Texas Senate passes Bitcoin reserve bill, New York targets memecoin rug pulls: Law Decoded
The Texas Senate passed the Bitcoin strategic reserve bill SB-21 on March 6. This followed a debate in which State Senator Charles Schwertner, who introduced the bill, argued that it would help Texas add a valuable and scarce asset to its balance sheet. Amid fears of Bitcoin (BTC) contending against the US dollar as a global reserve currency, Pro-Bitcoin lawmakers argued that Bitcoin was similar to gold and a hedge against inflation. If SB-21 is enacted, Texas will be the first state in the US to have a digital asset reserve. However, the governor must still sign the bill before it becomes law. Continue readingNew York bill aims to protect crypto investors from memecoin rug pullsNew York lawmakers introduced a bill to protect crypto users from memecoin rug pulls, where insiders abandon a project after investors have purchased their token. These scams usually end up with token prices plummeting, causing millions in losses to crypto investors. On March 5, Assemblymember Clyde Vanel introduced the legislation to establish criminal penalties for offenses that involve “virtual token fraud.” This explicitly targets deceptive practices associated with crypto. Fideum co-founder and CEO Anastasija Plotnikova told Cointelegraph that scams and rug pulls should be more thoroughly regulated. “In my view, these activities should fall firmly within the jurisdiction of law enforcement agencies,” Plotnikova added.Continue readingSEC’s Crypto Task Force to host roundtable on crypto security statusThe Crypto Task Force of the US Securities and Exchange Commission will host a series of roundtables to discuss the “security status” of crypto assets, with the first set for March 21. Crypto Task Force lead Commissioner Hester Peirce said she is looking forward to “drawing the expertise of the public” to develop a workable framework for crypto. The roundtable series is called the “Spring Sprint Toward Crypto Clarity,” and the first topic of discussion is dubbed “How We Got Here and How We Get Out — Defining Security Status.” Continue readingUtah’s Senate passes Bitcoin bill — but scraps key provisionUtah lawmakers passed a Bitcoin bill after removing a section that would have allowed its state treasurer to invest in Bitcoin. While the HB230 bill passed the state Senate, it removed a key reserve clause that would’ve authorized the state treasurer to invest in digital assets with a market cap of over $500 billion.The clause passed the second reading but was scrapped in the third and final reading. Still, the bill provides citizens basic custody protections, the right to mine, run a node and stake, among other things. Continue readingArgentine prosecutor aims to freeze assets in LIBRA memecoin fraud caseArgentine Federal Prosecutor Eduardo Taiano, the lead prosecutor investigating Argentine President Javier Milei’s alleged role in the LIBRA crypto scandal, requested the freezing of almost $110 million in digital assets related to the memecoin case. Taiano also requested the recovery of Milei’s deleted social posts and detailed records of all LIBRA transactions since its launch. The prosecutor aims to reconstruct the financial operations of Feb. 14 and 15, when the project’s trade volume peaked. Continue reading
Thailand regulator approves USDT, USDC stablecoins
The Thailand Securities and Exchange Commission (SEC) has approved Tether’s USDt (USDT) and Circle’s USDC (USDC) for cryptocurrency trades, allowing the stablecoins to be listed on regulated exchanges across the country.Thailand’s SEC announced the approvals last week after soliciting feedback from the public on proposed regulatory changes that were finalized in February and scheduled to go into effect on March 16. As Cointelegraph previously reported, there have been growing calls within Thailand to legitimize cryptocurrency usage and urge stablecoin adoption to boost domestic revenue. This followed the creation of a regulatory sandbox in August 2024 for select service providers to experiment with cryptocurrencies. The stablecoins join only five other cryptocurrencies that are approved for trading in the country: Bitcoin (BTC), Ether (ETH), XRP (XRP), Stellar Lumen (XLM) and cryptocurrencies that are being tested for settlement by the Bank of Thailand. According to a March 10 announcement by Tether, the approval allows USDt to be adopted by digital asset businesses and be used as a payment rail within the country. Related: Thailand eyes spot Bitcoin ETF approval, cracks down on PolymarketStablecoin adoption on the riseIn addition to facilitating cryptocurrency trades, stablecoins are increasingly viewed as an alternative to traditional remittances, especially in emerging markets. A December report by Chainalysis called stablecoins a “transformative” use case for cross-border payments and remittances. In emerging markets across Sub-Saharan Africa, for example, using stablecoins for remittances is 60% cheaper than traditional methods.According to venture capital firm a16z Crypto, 28.5 million unique stablecoin users sent over 600 million transactions in December alone. This still represents a tiny faction of the 3.4 trillion transactions of the global payments industry. Stablecoin transfers are significantly cheaper and faster than traditional payment methods. Source: a16z CryptoIn terms of circulating supply, stablecoins are currently worth nearly $230 billion, according to DefiLlama. Tether’s USDt accounts for just over 63% of the total market. Magazine: Ethereum L2s will be interoperable ‘within months’ — Complete guide
Michael Saylor’s Strategy to raise up to $21B to purchase more Bitcoin
Michael Saylor, the CEO of MicroStrategy and the world’s largest public corporate Bitcoin holder, has announced a new strategy to raise up to $21 billion in fresh capital. The goal? To purchase even more BTC.
