Tag: bill

  • Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his ‘America Party’ will embrace Bitcoin, criticizes Trump’s fiscal bill

    Elon Musk announces his 'America Party' will embrace Bitcoin, criticizes Trump's fiscal bill

    Elon Musk, the founder of Tesla and SpaceX, has declared that his nascent political movement, the “America Party,” will embrace Bitcoin, stating that traditional fiat currency “is hopeless.”

    This announcement, made on the social media platform X, comes amid a deepening public rift between Musk and President Donald Trump, primarily over the administration’s fiscal policies.

    Musk’s plan to form the “America Party” appears to have been catalyzed by his strong opposition to President Trump’s massive tax and spending package, colloquially known as the “Big Beautiful Bill.”

    Musk has harshly criticized the legislation as being fiscally irresponsible, at one point labeling it the “debt slavery bill.”

    This disagreement has seemingly created an irreparable break between the two influential figures.

    While the America Party has not yet been officially registered and lacks an official website, Musk has used his posts and retweets from supporters to outline its core ideology.

    He envisions a party that champions a pro-tech, pro-free speech, and anti-regulation agenda, while adopting generally centrist policies on other issues.

    Musk, a long-time supporter of cryptocurrencies whose companies SpaceX and Tesla both hold Bitcoin (BTC) in their corporate treasuries, sees the digital asset as a key part of this new political vision.

    Musk has indicated on X that the party, once formally established, will not immediately field a Presidential candidate.

    Instead, its initial focus will be on contesting House and Senate races, aiming to build a political foothold from the ground up.

    President Trump, for his part, has not taken kindly to Musk’s political maneuvering.

    In a Truth Social post on Sunday evening US time, Trump fired back, stating that Musk had gone “off the rails” and had become a “TRAIN WRECK.”

    Crypto markets react to easing trade tensions

    While this political drama unfolds, the broader cryptocurrency market experienced a lift on Sunday morning.

    Major cryptocurrencies rose after US Treasury Secretary Scott Bessent hinted at the likelihood of upcoming trade deals being finalized before the crucial July 9 “Liberation Day” tariff deadline.

    Bitcoin, the leading cryptocurrency by market value, gained over 1%, briefly surpassing the $109,000 mark.

    Other major tokens also saw gains: payments-focused XRP and Solana’s SOL token both rose by over 2%, while the popular meme token Dogecoin (DOGE) climbed 3%, according to data from CoinDesk.

    Ethereum’s Ether (ETH), the second-largest token, rose 1.5% to $2,550.

    The tariff clock is ticking

    In an interview with CNN, Treasury Secretary Bessent stated that the US is close to finalizing several trade deals ahead of the July 9 deadline.

    This is the date when a temporary pause on higher tariffs, initially announced on April 2, is set to expire.

    “President Trump’s going to be sending letters to some of our trading partners saying that if you don’t move things along, then on August 1, you will boomerang back to your April 2 tariff level. So I think we’re going to see a lot of deals very quickly,” Bessent said, according to Reuters.

    He clarified that July 9 remains the firm deadline for negotiations; if deals are not reached, the higher tariffs announced in early April will take effect from August 1.

    “We are saying this is when it’s happening. If you want to speed things up, have at it. If you want to go back to the old rate, that’s your choice,” Bessent told CNN, adding that some countries were “foot-dragging” on finalizing deals.

    This coercive tactic of imposing tariffs to rebalance trade relations and reduce the US trade deficit has been a central pillar of President Donald Trump’s economic policy since he took office earlier this year.


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  • Michigan lawmakers introduce 4 crypto bills as Congressmen revive Blockchain Regulatory Certainty bill

    Michigan lawmakers introduce 4 crypto bills as Congressmen revive Blockchain Regulatory Certainty bill

    Michigan clears 4 crypto bills as Congress revives blockchain regulatory act

    • Michigan’s HB 4510 allows pension funds to invest in crypto ETFs.
    • HB 4512 enables Bitcoin mining at abandoned oil or gas wells.
    • HB 4513 offers income tax breaks to miners in remediation schemes.

