Texas Senate Passes Bitcoin Strategic Reserve Bill

On March 6, the Texas Senate took a bold step by passing Bill SB-21, aimed at establishing a Bitcoin strategic reserve for the state.

Recent developments in the cryptocurrency landscape highlight a significant shift in regulatory approaches across various states and countries, aiming to both leverage and protect participants in the digital asset market.

In a bold move, the Texas Senate has passed Bill SB-21, which would establish a Bitcoin strategic reserve for the state.

Sponsored by State Senator Charles Schwertner, the bill is designed to add Bitcoin, considered a scarce and valuable asset, to Texas’s financial portfolio.

As concerns mount over Bitcoin’s potential to rival the US dollar as the global reserve currency, proponents of the bill likened Bitcoin to gold, underscoring its potential as a hedge against inflation.

If signed into law by the governor, Texas will become the first state in the US to officially hold a digital asset reserve, marking a historic moment for cryptocurrency adoption at the state level.

In a parallel development, New York lawmakers have introduced legislation that would introduce protections for crypto investors against the risk of memecoin rug pulls.

These scams often see project developers abandon their tokens after a surge in investment, leaving investors with substantial losses.

Assemblymember Clyde Vanel’s new bill, which was introduced on Monday, seeks to impose criminal penalties for offenses involving "virtual token fraud," explicitly targeting deceptive practices within the crypto space.

There is a pressing need for law enforcement to more robustly regulate such fraudulent activities, said Anastasija Plotnikova, co-founder of Fideum.

Meanwhile, the US Securities and Exchange Commission (SEC) is set to host a series of roundtables that will focus on the "security status" of crypto assets in an effort to clarify the regulatory framework surrounding cryptocurrencies.

The first discussion, which is scheduled for March 21, will aim to gather input from public participants to form a workable regulatory framework.

Commissioner Hester Peirce emphasized the importance of engaging expert opinions as part of the initiative, which is dubbed the “Spring Sprint Toward Crypto Clarity.”

And in Utah, state senators have passed a Bitcoin bill that removes a key provision allowing the state treasurer to invest in Bitcoin.

Despite this alteration, the HB230 bill still provides critical regulatory protections, granting citizens rights to custody, mine, and stake digital assets.

Although the bill’s trajectory has been altered, it underscores the state’s commitment to maintaining a presence in the cryptocurrency arena.

Finally, Argentine Federal Prosecutor Eduardo Taiano is investigating alleged fraud associated with the LIBRA memecoin.

The prosecutor has requested to freeze nearly $110 million in digital assets linked to the scandal, as well as recover deleted social media posts by President Javier Milei concerning the project.

Taiano’s investigation aims to analyze the financial activities surrounding key trading dates.