. SEC case has been officially stopped by the U.S. Court of Appeals, and now the SEC has 60 days before providing a status update.
  • A legal pause could give a chance for private talks or even a settlement between Ripple and the SEC. 
  • The outcome of the case will make a huge change into future cryptocurrency regulation and classifications of tokens in the U.S.

In a new twist to the lawsuit saga between Ripple Labs and the U.S. Securities and Exchange Commission (SEC) (the Ripple vs. SEC case), the United States Court of Appeals for the Second Circuit has agreed to halt the appeal process.

An order dated April 16, 2025, from the court granted this request and allowed SEC 60 days to amend the status update. Reports reveal that both sides, Ripple and the SEC, mutually agreed to have the appeal halted temporarily. 

Judge José Cabranes Orders Ripple Vs. SEC Case Halt

A document posted online by crypto commentator Brett (@Brett_Crypto_X) reveals that Circuit Judge José A. Cabranes approved the motion. Now that this development is complete, the Ripple vs. SEC case will be on hold for now so that either party can go behind the scenes to negotiate or choose to reassess their respective positions before continuing the case.

The case in question involves Ripple Labs, the creators of the cryptocurrency XRP, as well as top executives including Bradley Garlinghouse, the CEO, and Christian Larsen. The suit was brought forward in the first place by the SEC against Ripple Labs, accusing the company of selling XRP as an unregistered security.

This has been one of the most high-profile cases within the crypto industry and has affected XRP both in terms of its reputation and price over the last few years. With the SEC required to file a status report regarding the case within 60 days, any major news about it probably won’t be out until mid-June 2025. 

Experts Anticipate Huge Impact of Ripple’s Fate On Crypto 

The halting of the Ripple vs. SEC legal case is occurring as the U.S. regulatory environment surrounding crypto is being closely monitored. XRP experts say the verdict of this case could have huge implications for other cryptocurrencies besides XRP as well.

This could influence the way in which the next projects list their tokens and launch them. It could also affect how exchanges list new assets and which investors should invest in the crypto space in the United States.

Japan’s FSA Proposes Crypto Shift—Are Utility Tokens in Trouble?

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  • Japan’s Financial Services Agency has introduced a proposed framework to classify digital assets into two types.
  • Bitcoin and Ethereum fall under Type 2, which includes decentralized cryptocurrencies without centralized issuers or fundraising.
  • Utility tokens are categorized as Type 1 and are linked to business projects that raise funds from the public.

The Financial Services Agency of Japan introduced a framework that divides digital assets into separate classification categories. The new strategy moves the financial regulator towards regulating cryptocurrencies by assessing their functions and funding methods. The classification forms part of a wider initiative to enhance crypto industry transparency while protecting investors.

Bitcoin and Ethereum Fall Under Type 2 Category

The FSA proposes to categorize Bitcoin and Ethereum together within the Type 2 classification framework that applies to decentralized digital assets. The assets lack centralized fundraising elements, which creates challenges for standard regulatory approaches. Since there is no fundraising entity, the agency refrains from enforcing strict disclosure requirements.

The regulatory acknowledgment establishes their position through decentralization measures, thus separating them from business-backed tokens. The business exists to demonstrate practical market knowledge about these cryptocurrencies as they operate globally. 

The changed classification system will determine exchange and financial institution operations involving major cryptocurrencies. The FSA acknowledges that enforcing information disclosure becomes challenging when dealing with decentralized Bitcoin networks. The agency plans to enforce compliance rules through suitable regulatory provisions, although the mechanisms for doing so are being developed.

Utility Tokens Assigned to Type 1 Category

The FSA places Utility tokens as Type 1 based on their use for project funding. The tokens function as standardized financial units that originate from one source entity. The process operates for business finance. The FSA maintains strict disclosure standards for assets in this particular structure and thus implements these guidelines for compliance.

These altcoins belong to this class through their growth mechanism, which involves community support and fundraising activities. The FSA aims to boost the connection between those who issue tokens and their supporters through its new initiative. According to the initiative, better project goals and funding usage details will provide investors with advantages.

The Japanese government intends to unify crypto market information accessibility by imposing stricter regulations on Type 1 digital assets. The financial agency requires issuers to make regular assessments and provide transparent project documents to protect their users from erroneous information.