    State and federal lawmakers are charting a new course for cryptocurrency in the United States.

    In Michigan, a legislative package of four crypto-focused bills is moving forward, combining pension fund exposure, environmental cleanups, and digital asset rights.

    At the same time, lawmakers in Washington have reintroduced a bill to clarify the regulatory obligations of blockchain developers and non-custodial providers.

    These coordinated efforts aim to balance innovation with accountability, as regulators seek to provide legal clarity without stifling decentralised finance.

    The push reflects a growing political will to define crypto’s role within the broader financial and technological landscape.

    Michigan bill allows crypto in pension funds

    One of the most significant pieces of Michigan’s legislation is House Bill 4510, which would permit state-managed retirement systems to invest in cryptocurrencies through regulated financial products, such as exchange-traded funds (ETFs).

    These investment vehicles must meet market capitalisation thresholds and be overseen by relevant financial authorities, offering a relatively conservative pathway for exposure to assets like Bitcoin.

    The proposal comes amid rising institutional interest in crypto and growing demand for diversified, inflation-resistant portfolios.

    If passed, the bill would position Michigan among a small group of US states, enabling public pension managers to hold crypto-linked assets under regulatory safeguards.

    Mining linked to abandoned wells and tax breaks

    In a bid to align crypto with environmental responsibility, Michigan’s HB 4512 and HB 4513 introduce an energy reuse programme targeting abandoned oil and gas wells.

    Under the plan, Bitcoin miners would be allowed to power operations using these dormant energy sites, provided they remediate environmental damage.

    Ownership transfers, well site assessments, and environmental progress tracking would be mandated under the bill, ensuring accountability.

    In return, miners participating in the scheme would qualify for income tax deductions under HB 4513.

    The measures are designed to attract miners with incentives while tackling legacy pollution problems.

    The bills reference Bitcoin explicitly and focus on “orphan well programmes” as a potential win-win for the energy and crypto sectors.

    State protection against CBDCs and digital discrimination

    Another critical element of Michigan’s proposal is House Bill 4511.

    This bill would prohibit state and local authorities from creating restrictions, licensing rules, or special taxes targeting digital assets solely based on their digital form.

    It also bans any state agency from endorsing or promoting a central bank digital currency (CBDC), drawing a clear line between decentralised cryptocurrencies and government-backed digital money.

    The legislation signals a strong defence of crypto users’ rights within Michigan, providing legal backing for miners, node operators, and token holders against targeted regulatory pressure.

    If adopted, it could set a precedent for other states seeking to protect decentralised finance ecosystems.

    Federal legislation aims to clarify developer rules

    While Michigan pursues state-level crypto integration, Washington is moving ahead with national reform.

    US Representatives Tom Emmer and Ritchie Torres recently reintroduced the Blockchain Regulatory Certainty Act, which seeks to establish clear boundaries on who qualifies as a “money transmitter” under federal law.

    The Act would exempt developers and non-custodial service providers, such as those who build blockchain protocols or run interfaces that never hold user funds, from financial licensing requirements.

    Only those who directly control consumer assets would be subject to oversight.

    The lawmakers argue this clarification is needed to keep blockchain talent and startups within the US, rather than pushing them offshore.

    “Today, @RepRitchie and I introduced the Blockchain Regulatory Certainty Act to protect blockchain developers and service providers that never custody consumer funds from unjust government prosecution,” Emmer posted on X on 3 May.

    The bill aims to address regulatory uncertainty that critics say has slowed domestic blockchain innovation and led to uneven enforcement.

    By drawing a regulatory line between developers and custodians, the bill hopes to ease legal pressures on creators and infrastructure providers.

     

     

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  • Bitcoin blasts past $106K: is Trump’s remittance tax bill crypto’s new rocket fuel?

    Bitcoin blasts past $106K: is Trump’s remittance tax bill crypto’s new rocket fuel?

    Bitcoin blasts past $106K: is Trump's remittance tax bill crypto's new rocket fuel?

