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Publicly traded Bitcoin mining firm Riot Platforms has bought more orange coins after raising $525 million via a private senior convertible notes offering.
The company announcedearlier this week that it would raise money from private investors as part of a strategy to buy Bitcoin and pay for other general corporate purposes.
In its latest announcement Friday, the Castle Rock, Colorado-based Riot said it had snapped up 5,117 Bitcoin (BTC) at an average price of $99,669 per coin, including fees, ultimately spending $510 million in the process.
With the net proceeds from Riot’s recent $525 million, 0.75% coupon convertible bond issue, the Company has acquired 5,117 BTC at an average price of $99,669 per BTC, inclusive of fees and expenses. As a result, Riot has increased its holdings to 16,728 BTC, currently valued at… pic.twitter.com/Fi6x5hnNDR
The firm now holds 16,728 BTC, currently valued at approximately $1.69 billion, it added. Bitcoin is trading for $101,170 as of this writing, according to CoinGecko.
Riot—and other major Bitcoin miners—are following in the footsteps of software company MicroStrategy, which first bought the cryptocurrency in 2020 during the COVID-19 pandemic to get the best return for shareholders. That Bitcoin treasury reserve strategy is now being tapped by other companies, large and small.
MicroStrategy now uses private offerings and debt to buy more Bitcoin and mostly works to securitize the asset—or make it available to investors so they can buy shares of the company and get exposure to Bitcoin.
MicroStrategy now holds 423,650 BTC, valued at nearly $43 billion, and encourages other companies to buy the cryptocurrency as an inflation hedge.
Other top American Bitcoin miners are adopting the same strategy to strengthen their balance sheets. MARA, formerly known as Marathon Digital, on Tuesday said it had bought 11,774 Bitcoin for $1.1 billion at an average price of $96,000 per coin.
The new microcap meme coin Crypto All-Stars is seeing strong hype and FOMO ahead of its highly-anticipated December launch.
The STARS presale has already raised over $16.5 million in its Initial Coin Offering (ICO) and is adding over $1 million to the total daily. The presale is set to end on December 20th.
Some prominent crypto investors are bullish on STARS’s upside potential. In a recent video, YouTuber ClayBro with over 130k subscribers stated that Crypto All-Stars (STARS) could offer big returns after its launch.
Why Is Crypto All-Stars In Such High Demand?
The demand for low-cap meme coins is extremely high in light of the upcoming meme coin supercycle.
As such, meme tokens have already turned several small-scale investors into millionaires. For instance, an early MIZUKI buyer turned his $43 investment into $204,000, seeing a staggering 4744x returns.
It is, therefore, no surprise that Crypto All-Stars has appealed to whales and retailers alike.
Earlier this week, a whale swapped 50 ETH for STARS, making a nearly $200k investment into the meme coin, data from Etherscan reveals.
Another Etherscan transaction from the same day showed a whale purchasing over $120k worth of STARS.
As such, Crypto All-Stars isn’t a run-of-the-mill meme coin. It is a high-utility token, with its key selling point being MemeVault, the first-ever unified staking model.
Most top meme coins, including Dogecoin and Pepe, do not offer any passive income or secondary utility outside of their speculative price action. This means that their holders are leaving considerable income on the table every day. That is, until now.
The multi-chain, multi-token MemeVault accepts 11 of the top meme coins and offers staking rewards in exchange. These coins include Pepe (PEPE), Dogecoin (DOGE), Shiba Inu (SHIB), Floki (FLOKI), Based Brett (BRETT), Mog Coin (MOG), Milady Meme Coin (LADYS), Turbo (TURBO), Toshi (TOSHI), Coq Inu (COQ) and Bonk (BONK).
STARS holders can also stake their coins and earn thrice the rewards. Many are already benefitting from the presale staking pool, which is currently offering a reward rate of just under 170%.
Could STARS be the Next Meme Coin to Pump?
Aside from MemeVault, Crypto All-Stars is also a meme coin with strong fundamentals.
