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The state of Texas could become a pioneer in the adoption of Bitcoin as a strategic reserve, following the introduction of HB No. 1598 by state representative Giovanni Capriglione.
This program would seek to store Bitcoin in a secure wallet for the long term. This, with a focus on promoting innovation in digital assets and reinforcing the financial security of the state.
The project establishes that Bitcoin funds would be held for at least five years without being sold. In addition, it allows Texan citizens to donate to the fund, strengthening their participation in the state strategy.
According to the text of the bill, “a strategic Bitcoin reserve aligns with Texas’ commitment to fostering innovation in digital assets and providing Texans with greater financial security.”
The Cryptocurrency would be stored in cold storage, that is, on devices not connected to the Internet, to maximize security. Furthermore, the use of these assets would be strictly limited to internal transactions in Texas. Prohibiting its use in international operations or with entities related to illicit activities.
Judge Rebukes FDIC for Excessive Redactions in Letters to Coinbase
Judge Ana C. Reyes of the Washington DC District Court harshly criticized the Federal Deposit Insurance Corporation (FDIC) for what she described as a “lack of good faith” in excessively censoring a series of letters sent to Coinbase in 2022.
These letters, which were only made public after prolonged legal pressure from the cryptocurrency exchange platform, became the center of a legal dispute between both parties.
Under the court order, the FDIC must deliver more complete versions of the letters by January 3. Reyes stressed that the organization cannot simply censor indiscriminately, pointing out that this practice goes against the principles of transparency.
Paul Grewal, Coinbase’s chief legal officer, shared details of the case on social media, openly questioning the motives behind the FDIC’s resistance. “What is the FDIC trying to hide?” Grewal asked.
The recently published 2022 letters reveal that the regulator advised banks to avoid any business relationship with cryptocurrency-related companies. A measure that has been seen by many as a direct attack on the sector.
Chainalysis expands its coverage to memecoins on Solana
Blockchain analysis provider Chainalysis has announced the expansion of its coverage in the Solana ecosystem. Now including the popular memecoins created through Pump.fun.
This move bolsters the company’s capabilities to track and analyze activity around tokens on the Solana network. Providing advanced tools for exchanges, governments and users.
Matthew Wilson, Chief Product Officer at Chainalysis, shared the news via a post on LinkedIn: “Today Chainalysis has expanded its Solana coverage to include all Solana tokens on KYT and Reactor. From the moment an SPL contract is implemented, Chainalysis offers full alerting, exposure and tracking.”
Know Your Transaction (KYT) and Reactor tools allow exchanges to list memecoins immediately with full compliance coverage. While governments can investigate possible fraud. Including scams and “rug pulls.” Wilson highlighted that the coverage extends to popular tokens such as WIF, BONK, PNUT, USDT, USDC, and Pump.fun coins.
French Hill to take over leadership of House financial services committee in 2025
Arkansas Representative French Hill, known for his pro-cryptocurrency stance, has been appointed to lead the US House of Representatives Financial Services Committee in the next Congress beginning on January 3, 2025. This move reinforces the influence of cryptocurrency advocates on the American political landscape.
Hill, who currently chairs the Committee’s digital assets subcommittee, expressed his gratitude following the announcement: “I am honored that my colleagues have placed their trust in me to lead the House Financial Services Committee as its next chair.”
He also announced his intention to work together with President Trump and Senator Tim Scott, chairman of the Senate Banking Committee, to promote economic policies that boost prosperity in the United States.
The Financial Services Committee plays a crucial role in overseeing the financial services industry, key regulators such as the Securities and Exchange Commission (SEC), the Federal Reserve and the Treasury. And, in the formulation of policies on cryptocurrencies and blockchain.
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