    • Bitcoin price surged to $106,000 on Sunday, May 18, achieving its highest weekly close ever.
    • The rally saw Bitcoin’s market cap reach $2.11 trillion, liquidating over $44M in short positions.
    • Trump’s proposed 5% remittance tax on non-US citizens is seen as a key driver, likely pushing users to crypto.

    Bitcoin surged to a new peak over the weekend, reaching $106,000 per coin on Sunday, May 18, marking its highest valuation since early February of this year.

    This rally propelled the flagship cryptocurrency’s market capitalization to an impressive $2.11 trillion and triggered significant liquidations in the derivatives market.

    The recent price action reportedly culminated in the highest weekly closing price for Bitcoin to date, surpassing a previous benchmark of $104,298.70 set in December of the prior year.

    Reports indicated that this surge led to the liquidation of over $44 million in short positions tied to Bitcoin across various derivatives platforms, underscoring the potent buying pressure.

    Market observers point to two primary catalysts providing the impetus for Bitcoin’s latest ascent.

    A significant factor appears to be a legislative proposal from US President Donald Trump, dubbed the “big, beautiful bill.”

    This package of legislative priorities includes a contentious five percent tax on remittances sent by non-US citizens residing in the US to their home countries.

    The remittance tax ripple effect: a crypto catalyst?

    This proposed remittance tax is projected to affect over 40 million individuals in the US who regularly send portions of their income to support families abroad.

    While the measure has faced opposition from countries like Mexico, President Trump’s bill has reportedly advanced, having been cleared by the US House Budget Committee in a late-night vote on Sunday.

    Analysts have voiced concerns that this bill could inadvertently drive migrants towards alternative, “unauthorised channels” such as cryptocurrencies to make remittances and circumvent the proposed tax.

    Crypto advocacy group Coin Center has noted that self-hosted crypto wallets fall outside the purview of the bill, as they do not meet the definition of remittance-transfer providers.

    This potential shift towards crypto for cross-border payments is seen as a bullish driver for Bitcoin.

    Regulatory horizon: stablecoin bill sparks optimism

    Another significant factor potentially fueling the increased buying interest in Bitcoin is the anticipation of upcoming regulation.

    For years, the cryptocurrency industry has advocated for clear regulatory frameworks as a means to formally integrate digital assets into the established financial system.

    Now, a US bill specifically designed to regulate stablecoin issuers is slated to be taken up by the US Congress this week.

    Republican Senator Bill Hagerty, one of the sponsors of the ‘Guiding and Establishing National Innovation for US Stablecoins (Genius) Act,’ expressed optimism about the legislative progress.

    “Next week, the Senate will make history when we debate and pass the Genius Act that establishes the first ever pro-growth regulatory framework for payment stablecoins,” Hagerty was quoted as saying.

    According to a report by Coindesk, the bill was reportedly redrafted at the eleventh hour to address concerns raised by Democrats regarding consumer protection and national security elements.

    The prospect of clearer rules for stablecoins, a cornerstone of the crypto ecosystem, is likely contributing to broader market confidence.

    A year of volatility: navigating economic crosscurrents

    Bitcoin’s journey this year has been characterized by extreme price swings.

    These fluctuations have occurred amidst broader economic anxieties, including panic over the potential collapse of the US dollar, spurred by President Trump’s imposition of tariffs on China and other nations.

    For instance, in April, Bitcoin’s price experienced a sharp downturn, plummeting by 30 percent from its all-time high of nearly $110,000 to around $75,000 per coin, illustrating the asset’s sensitivity to macroeconomic developments and market sentiment.

    The current rally above $106,000 marks a significant recovery and a renewed wave of bullish momentum.

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  • Utah lawmakers approve amended Bitcoin bill

    Utah lawmakers approve amended Bitcoin bill

    Utah lawmakers approve amended Bitcoin bill

    • The state of Utah has passed its Bitcoin bill but has dropped the Bitcoin reserve plan.
    • The approved bill protects mining, staking, and self-custody rights.
    • The bill now awaits Governor Cox’s signature, after which it will become effective starting May 2025.

    On March 7, 2025, Utah lawmakers took a significant step toward integrating cryptocurrency into the state’s legal framework by passing HB230, the “Blockchain and Digital Innovation Amendments” bill.