For instance, it has adopted community-centric tokenomics. No separate allocation of the STARS token supply has been made towards the developer team or any private sale.
Furthermore, the STARS smart contract has been audited multiple times by Coinsult and Solid Proof. The audit reports have been published on the presale website and did not reveal any centralization risks or vulnerabilities.
Unsurprisingly, the new meme coin has caught the attention of many investors. As previously stated, popular YouTuber ClayBro projects that STARS could be the next meme coin to pump.
Another popular YouTuber Austin Hilton is impressed with Crypto All-Stars, citing its high-utility nature and stellar presale performance.
However, investors looking to reap the maximum returns have a very short window, considering the presale is ending in just 6 days. They can visit the presale website, connect their crypto wallet with the over-the-counter widget, and secure the meme coin using either a bank card or crypto coins.
Investors are also advised to follow the project’s X and Telegram accounts for the latest updates on the upcoming launch.
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OpenAI took the wraps off ChatGPT’s long-promised video capabilities Thursday, letting users point their phones at objects for real-time AI analysis—a feature that’s been gathering dust since its first demo in May.
Previously, you could input text, charts, voice, or still photos and interact with GPT. This feature, released late Thursday, allows GPT to watch you in real time and conversationally provide feedback. For instance, in my tests, this mode was able to solve math problems, give food recipes, tell stories, and even turn itself into my daughter’s new best friend, interacting with her while making pancakes, giving suggestions and encouraging her learning process through different games.
The release comes just a day after Google showed its own take on a camera-enabled AI assistant powered by the newly minted Gemini 2.0. Meta’s been playing in this sandbox too, with its own AI that can see and chat through phone cameras.
ChatGPT’s new tricks aren’t for everyone though. Only Plus, Team, and Pro subscribers can access what OpenAI calls « Advanced Voice Mode with vision. » The Plus subscription costs $20 a month, and the Pro tier costs $200.
“We’re excited to announce that we’re bringing video to Advanced voice mode so you can bring live video and also live screen sharing into your conversations with ChatGPT,” Kevin Weil, OpenAI’s Chief Product Officer, said in a video Thursday.
The stream was part of its “12 Days of OpenAI” campaign that will show 12 different announcements in as many consecutive days. So far, OpenAI has launched its o1 model for all users and unveiled the ChatGPT Pro plan for $200 per month, introduced reinforcement fine-tuning for customized models, released its generative video app Sora, updated its canvas feature, and released ChatGPT to Apple devices via the tech giant’s Apple Intelligence feature.
The company gave a peek at what it can do during Thursday’s livestream. The idea is that users can activate the video mode, in the same interface as advanced voice, and start interacting with the chatbot in real time. The chatbot has great vision understanding and is capable of providing relevant feedback with low latency, making the conversation feel natural.
Getting here wasn’t exactly smooth sailing. OpenAI first promised these features « within a few weeks » in late April, but the feature was postponed following controversy over mimicking actress Scarlett Johansson’s voice—without her permission—in advanced voice mode. Since video mode relies on advanced voice mode, that apparently slowed the rollout.
And rival Google is not sitting idle. Project Astra just landed in the hands of « trusted testers » on Android this week, promising a similar feature: an AI that speaks multiple languages, taps into Google’s search and maps, and remembers conversations for up to 10 minutes.
However, this feature is not yet widely available, as a broader rollout is expected for early next year. Google also has more ambitious plans for its AI models, giving them the ability to execute tasks in real time, showing agentic behavior beyond audiovisual interactions.
Meta is also fighting for a place in the next era of AI interactions. Its assistant, Meta AI, was featured this September. It shows similar capabilities to OpenAI’s and Google’s new assistants, providing low-latency responses and real-time video understanding.
But Meta is betting on using augmented reality to push its AI offering, with “discreet” smart glasses capable enough of powering those interactions, using a small camera built into their frames. Meta calls it Project Orion.
