May 19: Minnesota Passes Landmark Bank Crypto Custody Law

Brief Summary

• Bitcoin holding near $76,800 with relative stability while altcoins continue to weaken.
• Harvard University fully sold its $87 million Ethereum ETF position in Q1 2026 after holding it for just one quarter.
• Harvard also cut its Bitcoin ETF (IBIT) holdings by 43% in the same quarter.
• U.S. Bitcoin ETFs saw roughly $1 billion in net outflows this week.
• Minnesota Governor Tim Walz signed House File 3709, allowing banks and credit unions to offer crypto custody starting August 1, 2026.
• New Minnesota law requires asset segregation, cybersecurity standards, and 60-day regulatory notice.
• Minnesota is also banning crypto ATMs by the end of 2026.
• Concerns growing over potential impact of CLARITY Act amendments on DeFi.

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