OCC charters, ARMA 1M-BTC bill and Zcash spike

On May 20 Zcash rose more than 17% in about six hours to $686, reaching a year‑to‑date high. The price move generated roughly $28 million in forced liquidations across derivatives markets and drew attention from traders and institutional investors.

Representatives Nick Begich and Jared Golden introduced the American Reserve Modernization Act this week. The bill would direct the U.S. government to build and hold a reserve of one million bitcoins. If the measure moves forward, Congress would vote on it and later set rules and a timetable for any purchases.

The Office of the Comptroller of the Currency this week granted national trust charters to several crypto firms, including Coinbase, Ripple and Bitgo, allowing federally chartered custodial trust services for digital assets to operate nationwide. Senator Elizabeth Warren criticized the approvals, citing concerns about consumer protection and oversight of chartered crypto firms. Bitgo CEO Mike Belshe disputed the label “crypto bank,” saying the phrase lacks a legal definition and inviting Warren’s office to meet with Bitgo staff to discuss regulatory and definitional issues.

Coinbase announced that on June 8 it will begin trading regulated U.S. perpetual‑style equity index futures on Coinbase Derivatives. The contracts will provide exposure to sector themes including artificial intelligence, China, defense and technology.

Market strategist Tom Lee linked recent weakness in ether to short‑term macroeconomic and geopolitical factors and noted an inverse correlation between ether and West Texas Intermediate crude. He projected a rebound in ether in 2026 if those short‑term pressures ease.

These items occurred in the same week and involve changes in custody rules, a congressional proposal for a government bitcoin holding, a notable token price swing, and the scheduled launch of new regulated derivative products.