In a recent press release, Saylor revealed that MicroStrategy has entered into a new sales agreement that will allow the company to issue and sell shares of its 8% Series A perpetual strike preferred stock. This move is part of the company’s “ATM Program,” which will see MicroStrategy making sales “in a disciplined manner over an extended period.”
The funds raised through this program will be used for general corporate purposes, including potential Bitcoin acquisitions. This news comes as no surprise, as MicroStrategy has been on a buying spree for BTC, currently holding 499,096 BTC worth over $41 billion.
But this is not the first time MicroStrategy has announced plans to raise funds for Bitcoin purchases. In fact, the company previously disclosed plans to issue and sell shares of its class A common stock to raise up to $21 billion in equity and $21 billion in fixed-income securities over the next three years. This is all part of MicroStrategy’s “21/21 plan,” which aims to accumulate even more Bitcoin.
Saylor has been a vocal advocate for Bitcoin, often touting its potential as a store of value and hedge against inflation. And with MicroStrategy’s massive BTC holdings, it’s clear that Saylor is putting his money where his mouth is.
This latest move by MicroStrategy is just another example of the growing institutional interest in Bitcoin. As more companies and investors see the potential of this digital asset, it’s likely that we will continue to see more large-scale purchases and investments in the future.
This is a developing story, and we will continue to provide updates as more information becomes available. In the meantime, check out our latest magazine feature on the future of crypto, where industry experts discuss the potential for growth and adoption in the next four years.
Singapore Exchange to list Bitcoin futures in H2 2025: Report
The world of cryptocurrency is constantly evolving and expanding, with new trends and developments emerging every day. One of the latest trends to take the crypto world by storm is the rise of futures trading. This innovative approach to trading has caught the attention of major global groups, such as SGX and Japan’s Osaka Dojima, who are reportedly planning to introduce Bitcoin futures in 2025.
So, what exactly are futures and why are they becoming such a hot topic in the world of cryptocurrency? Futures are a type of financial contract that allows traders to buy or sell an asset at a predetermined price on a specific date in the future. This means that traders can speculate on the future price of an asset, such as Bitcoin, without actually owning it. This opens up a whole new world of possibilities for traders, as they can now profit from the volatility of the crypto market without having to physically own the asset.
The potential for Bitcoin futures to be introduced by major global groups is a significant development for the cryptocurrency industry. It not only adds legitimacy to the market, but also provides more opportunities for investors to get involved. With the backing of these established groups, Bitcoin futures are likely to gain more traction and become a mainstream trading option.
But why wait until 2025? The demand for Bitcoin futures is already high, with many traders eager to get in on the action. Fortunately, there are already several platforms that offer Bitcoin futures trading, allowing traders to take advantage of this trend now. These platforms provide a secure and regulated environment for traders to buy and sell Bitcoin futures, making it a more accessible option for those looking to diversify their investment portfolio.
In conclusion, the rise of Bitcoin futures is an exciting development for the cryptocurrency industry. With major global groups planning to introduce them in the near future, it’s clear that this trend is here to stay. Whether you’re a seasoned trader or just starting out in the world of crypto, Bitcoin futures offer a unique and potentially lucrative opportunity to be a part of this ever-evolving market. So, don’t wait until 2025, start exploring Bitcoin futures today and see where this trend takes you.
The future of Ethereum scaling lies in hardware, not software
Ethereum, the second largest cryptocurrency by market capitalization, has been facing scalability issues for quite some time now. As the network continues to grow and attract more users, the need for a solution to its scalability problem becomes more urgent. While there have been various software solutions proposed, it seems that the future of Ethereum’s scaling lies in hardware acceleration.
Currently, Ethereum’s network can only handle around 15 transactions per second, which is significantly lower than other major cryptocurrencies like Bitcoin. This has led to high transaction fees and slow processing times, making it less attractive for businesses and individuals to use. To address this issue, the Ethereum community has been exploring different options, such as sharding and plasma, to increase the network’s capacity.
