Texas Senate passes Bitcoin strategic reserve bill SB-21

This follows 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.

The Texas Senate passed a bill that would create a Bitcoin strategic reserve for the state. The bill, SB-21 by State Senator Charles Schwertner, passed on March 6 following a debate.

Those who supported the bill argued that it would help Texas add a valuable and scarce asset to its balance sheet amid fears of Bitcoin contending against the US dollar as a global reserve currency. They also argued that Bitcoin was similar to gold and a hedge against inflation.

“This bill is a small step in recognizing Bitcoin for what it is—a valuable asset that can help to secure the long-term economic future of our state,” said Senator Schwertner, R-Georgetown, who introduced the bill.

If enacted, Texas would 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.

The bill would create a reserve of up to 1,000 Bitcoin, which would be purchased over a period of five years. The reserve would be managed by the State Treasurer, who would be required to invest only in Bitcoin and to diversify the reserve among multiple wallets.

The bill would also create a task force to study the use of blockchain technology in state government.

The bill is now headed to the House for consideration.

House Democrats introduced a bill that would create criminal penalties for offenses that involve “virtual token fraud.” The bill, introduced by Assemblymember Clyde Vanel on March 5, aims to protect crypto users from memecoin rug pulls.

These scams usually end up with token prices plummeting, causing millions in losses to crypto investors. The legislation explicitly targets deceptive practices associated with crypto, aiming to deter and punish those who engage in such activities.

“This legislation is a critical step in protecting New York consumers from the devastating impact of crypto scams,” said Vanel, D-Mount Vernon, in a statement.

“We must send a clear message that those who engage in such fraudulent schemes will be held accountable for their actions.”

The bill, A8340, will establish penalties for offenses such as:

The bill also includes provisions to promote the responsible development of the virtual token industry in New York.

Those who commit such offenses could face up to 15 years in prison and a $5 million fine.

The bill is co-sponsored by Assemblymembers Edward Duran and D.J. HOavle. It will now be referred to the relevant Assembly committee for consideration.

The Crypto Task Force of the US Securities and Exchange Commission (SEC) will host a series of roundtables to discuss the “security status” of crypto assets, with the first set for March 21.

The task force, led by Commissioner Hester Peirce, is planning to draw on the expertise of the public to develop a workable framework for crypto in a neutral manner.

The roundtable series, called the “Spring Sprint Toward Crypto Clarity,” will cover topics such as crypto asset definitions, the role of distributed ledger technology in capital markets, and the integration of crypto into the existing regulatory framework.

“I am eager to begin this conversation and draw on the expertise of the public to help us develop a common ground and a workable framework for crypto in a neutral manner,” said Commissioner Peirce.

The first roundtable, titled “How We Got Here and How We Get Out — Defining Security Status,” will be held on March 21 at 10 am ET in the SE Williams Room of the SEC Headquarters in Washington, D.C.

Those interested in attending virtually can register here by March 15.

The Utah State Senate has passed a Bitcoin bill after removing a section that would have allowed its state treasurer to invest in Bitcoin.

HB230, which passed the Senate on March 5, provides citizens with basic custody protections, the right to mine, run a node and stake, among other things.

However, the lawmakers removed a key reserve clause that would have 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.

The bill, authored by House Minority Leader Charles K. (Butch) Jensen, R-Beaumont, and co-sponsored by Senate President J. Stuart Harris, advanced with bipartisan support.

The bill will now go to Governor Spencer Cox, who has the final say on whether the bill becomes law.

Argentine Federal Prosecutor Eduardo Taiano, who is leading the investigation into Argentine President Javier Milei's alleged role in the LIBRA memecoin scandal, has requested the freezing of almost $110 million in digital assets.

The request, filed on March 5, also aims to recover Milei's deleted social posts and obtain detailed records of all LIBRA transactions since its launch.

The prosecutor is interested in reconstructing the financial operations of Feb. 14 and 15, when the project's trade volume peaked.

The investigation began in March 2