Current ChatGPT Plus users can try the new video features by tapping the voice icon next to the chat bar, then hitting the video button. Screen sharing needs an extra tap through the three-dot (aka “hamburger”) menu.
For Enterprise and Edu ChatGPT users eager to try the new video features, January is the magic month. As for EU subscribers? They’ll just have to watch from the sidelines for now.
BiT Global has sued Coinbase for announcing plans to delist the largest Wrapped Bitcoin token—or WBTC—alleging that the San Francisco-based exchange did so in a « predatory and unfair » move that « violates both federal and state law. »
A Friday lawsuit by the crypto custodian alleged that Coinbase, America’s biggest crypto exchange, unfairly plans to remove WBTC from its platform—a move planned for December 19—so it could push its own version of the digital token.
« Like all the centralized tech giants before it, Coinbase gives lip service to the innovation of a decentralized world, » Friday’s lawsuit reads. « But in the case of wrapped Bitcoin, Coinbase viewed it as just another cash grab. »
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.
The lawsuit further alleged that Coinbase’s listings of meme coins and tokens—such as Dogwifhat (WIF), Pepe (PEPE) and Mog Coin (MOG)—with “no inherent value” proves that the exchange delisted WBTC in a bid to have a monopoly over the industry.
WBTC is the 18th biggest cryptocurrency, with a market cap of $13.7 billion, according to CoinGecko. BiT Global helps custody the tokens, which are backed 1:1 with Bitcoin but run on Ethereum.
Traders use WBTC so they can use their Bitcoin holdings across other crypto platforms and applications that aren’t natively compatible with Bitcoin.
Coinbase launched its own wrapped Bitcoin token in September, dubbed Coinbase Wrapped BTC, or cbBTC. Then, last month, it delisted WBTC, citing that it did not meet the exchange’s listing standards.
BiT Global alleged Friday that this was an unfair business practice. “Having decided to copycat WBTC with its own product, Coinbase resorted to unfair and deceptive tactics that long been used by tech giants to crush their competition,” BiT Global’s lawsuit added.
The crypto custodian added in the lawsuit that the circulation of WBTC dropped by 5% in two weeks following the delisting, alleging that this was more evidence that Coinbase “coveted WBTC’s market share and wanted it for itself.”
Back in August—ahead of cbBTC’s launch—industry experts toldDecrypt that the token had potential to dominate the crypto market.
WBTC attracted controversy in the crypto world when BitGo—which also custodies WBTC—announced its partnership with BiT Global to help custody the token. Some in the decentralized finance industry pointed out that Justin Sun’s involvement with BiT Global presented “an unacceptable level of risk.” Sun is the crypto mogul behind the Tron network.
MakerDAO, which issues the DAI stablecoin, highlighted that the TUSD—another stablecoin—became less transparent under Sun’s involvement.
Coinbase told Decrypt in an emailed statement that it’s “committed to maintaining the high integrity of our listing standards, and we regularly evaluate assets listed on our platform.”
BiT Global did not immediately answer Decrypt’s emailed questions.
Editor’s note: This story was updated after publication with additional details, and to clarify that the token is set to be delisted on December 19 following an announcement of the planned move.
The Commodity Futures Trading Commission (CFTC) has filed a civil enforcement action against Francier Obando Pinillo, a pastor from Pasco, Washington, accusing him of running a fraudulent cryptocurrency Ponzi scheme worth at least $5.9 million.
The complaint names Pinillo and his associated businesses, Solanofi, Solano Partners Ltd., and Solano Capital Investments, collectively known as the Solanofi entities, as the defendants.
Details of The Lawsuit
According to a December 10 release from the CFTC, Pinillo targeted at least 1,515 individuals in the United States, including members of his Spanish-speaking congregation. The complaint alleges that he misused his position as a trusted church pastor to promote his deceptive scheme.
He claimed to be the CEO of Solanofi, an automated trading platform that offered risk-free profits through high-performance trading of crypto assets. Pinillo falsely advertised guaranteed monthly returns of up to 34.9% and assured participants that the platform was secure and reliable.
