New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded  

17 March 2025

Cointelegraph by Ezra Reguerra

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New BITCOIN Act would allow US reserve to exceed 1M: Law Decoded

The newly reintroduced Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide (BITCOIN) Act of 2025 by Senator Cynthia Lummis would allow the United States to potentially hold over 1 million Bitcoin (BTC) in its crypto reserves. 

The bill directs the government to buy 200,000 BTC annually over five years, to be paid for with existing funds within the Federal Reserve and the Treasury Department. 

If signed into law, the act would allow the US to hold more than 1 million BTC as long as the assets are acquired through lawful means other than direct purchases, including criminal or civil forfeitures, gifts, or transfers from federal agencies. 

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Democratic lawmaker urges Treasury to cease Trump’s Bitcoin reserve plans

US Representative Gerald Connolly, a Democrat from Michigan, called on the Treasury to cease its efforts to create a crypto reserve in the United States. The lawmaker said there were conflicts of interest with US President Donald Trump and argued that the reserve would not benefit Americans.

Connolly criticized the reserve in a letter addressed to Treasury Secretary Scott Bessent, arguing that there’s no “discernible benefit” to Americans and that the move would instead make Trump and his donors richer. 

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Argentine lawyer requests Interpol red notice for LIBRA creator: Report

Argentine lawyer Gregorio Dalbon is seeking an Interpol Red Notice for Hayden Davis, the co-creator of the LIBRA token, which caused a political scandal in Argentina. 

Dalbon submitted a request, seeking the Red Notice, to prosecutor Eduardo Taiano and judge María Servini, who are investigating the involvement of President Javier Milei in the memecoin project. 

In a filing, the lawyer said there’s a procedural risk if Davis remains free. The lawyer argued that Davis could have access to funds that might allow him to go into hiding or flee to the US. 

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America must back pro-stablecoin laws, reject CBDCs — US Rep. Emmer

In a House Financial Services Committee hearing, US Representative Tom Emmer said that central bank digital currencies (CBDCs) threaten American values. The lawmaker called on Congress to pass his CBDC Anti-Surveillance State Act to block future administrations from launching a CBDC without congressional approval. 

Emmer said at the hearing that CBDC technology is “inherently un-American,” adding that allowing unelected bureaucrats to issue a CBDC could “upend the American way of life.”

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Texas lawmaker seeks to cap state’s proposed BTC purchases at $250 million

Ron Reynolds, a Democratic state representative in Texas, has proposed a cap for the state’s investment in Bitcoin or other cryptocurrencies. 

The lawmaker proposed in a bill that the state’s comptroller should not be allowed to invest more than $250 million in crypto. The bill also directs Texas municipalities or counties to not invest more than $10 million in crypto. 

The proposed bill follows the Texas Senate’s approval of legislation establishing a strategic Bitcoin reserve in the state.

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Sanctioned crypto exchange Garantex shifts millions as it reboots platform  
Sanctioned crypto exchange Garantex shifts millions as it reboots platform  

Shuttered crypto exchange Garantex is reportedly back under a new name after laundering millions in ruble-backed stablecoins and sending them to a freshly created exchange, according to a Swiss blockchain analytics company.  Global Ledger claims the operators of the Russian exchange have shifted liquidity and customer deposits to Grinex, which they say is “Garantex’s full-fledged successor,” in a report released to X on March 19.“We can confidently state that Grinex and Garantex are directly connected both onchain and offchain.”“The movement of funds, including the systematic transfer of A7A5 liquidity, the use of one-time-use wallets, and the involvement of addresses previously associated with Garantex, provides clear onchain proof of their link,” the Global Ledger team said in the report.After completing its investigation on March 13, Global Ledger says it had found onchain data showing Garantex laundered over $60 million worth of ruble-backed stablecoins called A7A5 and sent them to addresses associated with Grinex.Global Ledger claims Garantex has moved all its funds over to a newly launched exchange and is back in business. Source: Global Ledger“In this case, the burning and subsequent minting process was used to launder funds from Garantex, allowing new coins to be minted from a system address with a clean history,” the team said.A Garantex manager also reportedly told Global Ledger that customers have been visiting the exchange office in person and moving funds from Garantex to Grinex.“Additionally, offchain indicators, such as transactional patterns, commentaries and exchange behaviors, further reinforce this connection,” it said.The report also points to a description of Grinex on the Russian crypto tracking site CoinMarketRating, claiming that the owners of Garantex created it. The reports said this shows “Grinex is not an independent entity but rather a full-fledged successor to Garantex, continuing its financial operations despite the exchange’s official shutdown.”Source: Global LedgerBy March 14, the volume of incoming transactions on Grinex was nearly $30 million, according to Global Ledger. CoinMarketRating shows that the trade volume for the month is now over $68 million, with spot trading topping $2 million.The US Department of the Treasury’s Office of Foreign Assets Control first hit Garantex with sanctions in April 2022 for allegedly money laundering violations.Related: US, UK, Australia sanction Zservers for hosting crypto ransomware LockBitOn March 6, the US Department of Justice collaborated with authorities in Germany and Finland to freeze domains associated with Garantex, which they claim processed over $96 billion worth of criminal proceeds since launching in 2019.Stablecoin operator Tether also froze $27 million in Tether (USDT), on March 6 which forced Garantex to halt all operations, including withdrawals.Only a few days later, on March 12, officials with India’s Central Bureau of Investigation arrested Aleksej Bešciokov, who allegedly operated Garantex, on US charges that included conspiracy to commit money laundering. Magazine: How crypto laws are changing across the world in 2025

