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Growing BTC reserve requires Congressional legislation — VanEck exec  

Growing BTC reserve requires Congressional legislation — VanEck exec  

Building a permanent US strategic Bitcoin reserve would likely require targeted legislation rather than executive action, according to VanEck’s head of digital assets, Matthew Sigel. Speaking at Bitcoin 2025 in Las Vegas, Sigel said the most viable path forward may involve inserting Bitcoin mining incentives into the congressional budget reconciliation process.According to Sigel, the most effective path to growing a US strategic Bitcoin reserve would be through targeted amendments to congressional budget legislation. These could include tax credits for mining companies that use methane gas and other incentives aimed at encouraging miners to share a portion of their mined BTC with the federal government. He argued that such an approach would allow the reserve to grow organically over time. Sigel also highlighted the limitations of executive actions in achieving this goal:”The problem with executive action is that it’s going to prompt lawsuits. And anything over $100 million is going to get sued by the Elizabeth Warrens of the world. So, I would say start with something maybe in the Exchange Stabilization Fund for $100 million.”US President Donald Trump established the US Bitcoin Strategic Reserve through a March 7 executive order. According to the order, the US government can only acquire Bitcoin through budget-neutral strategies or asset forfeiture, prompting a range of different ideas on how to add to the government’s stockpile of nearly 200,000 BTC.From left to right, Alex Thorn, Matthew Sigel, Matthew Pines and Fred Thiel. Source: Turner Wright/CointelegraphRelated: Bitcoin’s new highs may have been driven by Japan bond market crisisLawmakers, officials pitch different ideas to grow strategic Bitcoin reserveWyoming Senator Cynthia Lummis, the US lawmaker who introduced legislation for a Bitcoin strategic reserve in July 2024, proposed converting a portion of the gold certificates held by the US Treasury to Bitcoin.Converting gold to Bitcoin would allow the US government to purchase more Bitcoin without incurring a cost to the taxpayer, Lummis said.Bo Hines, the executive director of the President’s Council of Advisers on Digital Assets, echoed the idea in March 2025.Hines called on the US Treasury to revalue its gold holdings, which are currently priced at just $42.22 per troy ounce, and convert a portion of those gains to Bitcoin. This strategy would also be budget-neutral, Hines said.The price of gold reached an all-time high of $3,500 per ounce in April but experienced a minor pullback to around $3,300 on May 27.Magazine: TradFi fans ignored Lyn Alden’s BTC tip — Now she says it’ll hit 7 figures: X Hall of Flame

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Pakistan appoints special assistant to PM on blockchain and crypto  
Pakistan appoints special assistant to PM on blockchain and crypto  

Pakistan Prime Minister Shehbaz Sharif appointed Pakistan Crypto Council CEO Bilal Bin Saqib as his special assistant on blockchain and crypto.Saqib’s appointment takes effect immediately under Rule 4(6) of the Rules of Business, 1973. He has been granted the status of minister of state and will serve without salary or official benefits, according to a May 26 report in the English-language local news outlet, Pakistan Observer.The move follows a series of government initiatives aimed at strengthening Pakistan’s presence in the digital asset space. Just one day prior, Pakistan allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.In mid-May, Pakistan’s Ministry of Finance also endorsed the creation of a dedicated body to regulate the country’s blockchain-based financial infrastructure. The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing, regulate exchanges, custodians, wallets, tokenized platforms, stablecoins and decentralized finance applications.Related: Pakistan eyes crypto legal framework to boost foreign investmentSaqib named special blockchain assistantSaqib is a graduate of the London School of Economics in the United Kingdom and received the title of Member of the Most Excellent Order of the British Empire from King Charles III. He currently leads the Pakistan Crypto Council, where he appointed former Binance CEO Changpeng “CZ” Zhao as an adviser. He was also named in the Forbes 30 under 30 list.As a special assistant to the prime minister, Saqib will be tasked with drafting Financial Action Task Force (FATF)-compliant crypto regulations, launching state-backed Bitcoin (BTC) mining projects, and overseeing blockchain integration in governance, land records and finance. He will not receive a salary, perks or privileges, according to Pakistan Observer.Related: Pakistan moves to regulate cryptocurrency, CBDCs as legal tenderPakistan investing in cryptoPakistan is diving headfirst into the crypto industry. In late April, the Donald Trump-backed World Liberty Financial has signed a Letter of Intent with the Pakistan Crypto Council to accelerate crypto adoption in the country, one of the industry’s fastest-growing markets.Pakistani regulators recently proposed a regulatory framework for digital assets that is compliance-focused and in line with rules laid out by the FATF. Pakistan’s Federal Investigation Agency (FIA) Director Sumera Azam described the framework as a “paradigm shift in how Pakistan views digital finance.” “The policy proposal seeks to strike a historic balance between technological advancement and national security imperatives,” Azam said in April.Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye

