Coin Stories – News Block: Fed Starts 'Gradual Print,' Strategy Responds to MSCI, Regulators Continue to Embrace Bitcoin

Host: Natalie Brunell
Date: December 15, 2025

Episode Overview

Natalie Brunell delivers a concise yet insightful roundup of the latest developments in the world of Bitcoin, financial markets, and regulatory shifts affecting the future of money. This episode focuses on the Federal Reserve's renewed money printing, institutional responses to major index changes, and regulatory bodies signaling deeper integration of crypto into the U.S. financial system. Natalie highlights why these shifts matter for Bitcoin and those tracking monetary transformation.

Key Discussion Points & Insights

1. The Federal Reserve Turns the Money Printer Back On

[00:17–02:35]

• Fed's Recent Moves:

  • Last week, the U.S. Federal Reserve cut rates for the third time in 2025 and announced plans to buy $40 billion in T-bills over the next month, exceeding market expectations.
  • Chair Powell indicated these purchases could remain high until liquidity stabilizes, then shift to a slower pace.

• Reserve Management vs. QE:

  • The Fed avoids calling this "QE" (quantitative easing), instead labeling it “reserve management”—a mere technical adjustment.

  • Nevertheless, this results in the Fed’s balance sheet expanding again, a recurring pattern through recent history.

    “No matter what you call it, the fact is that the balance sheet is expanding once again. That's the real headline. Or as Lyn Alden put it, ‘the gradual print begins.’ ” — Natalie Brunell [00:47]

• Cycle of Expansion:

  • Every intervention by the Fed leaves its balance sheet at a higher plateau rather than ever shrinking back fully.

  • Reference to Ben Bernanke’s unfulfilled promise to normalize the balance sheet post-2008.

    “After each cycle, the balance sheet never goes all the way back to where it was before. It expands, then it shrinks, then it finds a higher plateau, and then the next easing cycle begins.” — Natalie Brunell [01:28]

• Implications for Currency:

  • The Fed prioritizes financial stability over currency stability.

  • “Currency debasement just in slow motion”—monetary expansions erode the dollar’s purchasing power over time.

    “They will always sacrifice the currency. This is currency debasement just in slow motion. And by pivoting again, the Fed is effectively telling you what the priority is. Financial stability first, currency stability second.” — Natalie Brunell [02:00]

• Bitcoin’s Appeal:

  • As traditional institutions drift back to easy money, Bitcoin’s scarcity becomes attractive, functioning as a lifeboat in a system prone to debasement.

2. MSCI Index Proposal and Strategy's Pushback

[03:03–05:22]

• MSCI’s Proposal:

  • MSCI, a global index provider, considers excluding companies from indices if digital assets comprise 50%+ of their assets, categorizing them as “passive investment funds.”
  • This could impact flows into companies holding significant Bitcoin, such as Strategy (a proxy for MicroStrategy).

• Strategy’s Official Response:

  • Not an Investment Fund: Legally an operating company, not a fund. Actively uses Bitcoin as part of business strategy.

  • Arbitrariness: The 50% threshold is called arbitrary and discriminatory—other sectors (e.g., REITs, commodity firms) are asset-concentrated too.

  • Unworkability: Bitcoin’s price volatility would make index membership unstable.

  • Policy Judgment Intrusion: Creating asset-specific exclusion rules turns MSCI from a neutral provider into a political actor.

    “MSCI markets itself as a neutral and market representative index provider. And Strategy is basically saying that by creating a brand new digital asset specific exclusion rule... it's less about representing markets and more about making a political statement.” — Natalie Brunell [05:09]

• Wider Market Context:

  • NASDAQ 100 continues to include Strategy, showing other index providers may remain neutral even if MSCI imposes stricter rules.
  • Trend: More public corporations now use Bitcoin as a reserve asset to buffer against currency devaluation.

3. Regulatory Developments: OCC, CFTC, SEC

[05:52–08:14]

• OCC (Office of the Comptroller of the Currency):

  • Issued a letter allowing national banks to facilitate “riskless principal trades”—acting as intermediaries for customer crypto transactions, akin to brokerage rather than proprietary trading.

  • Issued conditional approval for companies (Circle, Bitgo, Paxos, Fidelity Digital Assets) to become federally chartered trust banks—step toward integrating crypto custody under federal banking frameworks.

    “BitGo CEO Mike Belshee summed things up by saying, ‘this marks an official end to the war on crypto and the beginning of the next era of innovation in banking. We've entered the era of regulatory integration.’” — Mike Belshee (quoted by Natalie Brunell) [06:52]

• CFTC (Commodity Futures Trading Commission):

  • Withdrew outdated digital asset guidance cited as stifling innovation.
  • Launched a pilot program allowing Bitcoin as collateral in regulated derivatives markets.

• SEC (Securities and Exchange Commission):

  • Released “Crypto Asset Custody Basics,” a bulletin introducing retail investors to self-custody principles—wallets, private keys, hot vs. cold storage, and security considerations.

    “I genuinely never thought I'd see the day the SEC is putting out education on how to self custody Bitcoin. But hey, here we are.” — Natalie Brunell [08:03]

4. Podcast Recommendations and Community Events

[08:14–09:15]

• Interview Highlight: Natalie promotes her recent interview with Samurai Wallet founder Keone Rodriguez, discussing privacy and legal challenges before his five-year prison sentence.

• Community Invitation:

  • Announced a book signing for “Bitcoin Is For Everyone” at the Strategies Quarterly Meetup in Washington D.C., emphasizing the ability to purchase the book with Bitcoin or Lightning.

Notable Quotes & Memorable Moments

• On the Fed’s cycle:

  “When push comes to shove, they always have to intervene and provide liquidity to the system, no matter the long term costs.” — Natalie Brunell [01:57]

• On MSCI and digital assets:

  “By creating a brand new digital asset specific exclusion rule, it's less about representing markets and more about making a political statement.” — Natalie Brunell [05:09]

• On regulatory sea-change:

  “This marks an official end to the war on crypto and the beginning of the next era of innovation in banking. We've entered the era of regulatory integration.” — Mike Belshee (as quoted by Natalie Brunell) [06:52]

• On Bitcoin’s role:

  “Bitcoin and other sound money alternatives keep gaining in popularity. Because in a world where policymakers keep drifting back toward easy, scarcity starts to look less like a trade and more like a lifeboat.” — Natalie Brunell [02:20]

Timestamps for Important Segments

• 00:17 – Fed resumes T-bill purchases, resumes money printing
• 01:26 – Discussion of the Fed's perpetual balance sheet expansion
• 02:00 – Implication: financial stability prioritized over currency
• 03:03 – MSCI’s index proposal and its implications
• 04:11 – Strategy company’s rebuttal to MSCI
• 05:52 – Regulatory update: OCC’s new guidance and trust charters
• 06:52 – BitGo CEO comment on the new regulatory era
• 07:30 – CFTC withdrawals and Bitcoin collateral pilot
• 07:56 – SEC’s retail investor bulletin on self-custody
• 08:14 – Podcast recommendation: Samurai Wallet founder interview
• 08:40 – Natalie’s book signing announcement and community event

Summary Flow & Tone

Natalie Brunell adopts an analytical, matter-of-fact style, blending data, regulatory analysis, and industry commentary with wry observations on the system’s recurring patterns. The episode is brisk, clear, and squarely aimed at listeners keen to understand monetary policy’s real-world consequences and Bitcoin’s growing relevance as a hedge. Listeners are also invited to engage with the broader community, emphasizing an ethos of education and participation.