The pastor gave participants access to an online dashboard showing fake account balances and profits to make the scheme appear legitimate. He also encouraged customers to involve friends and family by offering a 15% referral fee for recruiting new people.
However, the document states that there was no trading platform, no trades occurred, and no profits were generated. Instead, Pinillo allegedly misappropriated all funds provided by customers.
The lawsuit further claims that the accused failed to disclose critical information when seeking clients. Among the omissions, he did not inform customers that the Solanofi entities were shams, the trading platform was non-existent, and the online account statements were falsified.
Additionally, he used the funds from new participants to pay earlier ones in what the CFTC described as a classic Ponzi scheme.
Restitution and Similar Cases
Following the enforcement action, the regulator is seeking restitution for defrauded participants, the return of misappropriated funds, civil monetary penalties, trading bans, and a permanent injunction to prevent further violations of the Commodity Exchange Act and related rules.
The case against Pinillo is the latest in a growing number of such schemes in the crypto industry. In March, the U.S. Securities and Exchange Commission (SEC) alleged that 17 individuals were responsible for a $300 million Ponzi scheme that targeted more than 40,000 Latino investors through a program called CryptoFX.
In August, the financial watchdog also brought complaints against two Georgia brothers accused of defrauding over 80 investors in a $60 million bogus multilevel plan.
The same month, NovaTech Ltd. was charged with operating a fake operation that raised over $650 million from more than 200,000 investors, including many in the Haitian-American community.
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The following is a guest article from Vincent Maliepaard, Marketing Director at IntoTheBlock.
As Bitcoin surpassed its all-time high earlier this year, driven by institutional interest, many expected a similar surge in the decentralized finance (DeFi) space. With DeFi surpassing $100 billion in total value locked (TVL), it was the perfect time for institutions to jump on board. However, the anticipated flood of institutional capital into DeFi has been slower than predicted. In this article, we’ll explore the key challenges hindering institutional DeFi adoption.
Regulatory Hurdles
Regulatory uncertainty is perhaps the most significant roadblock for institutions. In major markets like the U.S. and the EU, the unclear classification of crypto assets—especially stablecoins—complicates compliance. This ambiguity drives up costs and deters institutional involvement. Some jurisdictions, such as Switzerland, Singapore, and the UAE, have embraced clearer regulatory frameworks, which has attracted early movers. However, the lack of global regulatory consistency complicates cross-border capital allocation, making institutions hesitant to enter the DeFi space with confidence.
Moreover, regulatory frameworks like Basel III impose stringent capital requirements on financial institutions that hold crypto assets, further disincentivizing direct participation. Many institutions are opting for indirect exposure through subsidiaries or specialized investment vehicles to sidestep these regulatory constraints.
However, Trump’s office is expected to prioritize innovation over restrictions, potentially reshaping U.S. DeFi regulations. Clearer guidelines could lower compliance barriers, attract institutional capital, and position the U.S. as a leader in the space.
Structural Barriers Beyond Compliance
While regulatory issues often dominate the conversation, other structural barriers also prevent institutional DeFi adoption.
One prominent issue is the lack of suitable wallet infrastructure. Retail users are well-served by wallets like MetaMask, but institutions require secure and compliant solutions, such as Fireblocks, to ensure proper custody and governance. Additionally, the need for seamless on-and-off ramps between traditional finance and DeFi is critical for reducing friction in capital flow. Without robust infrastructure, institutions struggle to navigate between these two financial ecosystems efficiently.
DeFi infrastructure requires developers with a highly specific skillset. The skillset required often differs from traditional finance software development and can also vary blockchain by blockchain. Institutions that are only looking to deploy in the most liquid strategies, will likely have to deploy into multiple blockchains which can increase overhead and complexity.