Trump to speak at Digital Asset Summit: Report  
Trump to speak at Digital Asset Summit: Report  

United States President Donald Trump will reportedly speak at Blockworks’ Digital Asset Summit in New York on March 20, Blockworks said. His speech will mark the first time a sitting US president has ever spoken at a cryptocurrency conference, Blockworks said in a March 19 announcement.Trump’s presence at the event underscores his embrace of an industry that, under former US president Joe Biden, was the target of more than 100 enforcement actions by federal regulators.“When we started Blockworks we could barely get someone from a bank to attend an event,” Jason Yanowitz, one of Blockworks co-founders, said in a March 19 post on the X platform.“Now we have a sitting US President addressing 2,500 institutional participants. It is incredible how far this industry has come,” Yanowitz said.Blockworks reportedly confirmed Trump will address attendees via a video recording at 10:40 am, Fox Business reporter Eleanor Terrett said in an X post. Source: Jason Yanowitz Related: SEC will drop its appeal against Ripple, CEO Garlinghouse saysChanging political fortunesDuring his 2024 presidential campaign, Trump spoke at the Bitcoin 2024 conference in Nashville, Tennessee, where he promised to make America the “world’s crypto capital” and hinted at plans to form a national Bitcoin (BTC) reserve. Since starting his presidential term on Jan. 20, Trump has signed executive orders instructing regulatory bodies to accommodate digital assets, forming a White House crypto advisory team, and creating a US Strategic Bitcoin Reserve and Digital Asset Stockpile. He has also nominated pro-industry leadership to key regulatory posts, including at the US Securities and Exchange Commission (SEC) and Treasury Department. Bo Hines, executive director of the President’s Council of Advisers on Digital Assets, spoke at the Digital Asset Summit earlier this week. On March 19, Brad Garlinghouse, CEO of Ripple Labs, announced the SEC was dropping its years-long enforcement action against the blockchain developer while at the Summit. Since Trump took office, the agency has also dropped charges against other crypto firms — including Coinbase, Kraken and Uniswap — for allegedly violating securities laws. Blockworks did not specify the topics Trump planned to cover during his speech, which it said would take place Thursday morning. Representatives of the White House and Hines did not immediately reply to Cointelegraph’s request for comment. Crypto industry executives told Cointelegraph in March they are hoping Trump will provide more detailed regulatory clarity on topics such as stablecoin regulation and taxes. Magazine: Unstablecoins: Depegging, bank runs and other risks loom

Crypto regulation must go through Congress for lasting change — Wiley Nickel  
Crypto regulation must go through Congress for lasting change — Wiley Nickel  

Crypto regulations must be enacted through an act of Congress to become permanent and meaningful pieces of legislation, according to former Congressman Wiley Nickel.In an exclusive video interview with Cointelegraph’s Turner Wright, Nickel urged bipartisan collaboration to push through comprehensive crypto regulations. The former Congressman added:”I think it’s really important for anybody who cares about this issue to step back and realize that if you want lasting change in Washington, you must move legislation through Congress. Otherwise, if you’re talking about executive orders, it will just go back and forth.”“You don’t want to have the mess that we saw just months ago with Gary Gensler’s SEC — you need to get legislation through Congress,” Nickel reiterated.President Trump’s Jan. 23 executive order establishing the Working Group on Digital Assets, which also prohibited the development of a central bank digital currency (CBDC), and the order establishing a Bitcoin strategic reserve alongside a separate crypto stockpile, were both examples of executive actions that can be reversed at a later date.Former Congressman Wiley Nickel is pictured sitting second from the left at the Blockworks Digital Asset Summit. Source: CointelegraphRelated: Congress on track for stablecoin, market structure bills by August: Blockchain AssociationBoth chambers of Congress rush to push through meaningful legislationRep. Tom Emmer, the majority whip of the United States House of Representatives, reintroduced legislation banning a CBDC in the US on March 6.Wyoming Senator Cynthia Lummis also reintroduced the Bitcoin Act in March, which builds upon an earlier bill of the same title but allows the US to purchase more than 1 million Bitcoin (BTC).Senator Lummis’ Bitcoin Act of 2025. Source: Senator Cynthia LummisRep. Byron Donalds recently announced that he would draft legislation to codify the Bitcoin strategic reserve into law — shielding President Trump’s original executive order from being overturned by a future administration.On March 12, the House of Representatives repealed the IRS broker rule requiring decentralized finance platforms to report information to the Internal Revenue Service in a 292-131 vote.Speaking at this year’s Blockworks Digital Asset Summit, Democrat Rep. Ro Khanna said that Congress should be able to pass comprehensive crypto regulation in 2025, including a stablecoin bill and a market structure bill.Magazine: SEC’s U-turn on crypto leaves key questions unanswered

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