    However, the legislation, approved by the Senate in a 19-7-3 vote, no longer includes its original groundbreaking provision to establish a state Bitcoin reserve. Instead, it focuses on fostering a supportive environment for blockchain technology and protecting residents’ rights to engage with digital assets.

    The bill now awaits the signature of Governor Spencer Cox, who has not yet indicated his stance. If signed into law, it will take effect on May 7, 2025, making Utah a progressive player in the US cryptocurrency landscape, even without the reserve clause that once promised to make it a pioneer.

    The Bitcoin reserve contention

    Initially introduced by Representative Jordan Teuscher and sponsored in the Senate by Senator Kirk A. Cullimore, HB230 aimed to position Utah as the first US state to hold Bitcoin in its treasury.

    The original proposal allowed the state treasurer to invest up to 10% of certain public funds in Bitcoin (BTC), a move that could have involved millions from accounts like the General Fund and Budget Stabilization Fund. This clause survived earlier votes, raising hopes among crypto advocates.

    However, during the third and final Senate reading, lawmakers stripped the reserve provision from the bill. Senator Cullimore acknowledged the change on the Senate floor, citing concerns over Utah being an early adopter of such a bold financial policy.

    The House later concurred with the amendment in a 52-19-4 vote, reflecting a cautious retreat from the state-managed Bitcoin investment idea.

    Approved bill protects Utah crypto holders

    Despite removing the reserve clause, HB230 retains significant provisions that bolster Utah’s blockchain ecosystem.

    The approved legislation ensures residents can self-custody their digital assets without state interference, a key win for individual freedom in the crypto space. It also safeguards the right to mine Bitcoin, operate blockchain nodes, and participate in staking—activities central to the decentralized nature of cryptocurrencies.

    These measures aim to empower Utahns and attract blockchain innovators to the state. By clarifying legal terms related to digital assets and prohibiting restrictive regulations, the bill lays a foundation for growth in this emerging sector.

    Supporters argue that the bill balances innovation with safety, positioning Utah as a potential hub for crypto-related businesses.

    25 out of 31 Bitcoin reserve bills remain active in the US

    Utah’s legislative journey mirrors a nationwide push toward Bitcoin integration. While the state stepped back from its reserve ambitions, Arizona and Texas are advancing similar bills, having passed Senate committee votes.

    According to Bitcoin Laws data, 25 of 31 introduced Bitcoin reserve bills across the US remain active, with states like Illinois and New Hampshire also in the race.

    On the federal level, President Donald Trump signed an executive order on March 7, 2025, creating a Strategic Bitcoin Reserve using seized assets. This move, paired with plans for budget-neutral acquisitions, underscores a growing acceptance of Bitcoin (BTC) at both the state and national levels.

    Utah’s amended bill, while less ambitious, aligns with this trend by prioritizing citizen participation over direct state investment.

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  • Montana house representatives reject Bitcoin reserve bill

    Montana house representatives reject Bitcoin reserve bill

    Montana house representatives reject Bitcoin reserve bill

    • Montana House has rejected the Bitcoin reserve bill.
    • The Bitcoin reserve bill aimed for $50M in crypto.
    • The house cited risk to taxpayer funds.

    On February 22, 2025, Montana’s House of Representatives decisively voted down House Bill No. 429, a proposal that aimed to establish Bitcoin (BTC) as a state reserve asset.

    The 41-59 vote marked a significant setback for advocates of integrating cryptocurrency into Montana’s financial strategy, highlighting a deep divide over the role of digital assets in public finance.

    Introduced by Representative Curtis Schomer earlier in February, the bill sought to diversify the state’s investment portfolio by creating a special revenue account. This account would have allowed the state treasurer to allocate up to $50 million for investments in stablecoins, precious metals, and cryptocurrencies with a market capitalization exceeding $750 billion over the past year, a threshold currently met only by Bitcoin.

    Supporters argued that such a move could yield higher returns than traditional bond investments, positioning Montana as a forward-thinking player in the evolving financial landscape.