Liquidity Fragmentation
Liquidity remains one of DeFi’s most persistent issues. Fragmented liquidity across various decentralized exchanges (DEXs) and borrowing platforms poses risks such as slippage and bad debt. For institutions, executing large transactions without significantly affecting market prices is vital, and shallow liquidity makes this difficult.
This can create situations where institutions have to execute transactions over multiple blockchains to perform one trade, adding to complexity and increasing risk vectors on the strategy. To attract institutional capital, DeFi protocols must create deep and concentrated liquidity pools capable of supporting very large trades.
A good example of liquidity fragmentation can be seen with the evolution of the Layer 2 (L2) blockchain landscape. As it becomes cheaper to build and transact on L2 blockchains, liquidity has migrated away from Ethereum mainnet. This has reduced liquidity on mainnet for certain assets and trades, therefore reducing the size of deployment that institutions can make.
While technologies and infrastructure improvements are in development to resolve many liquidity fragmentation issues, this has been a key blocker for institutional deployment. This is especially true for deployments onto L2s where liquidity and infrastructure issues are more pronounced than on mainnet.
Risk Management
Risk management is paramount for institutions, especially when engaging with a nascent sector like DeFi. Beyond technical security, which mitigates hacks and exploits, institutions need to understand the economic risks inherent in DeFi protocols. Protocol vulnerabilities, whether in governance or tokenomics, can expose institutions to significant risks.
To compound these complexities, the lack of insurance options at institutional size to cover large loss events like a protocol exploit, often means that only the assets earmarked for high R/R get allocated to DeFi. This means that lower risk funds that might be open to BTC exposure are not deploying into DeFi. Furthermore, liquidity constraints—such as the inability to exit positions without triggering major market impacts—make it challenging for institutions to manage exposure effectively.
Institutions also need sophisticated tools to assess liquidity risks, including stress testing and modeling. Without these, DeFi will remain too risky for institutional portfolios, which prioritize stability and the ability to deploy or unwind large capital positions with minimal exposure to volatility.
The Path Forward: Building Institutional-Grade DeFi
To attract institutional capital, DeFi must evolve to meet institutional standards. This means developing institutional-grade wallets, creating seamless capital on-and-off ramps, offering structured incentive programs, and implementing comprehensive risk management solutions. Addressing these areas will pave the way for DeFi to mature into a parallel financial system, one capable of supporting the scale and sophistication required by large financial players.
By building the right infrastructure and aligning with institutional needs, DeFi has the potential to transform traditional finance. As these improvements are made, DeFi will not only attract more institutional capital but also establish itself as a foundational component of the global financial ecosystem, ushering in a new era of financial innovation.
The crypto markets have seen intense volatility since Bitcoin broke through the $100,000 mark for the first time on December 4, with multiple plunges that have sent shockwaves that sank other assets—and piled up liquidations in the process.
But while Bitcoin has mostly rebounded from the sizable dips, Dogecoin has lost considerable steam over the last week since popping to a high of $0.48 for the first time since 2021.
At a current price just below $0.39, Dogecoin is down nearly 19% since that peak seen late on December 7. And over the last seven days, including data from the hours before that recent high, DOGE is down 15%.
That makes it the biggest loser among the top 10 cryptocurrencies by market cap, outpacing Cardano with a 13% dip during that span, and Solana with a 10% correction. Bitcoin is the only asset in the top 10 that’s green on the week, up 0.7% as of this writing at a current price of $100,995.
Looking beyond the top 10, other leading meme coins in the top 100 cryptocurrencies have posted even sharper losses over the last week.
Dogwifhat (WIF) is the biggest loser in the top 100, down 28% during that span, while Bonk (BONK) has fallen 23%, Brett (BRETT) is down 22%, and Shiba Inu (SHIB) has matched the DOGE dip at 15%.
Overall, the crypto market has fallen by 3% over the last 24 hours, per data from CoinGecko.
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Five individuals associated with IcomTech, a cryptocurrency Ponzi scheme that defrauded investors of $8.4 million, were ordered by a federal court to pay over $5 million in restitution and penalties.