Banking groups ask SEC to drop cybersecurity incident disclosure rule  
Banking groups ask SEC to drop cybersecurity incident disclosure rule  

American banking and financial industry advocacy groups have petitioned the Securities and Exchange Commission to repeal its cybersecurity incident public disclosure requirements. Five US banking groups led by the American Bankers Association asked the regulator to remove its rule in a May 22 letter, arguing that disclosing cybersecurity incidents “directly conflicts with confidential reporting requirements intended to protect critical infrastructure and warn potential victims.”The group, which also included the Securities Industry and Financial Markets Association, the Bank Policy Institute, Independent Community Bankers of America and the Institute of International Bankers, claimed that the rule compromises regulatory efforts to enhance national cybersecurity.The SEC’s Cybersecurity Risk Management rule, published in July 2023, requires companies to rapidly disclose cybersecurity incidents such as data breaches or hacks. However, the banking groups argue this rule was flawed from the start and has proven problematic in practice since taking effect.The banking bodies said that the “complex and narrow disclosure delay mechanism” interferes with incident response and law enforcement and creates “market confusion” between mandatory and voluntary disclosures. Public disclosure has also been “weaponized as an extortion method by ransomware criminals to further malicious objectives,” and premature disclosures worsen insurance and liability issues for companies and “risks chilling candid internal communications and routine information sharing,” the group claimed. Some of the banking groups’ claims and fears regarding the ruling. Source: SIFMAThe groups specifically want “Item 1.05” to be rescinded from the SEC’s rules for Form 8-K reporting and parallel reporting requirements applicable to Form 6-K. Form 8-K is used to publicly notify investors in US public companies of specified events, including cybersecurity incidents, that may be important to shareholders or the SEC. “Critically, without Item 1.05, investor interests will still be protected, and we believe they would be better served through the pre-existing disclosure framework for reporting material information, which may include material cybersecurity incidents,” the groups stated.Related: Hackers using fake Ledger Live app to steal seed phrases and drain cryptoThe full petition included examples of confusion from participants, specific incidents of ransomware attacks and documented regulatory conflicts. Public crypto companies impacted The requirement also impacts publicly listed crypto companies such as Coinbase, which disclosed earlier this month that hackers had bribed its support staff to leak its user data.The disclosure saw the company hit with at least seven lawsuits over the disclosure.Coinbase said that it rejected a $20 million ransom demand after staff leaked user data in a major phishing attack, which the exchange said could cost it up to $400 million in damages.If the SEC rescinds the requirement, it may give firms such as Coinbase more time to disclose cybersecurity incidents to the public. Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest

Is World’s biometric ID model a threat to self-sovereignty?  
Is World’s biometric ID model a threat to self-sovereignty?  