Japan Aligns Crypto Classifications With Broader Financial Regulations

Japan implements the discussion paper as an essential part of its territorial approach to establishing a complete regulatory structure for digital assets. The public’s input helps the FSA develop its proposed classification system. The method highlights an open and inclusive regulatory initiative that integrates feedback from the market.

Japan continues to examine its position regarding financial products that contain cryptocurrency, such as exchange-traded funds. In recent years, Japan has transformed its previous position of restriction toward adopting more cautious approaches to digital asset regulations. The transition demonstrates Japan’s dedication to supporting innovation initiatives and monetary security measures.

U.S Lawmakers Demand Crypto Clarity Amid Trump Coin Complications

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  • Bipartisan demand for crypto regulatory clarity in the U.S and updated disclosures was a key takeaway from the House hearing.
  • Concerns exist across parties that Trump’s crypto involvement could complicate legislative progress.
  • Lawmakers explored defining digital assets as commodities and expanding the CFTC’s role.

The U.S House Financial Services Committee held a key meeting, discussing ways to reform the crypto regulations. Here are the key takeaways shared by FOX’s Eleanor Terrett.

Both Democrats and Republicans unanimously demanded urgent clarity and updated disclosure regimes around digital assets. This indicates bipartisan consensus on clear U.S regulations surrounding cryptocurrencies and fintechs. Witnesses and most lawmakers alike agree that establishing a framework for digital assets would not only benefit the crypto industry but also the broader industries that crypto touches.

However, concerns have been raised by both Democrats and Republicans about President Trump’s involvement in crypto potentially hindering the legislative process. Some Republicans said that the Trump family’s involvement around meme coins and stablecoins “makes the work more complicated.”

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U.S Lawmakers Demand Crypto Clarity Amid Trump Coin Complications 2

Donald Trump and his wife, Melania, are rumored to be closely involved in launching their crypto meme coins. These ventures have reportedly generated at least $802 million in fees for entities connected to the president. The Trump family even created their own DeFi project, World Liberty Financial, which recently launched their native dollar-backed stablecoin, USD1.

However, one of the key agendas for U.S lawmakers was to define at what point digital assets become commodities. They also explored the possibility of giving the CFTC the added authority over the digital commodity and are working on legislation.

U.S To Draft Crypto Legislation After SEC Chair Confirmation

Witnesses, which include industry players from the crypto community, noted that the SEC’s application of the Howey Test to digital assets is insufficient as it lacks applicability to secondary market transactions.

This comes as Paul Atkins recently secured the Senate confirmation as the next Chair of the Securities and Exchange Commission (SEC) after winning a majority 52-44 Senate vote. Several pro-crypto lawmakers have welcomed this change in leadership, calling it a turning point after years of regulatory gridlock. Others are cautious, saying that lasting regulatory certainty depends more on Congress than the SEC Chair alone.

As one senior lawmaker reportedly put it, “We need to stop relying on the courts to define our financial future.” Furthermore, lawmakers are excited about the use cases for blockchain technology outside of finance and applying it to industries like agriculture.

We’ll likely hear more on these initiatives during the @HouseAgGOP crypto hearing at 2:00 PM. As these are the hearings designed to kick off market structure season, we should be seeing some draft legislation in the coming weeks.

SEC Roundtable to Feature Uniswap, Coinbase in Crypto Regulation Talks

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  • The SEC will hold a crypto regulation roundtable on April 11 with major industry leaders.
  • Executives from Uniswap Labs, Coinbase, and Cumberland DRW will participate in the session.
  • These companies previously faced SEC investigations that concluded without enforcement actions.

The U.S. Securities and Exchange Commission (SEC) will host a crypto regulation roundtable on April 11, inviting key industry players. Executives from Uniswap Labs, Coinbase, and Cumberland DRW will join the session alongside traditional finance and academia representatives. The event marks the second in the SEC’s five-part series to shape future digital asset oversight.

Uniswap, Coinbase, and Cumberland DRW Join Regulatory Talks

Uniswap Labs, Coinbase, and Cumberland DRW will participate in the SEC’s discussion on evolving crypto regulation standards. The mentioned firms have endured SEC investigations, which did not lead to enforcement actions throughout this fiscal year. The SEC appears to have reviewed its previous position regarding digital assets regulation standards.