The December 11 ruling by the United States District Court for the Central District of California also included prison sentences for three of the defendants.
Operating between 2018 and 2019, IcomTech marketed itself as a cryptocurrency platform offering daily returns of up to 2.8%. Investors were convinced their funds were being used for cryptocurrency trading and mining, facilitated through “Icoms,” a proprietary token. However, investigators found no evidence of such activities. Instead, the defendants misused the funds for personal expenses, including luxury goods and high-end vacations.
David Carmona, the leader of the scheme, alongside his partner David Brend, received 10-year prison sentences. Another conspirator, Marco A. Ruiz Ochoa, was sentenced to five years. Two additional defendants, Juan Arellano Parra and Moses Valdez, were held accountable through financial penalties and were permanently banned from engaging in any CFTC-regulated activities.
The Commodity Futures Trading Commission (CFTC) began its investigation into IcomTech in 2023 after complaints from defrauded investors. The case highlighted a common pattern in cryptocurrency fraud, where victims are enticed by promises of outsized returns and persuaded to recruit others, fueling a cycle of deception.
The court also ordered the forfeiture of more than $1.2 million in assets linked to the defendants. Despite this recovery, many victims are unlikely to recoup their full losses.
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Russia has begun testing a new system capable of cutting off access to the global internet, with early reports indicating that even virtual private networks, known as VPNs, are unable to circumvent these restrictions. This marks a significant escalation in the country’s efforts to establish what it calls a « sovereign internet. »
According to a recent report by NetBlocks, The Russian government already trialed its capacity to shut down internet access in Dagestan. Local news outlet Chernovikreported that the block lasted 24 hours and extended to Chechnya and Ingushetia
ℹ️ Note: Metrics show the disruption and restoration of connectivity in Dagestan, #Russia, following what telecoms regulator Roskomnadzor has described as a trial of its capacity to disable access to the foreign internet in a specific region; incident duration ~24 hours pic.twitter.com/7iYtDcVtSG
« Many sites, including ours, the Russian ones, don’t load. Nothing works! » one of the readers of Chernovik who lived in Makhachkala reported. The local news shared that services like YouTube, Telegram, and even taxi apps stopped working.
« Regarding the ongoing Roskomnadzor exercises to develop scenarios for disabling access to the foreign segment of the internet, today, [Dec. 6], starting at 4:00 PM, there will be restrictions on access to certain sites and services (WhatsApp, etc.). The estimated recovery time is 4:00 PM Moscow time on [Dec. 7], » local ISP Ellko shared with customers, according to local reports.
The Russian government is doubling down on these efforts, with the digital development ministry planning to allocate nearly 60 billion roubles ($660 million) over the next five years to enhance its web traffic censorship system. This system, known as TSPU, employs domestically developed traffic management tools that are created, distributed, and controlled by Roskomnadzor, the state communications regulator.
According to researchers at Censored Planet, a project tracking global online censorship, the TSPU represents a sophisticated approach to internet control. The system allows Russian authorities to inspect and filter internet traffic, potentially blocking access to specific websites and services while maintaining access to approved domestic resources.
Internet censorship grows
Russia’s move comes amid a broader global trend of increasing internet restrictions, even in traditionally free societies. In the United States, ongoing efforts to ban TikTok—currently the world’s largest social media platform—highlight growing concerns about data sovereignty and national security. Other nations, including Hungary, Turkey, Israel and Venezuela, have also implemented various forms of internet censorship and content control.
And other countries have started to use digital censorship for law enforcement. A recent example of this trend happened recently in Brazil, where authorities implemented measures to restrict access to X (formerly known as Twitter) after Elon Musk refused to comply with local laws.
During this incident, experts noted that the government could potentially track interactions and identify when Brazilian accounts posted on the platform. Additionally, Brazilian authorities could work with internet service providers, or ISPs, to detect and potentially block traffic to VPN servers.