The crypto industry is no stranger to controversy, yet few projects have drawn more scrutiny than Sam Altman’s World, formerly known as Worldcoin.Promising to verify human uniqueness through iris scans and distribute its WLD token globally, World positions itself as a tool for financial inclusion. However, critics argue the project’s biometric methods are invasive, overly centralized, and at odds with the ethos of decentralization and digital privacy.At the heart of the critique is the claim that biometric identity systems cannot be truly decentralized when they rely on proprietary hardware, closed authentication methods, and centralized control over data pipelines.“Decentralization isn’t just a technical architecture,” Shady El Damaty, co-founder of Holonym Foundation, told Cointelegraph. “It’s a philosophy that prioritizes user control, privacy, and self-sovereignty. World’s biometric model is inherently at odds with this ethos.”El Damaty argued that despite using tools like multiparty computation (MPC) and zero-knowledge (ZK) proofs, World’s reliance on custom hardware — the Orb — and centralized code deployment undermines the decentralization it claims to champion.“This is by design to achieve their goals of uniquely identifying individual humans. This concentration of power risks creating a single point of failure and control, undermining the very promise of decentralization,” he said.When reached out for comment, a spokesperson for World pushed back against these claims. “World does not use centralized biometric infrastructure,” they said, adding that the World App is non-custodial, meaning users remain in control of their digital assets and World IDs.The project said once the Orb generates an iris code, the “iris photo will be sent as an end-to-end encrypted data bundle to your phone and will be immediately deleted from the Orb.” The iris code, they claimed, is processed with anonymizing multiparty computation so “no personal data is stored.”World’s disclosure regarding personal custody. Source: WorldEvin McMullen, co–founder of Privado ID and Billions.Network, said that World’s biometric model is not “inherently incompatible” with decentralization but faces some challenges in implementation around data centralization, trust assumptions, and governance.Related: Sam Altman’s World raises $135M from Andreessen, Bain, to expand networkA pattern of tech overreach?El Damaty also drew a parallel between OpenAI’s large-scale scraping of “unconsented user data” and World’s collection of biometric information.He argued that both reflect a pattern of aggressive data acquisition framed as innovation, warning that such practices risk eroding privacy and normalizing surveillance under the banner of progress.“The irony here is hard to miss,” El Damaty claimed. “OpenAI built its foundation by scraping vast amounts of unconsented user data to train its models, and now Worldcoin is taking that same aggressive data acquisition approach into the realm of biometric identity.”In 2023, a class-action lawsuit filed in California accused OpenAI and Microsoft of scraping 300 billion words from the internet without consent, including personal data from millions of users, such as children.In 2024, a coalition of Canadian media outlets, including The Canadian Press and CBC, sued OpenAI for allegedly using their content without authorization to train ChatGPT, claiming copyright infringement.ChatGPT storing personal information against its claims. Source: Sandi FaticWorld, however, rejects this comparison, emphasizing that it is a separate entity from OpenAI. The company said that it neither sells nor stores personal data, citing its use of privacy-preserving technologies such as multiparty computation and zero-knowledge proofs.The scrutiny also extends to World’s user onboarding. The project says it ensures informed consent through translated guides, an in-app Learn module, brochures, and a Help Center.However, critics remain skeptical. “People in developing nations, who World… has mainly been targeting up until this point, are easier to bribe and often don’t understand the risks involved with ‘selling’ this personal data,” El Damaty warned.Several global regulators have pushed back on World’s operations since its launch in July 2023, with governments like Germany, Kenya and Brazil expressing concerns over potential risks to the security of users’ biometric data.In the most recent setback, the company faced challenges in Indonesia after local regulators temporarily suspended its registration certificates on May 5.Related: ‘Humans can tell when it’s a human’ — Community mocks Worldcoin’s Orb MiniThe risk of digital exclusionAs biometric systems like World’s gain traction, questions are emerging about its long-term implications. While the company promotes its model as inclusive, critics say the reliance on iris scans to unlock services could deepen global inequality.“When biometric data becomes a prerequisite for accessing basic services, it effectively creates a two-tiered society,” said El Damaty. “Those willing (or coerced) into giving up their most sensitive information gain access… while those who refuse… are excluded.”World maintained that its protocol does not require biometric enrollment for basic participation. “You can still use an unverified World ID for some purposes even if you do not visit an Orb,” it said, adding that the system uses ZKPs to prevent linking actions back to any specific ID or biometric data.There are also concerns that World could become a surveillance tool — especially in authoritarian regimes — by centralizing biometric data in a way that may attract misuse by powerful actors.World dismisses these claims, asserting that its ID protocol is “open source, permissionless,” and designed so even government applications cannot tie back a user’s activity to their biometric data.The debate also extends to governance. While World says its protocol is moving toward greater decentralization — highlighting open-source contributions and the governance section of its white paper — critics argues that meaningful user ownership is still lacking.“We need to build systems that allow individuals to prove their humanity without creating centralized repositories of biometric or personal data,” said El Damaty. “This means embracing zero-knowledge proofs, decentralized governance, and open standards that empower individuals, not corporations.”Related: Sam Altman’s eye-scanning crypto project World launches in USThe need for secure identity systemsThe urgency behind developing secure identity systems isn’t without merit. As artificial intelligence grows more sophisticated, the lines between human and non-human actors online are blurring.“Risks at the nexus of AI and identity are not limited to any one kind of government system or region,” Privado ID’s McMullen said. She claimed that without reliable verification for both humans and AI agents, digital ecosystems face growing threats—from misinformation and fraud to national security vulnerabilities.“This is a national security nightmare, where unaccountable, unverifiable non-human actors may now be able to engage with global systems and networks, and legacy systems are not built for these types of verification and contextual logic,” McMullen added.Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

