The Texas Senate passed the Bitcoin Strategic Reserve Bill SB-21 on March 6th. This follows a debate that Sen. Charles Schwartner, who introduced the bill, argued that it would help Texas add valuable and rare assets to its balance sheet.
Amid fears that Bitcoin (BTC) will fight the US dollar as a global reserve currency, ProBitcoin lawmakers argued that Bitcoin is similar to a hedge against gold and inflation.
If SB-21 is in place, Texas will be the first state in the United States to have a digital asset reserve. But the governor still has to sign the bill before it becomes law.
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New Yorkville aims to protect crypto investors from MemeCoin lag pull
New York lawmakers have introduced a bill to protect crypto users from Memecoin lag pulls where insiders abandon the project after investors purchase the token. These scams usually result in a plunge in token prices, causing millions of losses for crypto investors.
On March 5, MP Clyde Vanel introduced a law to establish criminal penalties for crimes that involve “virtual token fraud.” This explicitly targets deceptive practices associated with cryptography.
Fideum co-founder and CEO Anastasija Plotnikova told Cointelegraph that fraud and rug pull should be more fully regulated. “In my view, these activities should fall firmly within the jurisdiction of law enforcement,” added Plotnikova.
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SEC’s Cryptographic Task Force hosting Roundtable with Crypto Security Status
The Securities and Exchange Commission’s Cryptody Task Force will hold a series of roundtable discussions on the “security status” of crypto assets in its first set on March 21st.
Hester Peirce, Chief Commissioner of the Crypto Task Force, said he looks forward to “drawing the expertise of the public” to develop a viable framework for Crypto.
The Roundtable Series is called “Spring Sprint for Cryptographic Transparency,” and the first topic of the discussion is called “How to get here and how to get out – Security Status Definition.”
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Utah Senate Passes Bitcoin Invoices – But Scrap Key Regulations
Utah lawmakers passed the Bitcoin bill after removing a section that would allow state accounts to invest in Bitcoin. The HB230 bill passed state senators but removed the key preparatory clause that allows state accounts to invest in digital assets with market capitalizations of over $500 billion.
The clause passed a second read, but was discarded for the third and final read. Still, the bill would provide citizens with basic custody protections, the right to carry out mining, nodes and betting.
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Argentine prosecutors aim to freeze assets in Libra’s memo coin fraud case
The chief prosecutor, Eduardo Taiano, the federal prosecutor of Argentine’s federal prosecutor, who investigated allegations of the role of Argentine President Javier Mairi in the Libra crypto scandal, demanded a freeze of nearly $110 million in digital assets related to the member’s case.
Taiano also requested a detailed record of Milei’s deleted social posts and all Libra transactions since its launch. Prosecutors are aiming to restructure financial operations on February 14th and 15th, when trade volume on the project peaked.
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