The representatives for Uniswap Labs will be Katherine Minarik, while Coinbase will be represented by Gregory Tusar and Cumberland DRW will be represented by Chelsea Pizzola. The executives have accumulated skills in leading the crypto market in legal compliance and share specialist insights regarding industry obstacles. Participation indicates both regulators and crypto platforms start a new phase of collaborative work.

The SEC has stopped launching cases, which suggests possible changes in regulatory actions. Through this roundtable, the different entities could align their regulatory expectations with the industry’s current practices. It may also create clearer standards for future crypto regulation.

Traditional Finance, Academia, and Advocacy Groups to Contribute

The April 11 roundtable on crypto regulation will include participants from traditional financial institutions and academia. Jon Herrick, representing the NYSE, will participate, along with two additional participants from FalconX, led by Austin Reid and Texture Capital via Richard Johnson. Dr. Christine Parlour from UC Berkeley will discuss market structure from an academic point of view at the meeting.

In addition to these participants are Dave Lauer from We the Investors and Tyler Gellasch from the Healthy Markets Association. The participants from large institutions and investor groups will contribute additional viewpoints to address institutional concerns and transparency-related issues. The composition of multiple viewpoints will facilitate an unbiased exchange of opinions.

Nicholas Losurdo of Goodwin Procter will manage the structured and effective discussions at the panel. The SEC delegation for the panel discussion will consist of Acting Chair Mark Uyeda with Crypto Task Force Chief Richard Gabbert and Commissioners Crenshaw and Peirce. The session forms part of the SEC’s broader push to clarify crypto regulation through collaborative public forums.

Trump-Era Policies Shape SEC’s Current Crypto Regulation Approach

The SEC recently began reviewing past staff-issued guidance on crypto regulation, reflecting a policy shift under the Trump administration. Seven documents are under review by the agency, five of which contain important guidelines relating to digital asset rules and classifications. The 2019 FinHub framework provides guidelines about investment contracts under the Howey test.

The agency’s April 4 release defines fiat-backed stablecoins as non-securities when certain criteria are met. All qualifying coins need to carry 1:1 ratio backing through U.S. dollar deposits or safe liquid assets that enable full redemptions. This update relieves qualified stablecoin companies from several reporting requirements.

According to the SEC, this review matches the deregulation directions of the Department of Government Efficiency, currently under Elon Musk’s leadership. These policy changes reflect a broader intent to simplify crypto regulation without compromising market integrity. Upcoming SEC series events will focus on DeFi, tokenization, and custody frameworks.

Crypto Critic Andrew Bailey Takes Helm at Top Bank Oversight Body

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  • Andrew Bailey will begin his 3-year term as FSB president on July 1, 2025.
  • The Bank of England Governor is known for his skeptical views on Bitcoin and stablecoins.
  • His past attitude towards crypto, however, may lead to tougher regulations of the industry.

Starting this July, Andrew Bailey, the Governor of the Bank of England, well known for his skepticism about cryptocurrencies, is now in strong contention to become the president of the Financial Stability Board (FSB). His appointment will take effect officially on July 1, which will be the beginning of his official 3-year term.

Bailey’s Appointment May Not Suit Cryptocurrencies

The Financial Stability Board is a Swiss-based institution which monitors the global financial system. It is responsible for overseeing compliance among countries and recommending rules for banks, insurance companies, asset managers, and, more recently, crypto firms.

In a recent Bloomberg post, Bailey said that his new role at FSB comes at a time when the stability of the global financial system is being tested. However, he pointed out that the board will partner with other financial bodies to find the perfect solution to these issues.

Bailey replaces Klaas Knot, the board’s current chair and president of the Dutch central bank. As the Bank of England chief, Andew Bailey has been in the role since March 2020 after heading the Financial Conduct Authority, the UK’s financial market supervisor. 

During his tenure, he has often shared his insights about the cryptocurrency market. For example, earlier in 2024, when Bitcoin price went up to $40,000, he argued that all cryptocurrencies, including BTC can’t serve basic financial services.

He further said he doesn’t believe these cryptocurrencies can be useful for making daily financial settlements. Bailey also expressed his opinion about stablecoins.

In February 2025, he suggested the need for greater regulations for stablecoins so that they can adequately fit into the traditional financial system.