    Montana house representatives wary of risks involved

    Despite clearing the House Business and Labor Committee on February 19 with a 12-8 vote, backed by Republicans and opposed by Democrats, the bill faced stiff resistance during its second reading in the House.

    Fiscal conservatives, including many Republicans, voiced concerns over the speculative nature of Bitcoin, emphasizing the state’s duty to protect taxpayer money.

    Representative Steven Kelly captured this sentiment during the House Floor Session, stating, “It’s still taxpayer money, and we’re responsible for it. We need to protect it. These types of investments are way too risky.”

    Representative Jane Gillette echoed these doubts, pointing out that the bill lacked clear guidelines on how the funds would be managed, while Representative Bill Mercer warned that Bitcoin’s history of dramatic price swings made it an imprudent choice for public funds.

    On the other side, advocates like Representative Lee Demming argued that embracing digital assets could safeguard Montana’s reserves against inflation and bolster long-term financial growth, a perspective shared by Bitcoin proponents nationwide.

    The rejection of HB 429 effectively kills the proposal for now, requiring any future efforts to start anew in Montana’s legislature.

    US states push for Bitcoin reserves

    Montana’s decision stands in contrast to a growing trend among US states exploring Bitcoin as a reserve asset.

    Approximately 24 states, including Utah, Arizona, Oklahoma, Texas, and Ohio, have introduced similar legislation, with Utah’s HB230 making the most progress by allowing up to 5% of public funds to be invested in digital assets.

    Nationally and globally, the push for Bitcoin reserves is gaining traction, with countries like Switzerland, Brazil, Japan, and Russia also weighing the cryptocurrency’s potential as a strategic asset.

    Dennis Porter, CEO of the Satoshi Action Fund, which collaborated with Montana legislators like Schomer and Senator Daniel Zolnikov, expressed disappointment with Montana’s move but remained optimistic about the broader movement. He noted that Bitcoin’s decentralized structure and limited supply make it an attractive hedge against economic uncertainty.

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  • El Salvador approves new bill to comply with IMF deal

    El Salvador approves new bill to comply with IMF deal

    • The reform passed with 55 votes, with only two against
    • El Salvador became the first country to accept Bitcoin as legal tender in 2021
    • In December, El Salvador announced it was changing its Bitcoin law to secure a $1.3bn loan from the IMF

    El Salvador’s Congress has approved a bill to change its Bitcoin law to comply with a deal it struck with the International Monetary Fund (IMF).

    On January 29, Reuters reported that the bill was approved minutes after President Nayib Bukele sent it.

    The reform passed with 55 votes, with only two against. Under El Salvador’s Bitcoin law, it required businesses to accept Bitcoin if they were able to do so. Ruling party lawmaker Elisa Rosales said it was required to ensure Bitcoin’s “permanence as legal tender” while facilitating its “practical implementation.”

    Legal tender

    El Salvador became the first country to accept Bitcoin as legal tender in 2021. At the time, it was reported that all businesses must accept Bitcoin. The move soon attracted the attention of the IMF.

    Following El Salvador’s adoption of Bitcoin in 2021, the IMF sent a statement in November 2021 “recommend[ing] narrowing the scope of the Bitcoin law” while “strengthening the regulation and supervision of the new payment system.”

    This was again called for in January 2022, when the IMF advised El Salvador to reconsider its decision to make Bitcoin the country’s legal tender. More recently, the IMF recommended that El Salvador limit the public’s exposure to Bitcoin.

    New deal

    In December, El Salvador changed its Bitcoin plans to secure a $1.3 billion loan from the IMF.

    Under the plans, El Salvador would change a legal requirement making businesses accept Bitcoin as payment, making it optional instead. The government would also reduce the budget deficit by 3.5% of GDP over three years through spending cuts and tax rises while boosting reserves from $11 billion to $15 billion.

    The deal is also expected to unlock a further $1 billion in lending from the World Bank and $1 billion from the Inter-American Development Bank over the next few years.