Pakistan allocates 2,000MW power for Bitcoin mining and AI centers  
Pakistan allocates 2,000MW power for Bitcoin mining and AI centers  

Pakistan has allocated 2,000 megawatts of surplus electricity exclusively for Bitcoin mining and artificial intelligence centers.The move is part of a broader digital transformation plan spearheaded by the Pakistan Crypto Council and backed by the Ministry of Finance, according to a May 25 report by local news outlet 24NewsHD TV Channel.In the first phase, the government plans to channel excess power into AI infrastructure and crypto mining operations. Finance Minister Muhammad Aurangzeb said the decision is expected to attract billions in foreign investment while generating high-tech employment across the country.The initiative’s second phase will introduce access to renewable energy for mining operations, aiming to balance growth with environmental responsibility.Related: Trump-backed World Liberty Financial partners with Pakistan Crypto CouncilPakistan unveils tax incentives to attract investorsPer the report, interest from international Bitcoin (BTC) miners and AI firms has already picked up. Officials confirmed that multiple foreign delegations have visited Pakistan in recent months to explore potential partnerships.To further incentivize investment, the Ministry of Finance announced a package of tax incentives for AI centers and duty exemptions for Bitcoin miners.Bilal Bin Saqib, CEO of Pakistan’s Crypto Council, reportedly welcomed the development, calling it a “turning point” for the country’s digital economy.Saqib claimed that with clear regulations and a transparent framework, Pakistan could emerge as a significant player in the global crypto and AI sectors.Saqib first proposed using the country’s runoff energy to fuel Bitcoin mining at the Crypto Council’s inaugural meeting on March 21.The meeting included lawmakers, the Bank of Pakistan’s governor, the chairman of Pakistan’s Securities and Exchange Commission (SECP), and the federal information technology secretary.Related: Pakistan proposes compliance-based crypto regulatory framework — ReportPakistan creates Digital Asset AuthorityOn May 21, Pakistan’s Ministry of Finance endorsed the creation of a dedicated body to regulate blockchain-based financial infrastructure in the country.The Pakistan Digital Assets Authority (PDAA) will serve as a regulatory body to oversee licensing and regulating exchanges, custodians, wallets, tokenized platforms, stablecoins, and decentralized finance applications.The PDAA will also be tasked with tokenizing national assets and government debt, facilitating monetization of Pakistan’s surplus electricity through regulated Bitcoin mining, and helping startups build blockchain-based solutions at scale.Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in ninth, mainly due to strong retail adoption and transactions at centralized services.Pakistan ranked highly in Chainalysis’ 2024 crypto adoption index, coming in 9th. Source: ChainalysisData from Statista also shows Pakistan’s crypto market is “experiencing rapid growth,” estimating the number of crypto users to amount to over 27 million by 2025, out of a population of 247 million.Magazine: Bitcoin bears eye $69K, CZ denies WLF ‘fixer’ rumors: Hodler’s Digest, May 18 – 24