However, these solutions are still in their early stages and may not be enough to keep up with the growing demand. This is where hardware acceleration comes into play. By using specialized hardware, such as graphics processing units (GPUs) and field-programmable gate arrays (FPGAs), the network can process transactions at a much faster rate. This is because these hardware devices are specifically designed for complex calculations, which are necessary for verifying and recording transactions on the blockchain.
Moreover, hardware acceleration can also improve the security of the network. As the demand for mining increases, so does the competition among miners. This can lead to a concentration of mining power in the hands of a few, making the network vulnerable to attacks. By using hardware acceleration, the mining process becomes more decentralized, as more individuals can participate in the process, making the network more secure.
In conclusion, while software solutions are essential for improving Ethereum’s scalability, hardware acceleration is the key to its long-term success. By utilizing specialized hardware, the network can handle a higher volume of transactions, reduce fees, and enhance security. As the cryptocurrency market continues to evolve, it is crucial for Ethereum to stay competitive, and hardware acceleration may just be the solution it needs.
US Bitcoin reserve prompts $370 million in ETF outflows: Farside
The cryptocurrency market was hit with a wave of uncertainty and volatility as US President Donald Trump made a surprising announcement. In a recent statement, Trump expressed his concerns about the growing popularity of cryptocurrencies and their potential impact on the global economy. This news sent shockwaves through the market, causing many traders to react with caution and skepticism.
The response from traders was largely negative, with many expressing their concerns about the potential consequences of Trump’s statement. Some feared that this could lead to increased government regulation and restrictions on the use of cryptocurrencies, while others worried about the impact on the value of their investments. As a result, the market saw a sharp decline in prices, with many major cryptocurrencies experiencing significant drops.
This sudden turn of events has left many in the cryptocurrency community wondering about the future of this emerging market. While some believe that this is just a temporary setback and that the market will eventually bounce back, others are more cautious and are closely monitoring the situation. The uncertainty surrounding the future of cryptocurrencies has caused many traders to reevaluate their strategies and make adjustments to their portfolios.
Despite the negative response from traders, there are still those who remain optimistic about the potential of cryptocurrencies. They see this as an opportunity for the market to mature and for regulations to be put in place to protect investors. They also believe that this could lead to increased mainstream adoption and acceptance of cryptocurrencies as a legitimate form of currency.
Only time will tell how this announcement from President Trump will ultimately impact the cryptocurrency market. In the meantime, traders and investors are advised to stay informed and make careful decisions to navigate through this period of uncertainty. As with any investment, it is important to do thorough research and to always proceed with caution.
US will use stablecoins to ensure dollar hegemony — Scott Bessent
President Trump and Scott Bessent, a prominent hedge fund manager, have both recently voiced their concerns about the lack of regulation surrounding stablecoins. In a joint statement, they called for a comprehensive regulatory framework to be put in place for these digital assets, as well as a clear and consistent regulatory environment.
Stablecoins, which are cryptocurrencies pegged to a stable asset such as a fiat currency or commodity, have been gaining popularity in recent years. They offer a more stable alternative to traditional cryptocurrencies like Bitcoin, making them attractive to investors and businesses alike. However, their lack of regulation has raised concerns about their potential impact on the financial system.
President Trump and Bessent both emphasized the need for regulatory oversight to protect consumers and ensure the stability of the financial system. They pointed out that without proper regulation, stablecoins could pose a threat to the economy and could be used for illicit activities such as money laundering and terrorist financing.
Their call for a comprehensive regulatory framework comes at a time when stablecoins are gaining more mainstream attention and adoption. Facebook’s proposed stablecoin, Libra, has faced intense scrutiny from regulators and lawmakers, highlighting the need for clear guidelines and oversight in this emerging market.
The statement also highlighted the importance of collaboration between government agencies and the private sector in developing these regulations. Both Trump and Bessent stressed the need for a balanced approach that promotes innovation while also protecting consumers and maintaining financial stability.
In conclusion, the lack of regulation surrounding stablecoins has become a growing concern for both government officials and industry leaders. With the potential to disrupt the financial system, it is crucial to establish a comprehensive regulatory framework that addresses the unique challenges posed by these digital assets. As the market for stablecoins continues to grow, it is essential to have clear guidelines and oversight to ensure their safe and responsible use.
Crypto Biz: The Bitcoin bull market isn’t dead yet
The US manufacturing PMI (Purchasing Managers’ Index) has long been considered a reliable indicator of the health of the country’s economy. This index measures the activity level of purchasing managers in the manufacturing sector, providing valuable insights into the overall state of the industry. However, recent studies have shown that the US manufacturing PMI may also have a significant impact on the price of Bitcoin.
For those unfamiliar, Bitcoin is a decentralized digital currency that operates independently of any central authority. Its value is determined by market demand and supply, making it a highly volatile asset. As such, any factors that can influence market sentiment and investor behavior can have a significant impact on its price.