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  • Bitcoin reserve bill introduced in Brazil

    Bitcoin reserve bill introduced in Brazil

    • Bitcoin adoption could get another boost from Brazil.
    • This is after a Brazilian Congressman introduced a bill proposing adoption of BTC as national reserve asset.
    • US lawmakers are also pushing for a Bitcoin strategic reserve.

    A Congressman in Brazil has introduced a Bitcoin reserve bill, adding the country to a growing list of nations looking to tap into the flagship cryptocurrency as a treasury reserve asset.

    On Nov. 25, Brazilian Congressman Eros Biondini introduced a new proposal aimed at the creation of a Bitcoin (BTC) reserve in Brazil.

    The proposal, titled ‘Bitcoin Sovereign Strategic Reserve (RESBit)’, outlines the benefits of adopting BTC as a national Treasury reserve asset. Diversification of the country’s assets and reduction of economic risk are part of the strategic plan. The bill also looks at the opportunity this would offer in terms of putting Brazil at the forefront of technological and financial innovation and development globally.

    According to Biondini, RESBit will be critical to bolstering Brazil’s economic sovereignty if approved.

    In this case, Biondini proposes a gradual addition of BTC to the strategic reserve coffers. The bill targets having Bitcoin form 5% of the country’s national reserves. The acquisition and management of this project will be under the Central Bank of Brazil, with purchased BTC stored in cold wallets.

    During his campaign, US president-elect Donald Trump vowed to support a strategic Bitcoin reserve for the country. Since his election to office, and ahead of his inauguration in January, a lot has happened with regard to a US national bitcoin reserve. US senator Cynthia Lummis has spearheaded these efforts, with multiple industry players backing it.

    This comes as other countries, including Argentina, Morocco, and Romania add to the overall bullishness around BTC adoption across the globe.



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  • Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

    Bitfinex Securities launches first tokenized US Treasury bill in El Salvador

    • Bitfinex Securities is teaming up with NexBridge to bring a tokenized US Treasury bill to El Salvador.
    • USTBL leverages Bitcoin’s technology of Liquid Network and Blockstream AMP.
    • Proceeds of the $30 million initial raise are to be allocated in iShares Treasury Bond 0-1yr UCITS ETF, per the announcement.

    Bitfinex Securities and NexBridge, a digital asset issuer focused on tokenization of financial assets, have teamed up to launch the first tokenized US Treasury bill in El Salvador.

    The tokenized T-bill, USTBL, leverages Bitcoin technology. Specifically, the issuers are leveraging the flagship digital asset’s Liquid Network and Blockstream AMP, an asset management platform that allows users to issue and manage crypto assets on the Liquid Network.

    Subscriptions for the USTBL open on Nov. 19

    According to a press release, the product will have an initial offering soft capped at $30 million, and will offer investors access to US Treasury returns in USD. USTBL is backed by iShares Treasury Bond 0-1yr UCITS ETF, the short-term Treasury bond ETF of asset management giant BlackRock.

    Initial subscriptions open on November 19, 2024, and closes on November 29. However, investors will also get access via further subscription windows. Subscriptions are initially available in the stablecoin Tether (USDT), while the issuers have plans to add support for Bitcoin (BTC).

    “The inclusion of USTBL tokens in investment portfolios will enable investors to balance digital asset exposure with the stability of traditional finance, offering a new level of diversification that can help reduce overall portfolio risk,” Jesse Knutson, head of operations at Bitfinex Securities, said in a statement.

    Michele Crivelli, founder of NexBridge, added:

    “By leveraging Bitcoin’s technology and infrastructure, we’re laying the foundation for a globally accessible financial ecosystem, bringing tokenized U.S. Treasuries to investors worldwide while maintaining full regulatory compliance.”

    This launch comes amid massive traction across real-world assets tokenization. The RWA on-chain market has grown rapidly with products such as funds, bonds and credit.

    According to rwa.xyz, the global RWA market is currently over $13 billion, with tokenized US treasuries, bonds and cash equivalents at $2.4 billion.

