Texas Senate passes Bitcoin reserve invoice, New York targets memecoin rug pulls: Regulation Decoded

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The Texas Senate handed the Bitcoin strategic reserve invoice SB-21 on March 6. This adopted a debate through which State Senator Charles Schwertner, who launched the invoice, argued that it could assist Texas add a priceless and scarce asset to its steadiness sheet. 

Amid fears of Bitcoin (BTC) contending towards the US greenback as a worldwide reserve forex, Professional-Bitcoin lawmakers argued that Bitcoin was much like gold and a hedge towards inflation. 

If SB-21 is enacted, Texas would be the first state within the US to have a digital asset reserve. Nonetheless, the governor should nonetheless signal the invoice earlier than it turns into legislation. 

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New York invoice goals to guard crypto buyers from memecoin rug pulls

New York lawmakers launched a invoice to guard crypto customers from memecoin rug pulls, the place insiders abandon a challenge after buyers have bought their token. These scams normally find yourself with token costs plummeting, inflicting hundreds of thousands in losses to crypto buyers. 

On March 5, Assemblymember Clyde Vanel launched the laws to determine legal penalties for offenses that contain “digital token fraud.” This explicitly targets misleading practices related to crypto. 

Fideum co-founder and CEO Anastasija Plotnikova instructed Cointelegraph that scams and rug pulls ought to be extra totally regulated. “For my part, these actions ought to fall firmly throughout the jurisdiction of legislation enforcement companies,” Plotnikova added.

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SEC’s Crypto Process Pressure to host roundtable on crypto safety standing

The Crypto Process Pressure of the US Securities and Change Fee will host a sequence of roundtables to debate the “safety standing” of crypto property, with the primary set for March 21. 

Crypto Process Pressure lead Commissioner Hester Peirce mentioned she is trying ahead to “drawing the experience of the general public” to develop a workable framework for crypto. 

The roundtable sequence is known as the “Spring Dash Towards Crypto Readability,” and the primary matter of dialogue is dubbed “How We Received Right here and How We Get Out — Defining Safety Standing.” 

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Utah’s Senate passes Bitcoin invoice — however scraps key provision

Utah lawmakers handed a Bitcoin invoice after eradicating a piece that might have allowed its state treasurer to put money into Bitcoin. Whereas the HB230 invoice handed the state Senate, it eliminated a key reserve clause that might’ve licensed the state treasurer to put money into digital property with a market cap of over $500 billion.

The clause handed the second studying however was scrapped within the third and closing studying. Nonetheless, the invoice supplies residents primary custody protections, the correct to mine, run a node and stake, amongst different issues.   

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Argentine prosecutor goals to freeze property in LIBRA memecoin fraud case

Argentine Federal Prosecutor Eduardo Taiano, the lead prosecutor investigating Argentine President Javier Milei’s alleged position within the LIBRA crypto scandal, requested the freezing of virtually $110 million in digital property associated to the memecoin case. 

Taiano additionally requested the restoration of Milei’s deleted social posts and detailed information of all LIBRA transactions since its launch. The prosecutor goals to reconstruct the monetary operations of Feb. 14 and 15, when the challenge’s commerce quantity peaked. 

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