Crypto investor charged with kidnapping, torturing an Italian for passwords  
Crypto investor charged with kidnapping, torturing an Italian for passwords  

A Manhattan crypto investor is facing serious charges after allegedly kidnapping and torturing an Italian man in a disturbing bid to extract access to digital assets.John Woeltz, 37, was arraigned on Saturday in Manhattan criminal court following his arrest on Friday. He stands accused of holding a 28-year-old Italian man captive for weeks inside a luxury townhouse in Soho, reportedly rented for $30,000 per month.According to police reports cited by The New York Times, the victim arrived in the US on May 6 and was allegedly abducted by Woeltz and an accomplice.The attackers are said to have stolen the man’s passport and electronic devices before demanding the password to his Bitcoin (BTC) wallet. When he refused, the suspects allegedly subjected him to prolonged physical abuse.Source: Mario NawfalRelated: Violent crypto robberies on the rise: Six attacks that targeted investorsCrypto victim beaten, electroshockedThe victim described being beaten, shocked with electricity, assaulted with a firearm and even dangled from the upper floors of the five-story building.He also told police that Woeltz used a saw to cut his leg and forced him to smoke crack cocaine. Threats were also reportedly made against his family.Photographic evidence found inside the property, including Polaroids, appears to support claims of sustained abuse. The victim managed to escape on Friday and alert authorities, leading to Woeltz’s arrest.Woeltz was charged with four felony counts, including kidnapping for ransom, and entered a plea of not guilty. Judge Eric Schumacher ordered him to be held without bail. He is expected back in court on May 28.A 24-year-old woman was also taken into custody on Friday in connection with the incident. However, she was seen walking freely in New York the next day, and no charges against her were found in the court’s online database.Authorities have yet to clarify the relationship between the suspect and the victim or whether any cryptocurrency was ultimately stolen.Related: Crypto crime goes industrial as gangs launch coins, launder billions — UNCrypto executives turn to bodyguardsExecutives and investors in the crypto industry are increasingly seeking personal security services as kidnapping and ransom cases surge, especially in France.On May 18, Amsterdam-based private firm Infinite Risks International reported a rise in requests for bodyguards and long-term protection contracts from high-profile figures in the space.French authorities have responded by introducing enhanced protections for crypto entrepreneurs and their families, including security briefings and priority access to police assistance.This comes amid a recent surge in kidnappings and ransom attempts. David Balland, the co-founder of hardware wallet company Ledger, was kidnapped in January 2025 and held for ransom for several days before being rescued by French police.In May 2024, the father of an unnamed crypto entrepreneur was freed from a ransom attempt after French law enforcement officials raided the location in a Paris suburb where the individual was being held hostage by organized criminals.Magazine: Bitcoiner sex trap extortion? BTS firm’s blockchain disaster: Asia Express

Trump’s use of presidential seal at memecoin event raises legal questions  
Trump’s use of presidential seal at memecoin event raises legal questions  

President Donald Trump is facing scrutiny after speaking at a private event for top investors in his $TRUMP memecoin while standing behind a lectern emblazoned with the official presidential seal — a move that may violate federal law.The event took place Thursday at Trump National Golf Club in Virginia, where Trump addressed 220 investors in his cryptocurrency project.According to US law, the presidential seal cannot be used in any manner that could imply government approval or sponsorship. Violators can face fines or up to six months in prison.Trump, who arrived at the club aboard a military helicopter, praised attendees and took aim at the Biden administration’s crypto stance.When asked about potential conflicts of interest, White House Press Secretary Karoline Leavitt said the president’s involvement was personal. “It is not a White House dinner,” she told reporters. “It’s not taking place here at the White House.”Related: Pictures give glimpse inside Trump’s memecoin holder dinnerTrump features presidential seal at private propertiesThis isn’t the first time Trump has featured the presidential seal at his private properties. Forbes has previously reported its use as golf markers at several Trump-owned clubs.In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution. Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress.Source: Molly PloofkinsBloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges. “US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”Related: US lawmaker introduces anti-corruption bill ahead of Trump’s dinnerTrump embraces crypto despite previous skepticismTrump’s embrace of crypto marks a sharp turn from his skepticism during his first term. The $TRUMP memecoin, launched earlier this year, peaked at $74.34 before falling to $14.44 by May 22.High-profile guests at the dinner included Tron founder Justin Sun, ex-NBA player Lamar Odom, and Asian crypto executives Sangrok Oh and Vincent Liu.Sun, who reportedly invested over $40 million in $TRUMP tokens and spoke at the dinner, also has deep ties to Trump’s crypto ventures. He’s the top backer of World Liberty Financial, a Trump-affiliated firm currently under regulatory scrutiny.Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