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  • Pennsylvania House passes bipartisan Bitcoin bill

    Pennsylvania House passes bipartisan Bitcoin bill

    • Pennsylvania House of Representatives have passed “The Bitcoin Rights Bill”, with a bipartisan majority of 176 to 26.
    • The bill seeks regulatory clarity to the digital assets industry, including on self-custody, payments and taxation.

    Pennsylvania has passed “The Bitcoin Rights Bill”, a new legislation that seeks regulatory clarity to the crypto industry.

    While the US continues to lag other countries and regions in terms of regulatory clarity for digital assets, the state of Pennsylvania has taken a huge step towards this with the passage of House Bill 2481.

    Pennsylvania House passes major crypto bill

    According to FOX Business, the new bill received bipartisan support in the Pennsylvania House of Representatives and passed on Wednesday, October 23, 2024, with 176 votes to 26. The bill outlines protections for Bitcoin and crypto holders, including the right to self-custody and use for payments. ‘Bitcoin Rights’ also provides guidelines on the taxation of Bitcoin transactions.

    76 Democrats joined their Republican counterparts to pass the bill, FOX Business wrote.

    The next stage will see the new bill come up for debate and voting at the Pennsylvania Senate, which is Republican-led. If it passes, the final stage will be forwarded to Gov. Josh Shapiro. These two steps commence after the November 2024 US election.

    Crypto stands out as one of the topics candidates in the upcoming US election have sought votes on, including at the presidential level.

    With Donald Trump taking a crypto-friendly stance, it’s been up to Kamala Harris to win the crypto holder’s vote. Despite crypto roundtables and positive policy plans, Harris isn’t connecting with the crypto vote.

    That’s also despite her campaign receiving major donations from some wealthy crypto owners. The most recent is Ripple co-founder Chris Larsen’s $10 million XRP contribution. Larsen called for the Democrats to take a “new approach” to the issue of cryptocurrencies.

    Meanwhile, with less than two weeks to go, forecasts put the majority of crypto holders down as Trump votes. JD Vance, Trump’s VP pick, is also pro-crypto.

    Notably, Pennsylvania is a battleground state and one that could help decide the Trump vs. Harris race to the White House.

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  • North Carolina approves bill on state study of Bitcoin

    North Carolina approves bill on state study of Bitcoin

    • The “State Precious Metals Depository Study” bill received bipartisan support and passed 75-38.
    • North Carolina could look into adding Bitcoin to its State Treasury if the bill is passed.
    • In May, the house voted for another bill that seeks to ban CBDCs in the state. 

    North Carolina’s lower house has passed a bill that could see the state initiate a study into the potential benefits of the state’s Department of State Treasury adopting Bitcoin.

    North Carolina seeks to add BTC to treasury

    The “State Precious Metals Depository Study” bill outlines the custody, insurance and liquidation of crypto assets held by the state. It passed 75-38 with bipartisan support and will now be debated in the Senate.

    If passed, it will open the path for BTC and gold to be considered as assets that can be added to North Carolina’s funds. Specifically, the house’s approval puts North Carolina one step towards adding Bitcoin to the state’s holdings. 

    This is a very important step to a more formal acknowledgement of #bitcoin in North Carolina. Lots of behind the scenes work,” said Dan Spuller, Head of Industry Affairs at Blockchain Association.

    Spuller noted that the passage of HB721 marks the second time a bill pushed by the North Carolina Blockchain Initiative has received bipartisan support in the General Assembly in 2023.

    In early May, the house unanimously passed HB690, a bill that banned the use of central bank digital currencies (CBDCs) in payments in the state. The bill also bans North Carolina from participating in any testing of CBDC.

    The state of CBDCs globally

    A recent survey showed that 130 countries around the world were in various stages of development towards a central bank issued digital currency. According to US-based think tank Atlantic Council these countries included all G20 members.

    As highlighted here, China’s CBDC pilot continues and has support from country’s major banks. Meanwhile, India and Brazil are set to launch their versions in 2024. 

    The European Central Bank is also looking to begin a pilot for the digital euro and the UK is exploring its “Britcoin” project. In the US, work on a CBDC is advancing only on its use at bank-to-bank level, with the retail digital dollar largely stuck.



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