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SENATOR INTRODUCES BILL TO CEMENT TEXAS AS THE FIRST STATE WITH A BITCOIN RESERVE

Texas aims to lead the digital revolution with a groundbreaking “Strategic Bitcoin Reserve Act,” securing economic resilience and innovation through state-managed bitcoin integration.

Texas Proposes Strategic Bitcoin Reserve to Revolutionize State Finances

Texas State Senator Charles Schwertner has introduced Senate Bill 778, known as the “Texas Strategic Bitcoin Reserve Act,” to establish a state-managed bitcoin reserve. Schwertner emphasized the significance of this initiative on social media platform X on Jan. 15, stating:

It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve.

“This would position our state at the forefront of the digital economy, driving growth and securing economic freedom for our great state!” he added.

The bill outlines measures for the secure management of bitcoin within the state treasury, administered by the Texas Comptroller. Provisions include the use of “cold storage” for secure custody, regular audits, and policies ensuring transparency and best practices in digital asset management. Residents and organizations would be allowed to donate bitcoin to the reserve, with acknowledgment certificates available for contributors. 

The legislation highlights bitcoin’s potential to hedge against inflation, strengthen financial resilience, and foster innovation in digital finance. Regular reporting would keep the public informed of the reserve’s status and performance.

If enacted, the Texas Strategic Bitcoin Reserve Act would position the state as a leader in the digital economy. The bill also establishes protocols for bitcoin transactions, limiting them to emergency or legislative-approved scenarios to maintain oversight and accountability.

An advisory committee would provide recommendations on the reserve’s operations and security.

Senator Schwertner’s initiative underscores Texas’s vision of promoting economic freedom and growth through strategic digital asset integration. The act will take effect immediately with a two-thirds legislative vote or on Sept. 1 otherwise.

The push for state-level bitcoin reserves comes amid a broader trend of legislative interest in digital assets. President-elect Donald Trump has floated the idea of a national strategic bitcoin reserve, suggesting its potential to enhance U.S. financial leadership. Similarly, U.S. Senator Cynthia Lummis has proposed legislation to establish a strategic bitcoin reserve.

@ Newshounds News™

Source:  Bitcoin News

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WYOMING AND MASSACHUSETTS JOIN GROWING LIST OF STATES CONSIDERING BITCOIN RESERVES

State Bitcoin reserve momentum is still growing, while Coinbase backed the idea of a federal BTC stockpile for the first time publicly.

Wyoming and Massachusetts have joined the expanding number of U.S. states that may soon vote on establishing Bitcoin reserves, with representatives from both states submitting draft legislation supporting the initiative on Friday.

In Wyoming, a group of five Republican legislators submitted a bill that would permit the state treasurer to invest public funds in Bitcoin, but no other digital assets.

In recent weeks, other states have put forth slightly more permissive bills, which would in some cases allow states to invest in stablecoins and other cryptocurrencies that surpassed $500 billion in market capitalization—though as of this writing, Bitcoin is the only asset that meets that requirement.

Wyoming’s bill is also more restrictive in another regard: It would only permit its treasurer to invest 3% of a given state fund in Bitcoin. Proposed legislation in other states, such as Pennsylvania and Oklahoma, would allow for investments in digital assets to make up 10% of similar public funds.

Meanwhile, in deep blue Massachusetts, a lone Republican state senator proposed a bill on Friday proposing the establishment of a Bitcoin strategic reserve. 

That act, submitted by Peter Durant, is more permissive than Wyoming’s, and would allow for up to 10% of Massachusetts’ rainy day fund to be comprised of Bitcoin or any manner of digital asset.  

At this point, nearly one-fifth of all U.S. state legislatures are poised to soon formally weigh whether to invest public funds in Bitcoin and other cryptocurrencies. Every such proposal has been submitted in the aftermath of Donald Trump’s re-election in November, by Republicans.

Trump, long a crypto skeptic, abruptly changed tack on the campaign trail this year after being a noted Bitcoin critic in the past. In July, onstage at a Bitcoin conference in Nashville, he called for the federal government to establish its own Bitcoin stockpile.

The chorus for such initiatives is rapidly gaining momentum. On Friday afternoon, Coinbase CEO Brian Armstrong publicly called for the creation of a U.S. Bitcoin strategic reserve for the first time.

“The next global arms race will be in the digital economy, not space,” Armstrong said in a company blog post. “Bitcoin could be as foundational to the global economy as gold and will become central to national security in a world where holdings of Bitcoin can shift the balance of power among nation states.”

@ Newshounds News™

Source:  Decrypt

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DORA REGULATIONS KICK IN: A NEW ERA FOR CRYPTO IN THE EU

Cryptocurrency firms operating in member states of the European Union will be required to beef up their cybersecurity and risk management as the economic bloc implements a new regulation.

EU authorities recently announced that the Digital Operational Resilience Act (DORA) took effect on January 17, a comprehensive and harmonized regional regulatory framework that will govern the digital operational resilience of financial institutions and crypto firms in member nations.

The New Regulation

EU authorities consider the DORA policy as a crucial step to enhance the digital operational resilience framework of financial institutions operating in the countries that are part of the regional bloc, saying that the new regulation aims to address the inconsistencies and gaps in the cyber risk management within the bloc.

The DORA regulation does not only apply to financial institutions and banks because it also covers crypto-asset service providers, insurance companies, investment firms, and management companies.

Cryptocurrency businesses in the European Union are subject to new cybersecurity regulations as DORA takes effect on January 17.

How Will It Impact VASP?

Analysts see that the cybersecurity and resilience practices of virtual asset service providers (VASP) in the European bloc will be greatly affected by the imposition of DORA.

Legal intelligence JD Supra stated that one of the provisions under the new EU rule is developing and reviewing ICT third-party risk management strategies such as having mandatory provisions in contracts with ICT service providers and “a registry of information documenting all existing contractual arrangements.”

This DORA provision would affect VASPs in the region because financial entities in the EU will be compelled to have a comprehensive register of their contractual arrangements with third-party IT service providers.

An official of the crypto exchange Gemini believes that DORA is essential to improve the financial sector’s operational resilience against ICT-related risks.

“In readiness for DORA, we have implemented a Digital Operational Resilience Strategy, an ICT risk management framework, ensured clear governance structures, and adopted best practices to ensure the continuity, security and resilience of our services,” Gemini head of Europe Mark Jennings explained.

Expanding MiCA Rule

Crypto analysts said that the new EU regulation is seen to expand the Markets in Crypto-Assets Regulation (MiCA), saying that the goal of DORA is to enhance the resiliency of crypto firms against disruptions and cyberattacks, protecting investors and boosting market integrity.

An executive of the crypto infrastructure firm MoonPay said that the new regulation would have a considerable impact on MiCA-licensed crypto companies.

“All crypto asset service providers licensed under MiCA are subject to the DORA requirements,” MoonPay’s deputy general counsel and head of Ireland Matt Sullivan said.

Sullivan revealed that their crypto infrastructure firm is already taking steps to become a DORA complaint entity. MoonPay got its MiCA license from the Dutch Authority for the Financial Market only last December 30, 2024.

A Challenge To Small Service Providers

Wormhole Foundation general counsel Cathy Yoon said that VASPs can deal with the provisions of DORA and have more likely implemented strict cybersecurity measures to maintain their compliance with the new regulation.

However, Yoon worried that startups and smaller service providers might find it difficult to get their DORA compliance.

“Taking a proactive approach to security and building out cybersecurity measures in line with DORA may have significant implications for smaller service providers, especially startups with limited capital to comply with DORA,” Yoon said.

@ Newshounds News™

Source:  Bitcoinist

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