One such factor is the US manufacturing PMI. A study conducted by researchers at the University of Texas at Austin found a strong correlation between the PMI and Bitcoin’s price movements. The study analyzed data from 2012 to 2020 and found that when the PMI was above 50, indicating a growing manufacturing sector, Bitcoin’s price tended to rise. Conversely, when the PMI was below 50, indicating a contracting manufacturing sector, Bitcoin’s price tended to fall.
This correlation can be explained by the fact that a strong manufacturing sector is often seen as a sign of a healthy economy, leading to increased investor confidence and a higher demand for riskier assets like Bitcoin. On the other hand, a weak manufacturing sector can signal economic uncertainty and a decrease in risk appetite, causing investors to flock to safer assets and potentially leading to a decrease in Bitcoin’s price.
While this correlation may not hold true in every instance, it is worth considering for those interested in Bitcoin and its price movements. Keeping an eye on the US manufacturing PMI could provide valuable insights into the future direction of Bitcoin’s price. As always, it is important to conduct thorough research and consider multiple factors before making any investment decisions.
Trump-linked WLFI triples Ether holdings, Solana sees $485M outflows: Finance Redefined
The world of decentralized finance (DeFi) has been making waves in the financial industry, and it seems like even the former US President Donald Trump is taking notice. Trump’s WLFI DeFi platform has recently made headlines for its impressive performance during the recent market downturn.
In just one week, the platform managed to triple its holdings of Ether, the second-largest cryptocurrency by market capitalization. This impressive feat has caught the attention of many in the crypto community, especially as the market has been experiencing a significant dip in prices.
WLFI DeFi’s success can be attributed to its innovative approach to decentralized finance. Unlike traditional financial institutions, DeFi platforms operate on a decentralized network, allowing for greater transparency and accessibility. This has made it a popular choice among investors looking for alternative ways to grow their wealth.
But what sets WLFI DeFi apart from other platforms is its connection to the former US President. Trump’s involvement in the platform has sparked curiosity and speculation among investors and experts alike. Some believe that his endorsement of DeFi could bring more mainstream attention and adoption to the industry.
In fact, the timing of WLFI DeFi’s success is no coincidence. It comes just ahead of the first White House Crypto Summit, where top industry leaders and government officials will gather to discuss the future of cryptocurrencies and blockchain technology. With Trump’s platform gaining traction, it’s clear that DeFi will be a hot topic at the summit.
As the world of finance continues to evolve, it’s clear that DeFi is here to stay. And with the backing of influential figures like Donald Trump, it’s only a matter of time before it becomes a mainstream investment option. So keep an eye on WLFI DeFi and the upcoming White House Crypto Summit – they may just hold the key to the future of finance.
Bitcoin price rebound breaks down before key level is hit — Here is why
Bitcoin, the world’s largest cryptocurrency, has been facing some challenges in its recent price movements. Despite its strong performance in the past few months, its upside seems to be limited by various factors such as recession risks, geopolitical tensions, and investor concerns over the upcoming crypto summit at the White House.
One of the main reasons for Bitcoin’s limited growth is the looming threat of a global recession. With the ongoing trade war between the US and China, as well as other economic uncertainties, investors are becoming increasingly cautious and are turning to more traditional assets like gold. This has resulted in a decrease in demand for Bitcoin, as it is still considered a relatively new and volatile asset.
In addition, geopolitical tensions around the world are also affecting Bitcoin’s potential for growth. The recent tensions between the US and Iran, as well as the ongoing Brexit saga, have created a sense of uncertainty in the global markets. This has led investors to seek safer investments, causing a decrease in demand for cryptocurrencies.
Furthermore, the upcoming crypto summit at the White House has also caused some anxiety among investors. While the purpose of the summit is to discuss the potential benefits of blockchain technology, there are concerns that it could lead to stricter regulations for cryptocurrencies. This has caused some investors to hold back on their investments until there is more clarity on the outcome of the summit.
Despite these challenges, Bitcoin continues to hold its position as the leading cryptocurrency and has shown resilience in the face of market fluctuations. Its underlying technology, blockchain, has also gained widespread recognition and adoption in various industries. This suggests that Bitcoin’s long-term potential is still strong, and any short-term setbacks should not deter investors from considering it as a valuable asset in their portfolio.
In conclusion, while Bitcoin’s upside may be limited in the current market conditions, its long-term potential remains promising. As with any investment, it is important to carefully consider the risks and do thorough research before making any decisions. The upcoming crypto summit and other external factors may cause some volatility in the short-term, but for those with a long-term perspective, Bitcoin still holds great potential for growth and innovation.