Russia’s system appears to be more comprehensive than previous attempts at Internet control. The TSPU infrastructure allows for deep packet inspection and traffic rerouting, making it increasingly difficult for citizens to access blocked content, even with tools traditionally used to bypass censorship.
Other techniques used by the Russian government include blocking local websites that use an encryption feature from Cloudflare, rerouting traffic through government-controlled infrastructure, targeting encryption services and traffic to VPNs, among other tactics.
While not explicitly illegal, VPN use is heavily restricted in Russia. In 2017, the country banned VPN providers that weren’t government-approved. These approved VPNs were required to log user data and provide it to the government upon request.
Russia’s pursuit of internet isolation is fundamentally deeper than many other countries due to its focus on developing a domestic DNS and removing Western hardware and software. The country would follow a similar approach to that of China and North Korea, in which governments have major control over internet traffic.
However, completely isolating the Russian internet remains technically challenging due to its complex infrastructure and reliance on global networks. The idea has been floating around for a while, and experts are not convinced that it would be easy to implement.
“China connected to the internet very late, very warily, and with an enormous domestic population that is, by policy, culturally pretty similar,” Andrew Sullivan, president of the Internet Society told The Record in 2023. “It seems likely that the conditions do not exist in Russia to replicate China’s path. That doesn’t mean that Russia won’t try. But the path is likely to result in greater resistance in a population that is having something taken away, than what emerged in a population that never had the internet in the first place.”
Republican State Representative Giovanni Capriglione has officially filed to create a strategic Bitcoin (BTC) reserve for Texas.
According to him, the bill is meant to enhance fiscal stability while solidifying the state’s leadership in digital innovation.
The Proposed Legislation
Capriglione announced the proposed Texas Strategic Bitcoin Reserve Act (H.B. No. 1598) during an X Spaces event on Thursday, where he shared the document highlighting BTC’s decentralized nature, finite supply, and potential as a strategic asset to strengthen the state’s financial stability and resilience.
The legislator believes the initiative will combat inflation and offer a hedge against economic volatility. He described the reserve as a “win-win” investment that would foster innovation while providing a broad framework for managing cryptocurrency holdings.
The Act suggests creating a Bitcoin reserve within the Texas state treasury, managed as a special fund outside the general revenue fund under the state comptroller’s supervision. If approved, it will allow area residents to pay taxes and fees and make donations in cryptocurrency, with the holdings retained for at least five years.
The framework also enables residents to contribute Bitcoin to the reserve, emphasizing public participation in the state’s financial innovation.
A two-thirds majority in both legislative houses will enable the bill’s provisions to take effect immediately; otherwise, it will become applicable on September 1, 2025. Additionally, the law will expire on September 1, 2035, unless extended by future amendments.
Texas Moves Ahead as States Embrace Bitcoin Integration
Capriglione’s proposal is part of a growing movement across the United States to adopt Bitcoin. Representative Mike Cabell recently introduced a similar bill in Pennsylvania, which would permit up to 10% of the state’s funds to be invested in the largest digital asset.
In a November 12 memo, Cabell highlighted BTC’s potential use as a protection against inflation, citing its adoption by financial firms and governments.
“In recent years, many financial institutions and sovereign governments, including the United States, have invested in Bitcoin to shield their portfolios from economic volatility,” he said.
The lawmaker’s motion followed Pennsylvania’s passage of a “Bitcoin rights bill” and mirrors broader legislative efforts nationwide. Other jurisdictions, including Oklahoma, Louisiana, Montana, and Arkansas, have passed laws protecting crypto mining and self-custody rights.
The momentum also aligns with President-elect Donald Trump’s favorable stance on virtual currency. His promise to establish a Bitcoin stockpile in the United States, made on the campaign trail while soliciting the crypto community’s votes, was recently reiterated by Wyoming Senator Cynthia Lummis.
On November 6, she declared her intention to push for the passing of the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act, which would ensure the U.S. Treasury bought 1 million BTC over five years.
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