Andrew Bailey’s Influence on Global Crypto Regulation

While Bailey is not entirely in charge of policy at the FSB, his views will hold the greatest influence over the international standards related to crypto. Bailey’s leadership could help strengthen consumer protections and regulations in the crypto space. 

In his new role at the FSB, Andrew Bailey will have a say in the development of global standards for the financial industry, including cryptocurrencies. his previous stances about the cryptocurrency market will shape the direction of the FSB regarding crypto regulation.

Dubai Land Regulator Joins Crypto Experts for Real Estate Tokenization

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  • Dubai’s partnership with VARA integrates blockchain, crypto, and tokenization in real estate, improving transactions, accessibility, and transparency.
  • The collaboration supports Dubai’s Real Estate Strategy 2033 and enhances market accessibility, allowing smaller investors to enter the market.
  • VARA’s new rules require increased transparency in crypto ownership, helping investors make informed decisions and boosting market trust.

The Virtual Asset Regulatory Authority and Land Department of Dubai have united to research blockchain and cryptocurrency use at the property level. The cooperation deal started on Sunday to help Dubai reach its goals for enhancing real estate technology innovations.

Both Dubai Land Department (DLD) and Dubai Virtual Assets Regulatory Authority (VARA) work together to explore how tokenization improves how properties are recorded and handled. This partnership will link real estate documents to blockchain technology to improve property ownership handling methods.

According to the DLD press release, the project is designed to smooth real estate transactions and boost the productivity of property management firms. The partnership works with a property registration-governance link to make deals easier for investors while helping smaller investors enter the market and boosting real estate growth in Dubai.

Dubai Expands Real Estate Access Through Crypto

Through this collaborative partnership, Dubai Department of Economy and Tourism Director-General Helal Saeed Al Marri reveals the strategic meaning behind it. He confirmed that the cooperation works towards achieving Dubai’s Real Estate Strategy 2033 and Dubai Economic Agenda D33 while making Dubai the most innovative real estate market worldwide.

According to Al Marri, this partnership displays Dubai’s commitment to forward-looking plans. We join forces with VARA to make Dubai stay ahead in real estate, which grows fastest globally.

The digital creation of real estate lets owners split their property into small units for buyers willing to invest in high-value assets without the complete purchase. The agreement lets Dubai enter new investor markets, especially those who find traditional real estate too expensive to enter.

VARA began enforcing rules that requested crypto issuers and service companies to reveal details about their most important cryptocurrency holders. Increased token information disclosure helps investors to understand purchases better when many tokens come from one owner. Matthew White wants to increase market trust through required ownership structure reporting.

The joint efforts between VARA and the Dubai Land Department show promising ways blockchain technology can work with real estate operations. Dubai leads international innovation practices that prepare industries for new ways to manage and invest in real estate.

Crypto Gate Opens? South Korea Signals Global Access Shift

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  • South Korea plans to open its crypto market to foreign investors under strict anti-money laundering conditions.
  • The Financial Services Commission is considering regulatory changes to support international participation in local exchanges.
  • Current restrictions, including KYC requirements and capital controls, may be eased for exchanges that meet AML standards.

South Korea has developed strict anti-money laundering regulations to allow foreign investors participate in its crypto market. Government financial bodies plan to change existing guidelines so international traders can access a safer and accessible system. The country moves forward to allow foreign market participation because it seeks international expansion of its crypto ecosystem while maintaining regulatory standards.

The Financial Services Commission (FSC) is now preparing amendments to lift current restrictions that penalize foreign investors in the market. The National Assembly seminar focused on how to synchronize AML requirements with foreign business participation. The government has strict requirements for overseas entry that prevent foreign investment in cryptocurrency exchanges.

The regulatory requirements enforce comprehensive know-your-customer (KYC) checks, restricting international trading at South Korean platforms. Most international investors encounter obstacles when they attempt to trade crypto through South Korean platforms. The forward implementation of regulatory standards indicates that restrictions aimed at compliant exchanges might be eliminated shortly.

South Korea Considers New Crypto AML Standards

South Korea‘s financial regulators are evaluating new anti-money laundering (AML) compliance standards that trading platforms must follow. The Financial Intelligence Unit (FIU) conducted its inspection protocol review and strengthening session on March 5th, 2025. MLC compliance criteria have been established by regulators as the only standard that enables exchanges to register international platform users.

The government restricts capital account operations, which stops foreign funds from freely entering the crypto market. The authorities are conducting assessments to determine potential ways to lift the restrictions on crypto portfolio investments for trading operations. AML guidelines followed by exchanges will grant permission to allow wider foreign user participation.

The FSC has designed monitoring systems that follow international standards to track closely all international money movement flows. The plans will serve dual purposes by combating unauthorized transfers and stopping market manipulation. The regulatory framework emphasizes developing protection methods that maintain market growth security for investors.

Altcoins Like Solana and Chainlink Could Benefit from New Access

Market openness in South Korea creates new opportunities for increased demand for alternative coins, Solana (SOL) and Chainlink (LINK). These tokens will receive increased liquidation potential in Asia’s developing trading environment because of the opening up of Korean exchanges to foreign traders. Local platforms and assets will experience enhanced benefits from this market shift.

The outcome of regulatory clearances could lead major Korean trading exchanges to establish international trading pairs between LINK and SOL. The initiative would expand its international customer base and position South Korea as an essential regional hub for crypto trading. Altcoins benefit from extensive cross-border usage because they attract interest from institutional traders at financial institutions.

Mature exchanges ready for compliance duties tend to welcome new token listings that contain products for international investors and rising altcoin portfolios. South Korea can improve its reputation as a compliant cryptocurrency gateway by providing easier access to SOL and LINK tokens for international institutions. The adopted policy direction demonstrates simultaneous strategic growth objectives, and it maintains strict enforcement procedures.

South Korea Enforces New Crypto Compliance Measures

South Korean government authorities have intensified their monitoring of unregistered crypto exchanges that break national laws. The government demanded Google restrict access to 17 unregistered platforms that did not follow South Korean standards. This regulatory action included some of the global exchanges that operated without AML compliance in South Korea.

The official request triggered Google to ban users from accessing those sites throughout South Korea. The market security measures underline South Korea’s dedication to enforcing proper market compliance. The regulatory bodies maintain their enforcement of non-compliant actors through continuous actions while promoting security-focused industry expansion.

South Korea pursues these decisions as part of its national crypto crime reduction and fund protection strategy. The region will enforce new registration protocols for business operations and support authentic exchanges. The policies bring together innovation support with financial integrity protection for the nation.

Alabama Moves Toward Bitcoin Investment with New Bill

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  • A new bill (HB482) has been introduced by the Alabama House of Representatives to create a new approach for the state’s investment strategy to include Bitcoin as well as other digital assets.
  • There is support for House Bill 482 in the state from the Republicans and Democrats, as the bill seeks to incorporate digital asset investments into the state’s economic plan.
  • If passed into law, this legislation could put Alabama at the forefront of cryptocurrency adoption.

On March 31st, 2025, House Bill 482 (HB482) was introduced in The Alabama House of Representatives. HB482 is an important legislation that would let The Alabama State Treasurer spend the money of Alabama in digital assets such as Bitcoin.

According to the bill, the State Treasurer cannot invest more than 10 percent of the fund balance in digital assets only if such assets meet specific criteria. For instance, such investments can be made only through exchange-traded products (ETFs) or digital assets, which, for the past year, have an average market value of at least $750 billion.

These assets will remain within government control and kept highly secured by them.  In addition, the assets need to be spread in different secured places to ensure that there are no cyber threats to them. 

The bill also requires that risks are assessed and that all regulations are followed on a regular basis to ensure optimal security of these assets.

Alabama’s Crypto Decision: What This Means for Bitcoin and the Crypto Industry

HB482 would go into effect on October 1, 2025, affording the state time to establish the necessary regulatory and investment tools to purchase Bitcoin and possibly other digital assets. The bill will be reviewed by the House Ways and Means General Fund Committee before it advances. 

Policymakers, financial experts, and the public will be keenly interested in how Alabama integrates Bitcoin and other cryptocurrencies into its financial sphere. Even though US states like Pennsylvania, Wyoming, and Montana have suspended or halted their Bitcoin plans, Alabama, South Carolina, Oklahoma, Utah, Arizona, and Minnesota are taking advanced steps towards their Bitcoin investment plans.