Judge overturns fraud convictions in Mango Markets exploit case  
Judge overturns fraud convictions in Mango Markets exploit case  

A US federal judge has vacated key fraud and manipulation convictions against Avraham Eisenberg, the trader at the center of the case involving a $110 million exploit of the decentralized exchange Mango Markets.On Friday, US District Judge Arun Subramanian ruled that the evidence presented at trial failed to support the jury’s conclusion that Eisenberg made materially false representations to Mango Markets.The decision vacates Eisenberg’s convictions for commodities fraud and market manipulation and acquits him of a third charge, significantly weakening the government’s case.Eisenberg, a self-proclaimed “applied game theorist,” was convicted in 2024 for artificially inflating the price of Mango’s MNGO token by over 1,300% in a matter of minutes and using the resulting gains as collateral to withdraw $110 million in crypto assets from the platform.Related: US DOJ seizes $24M in crypto from accused Qakbot malware developerJudge sides with EisenbergThe Justice Department argued that he deceived Mango’s smart contract-based lending system, but Eisenberg’s defense maintained that he merely exploited poorly designed, permissionless code — without making any false representations.Judge Subramanian agreed, writing that “Mango Markets was permissionless and automatic,” meaning the system couldn’t be deceived in a legal sense. “There was insufficient evidence of falsity,” the judge added, siding with Eisenberg’s interpretation of DeFi mechanics.US judge siding with Eisenberg on nature of the exploit. Source: Bwbx.ioThe judge also rejected prosecutors’ argument that the case should be heard in New York. Eisenberg was in Puerto Rico at the time of the trades, and the court found that no meaningful activity tied to the alleged crime occurred in New York.The DOJ had cited a Poughkeepsie-based Mango user and a third-party vendor in Manhattan, but the judge ruled these were not enough to establish proper venue.The US government must now decide whether to refile the vacated charges, though the Trump administration has recently signaled a reduced focus on crypto enforcement. Eisenberg still faces civil suits from both the SEC and CFTC.While this ruling clears Eisenberg in the Mango Markets case, he remains behind bars.Related: Mango Markets exploiter sentenced to over 4 years on child abuse material chargesEisenberg charged with child pornographyIn a separate case, Eisenberg was sentenced to nearly four years in prison on May 1 after pleading guilty to possessing child pornography — a charge stemming from unrelated evidence uncovered during his arrest.In December 2022, US federal law enforcement authorities arrested Eisenberg in Puerto Rico. FBI officials charged the hacker with one count of commodities fraud and one count of commodities manipulation.A jury found Eisenberg guilty of wire fraud, commodities fraud, and commodities manipulation in April 2024. The defense argued that the exploit was not a cybercrime and represented a “successful and legal trading strategy.”Magazine: Crypto scam hub expose stunt goes viral, Kakao detects 70K scam apps: Asia Express

Texas governor signals support for Bitcoin reserve bill  
Texas governor signals support for Bitcoin reserve bill  

Texas Governor Greg Abbott has signaled support for a bill recently passed by the state House of Representatives that would establish a strategic cryptocurrency reserve.In a May 22 X post, Abbott posted a Techstory article about Texas state lawmakers’ efforts to create a Bitcoin (BTC) reserve. The story pointed out that the decision for the passage of SB 21, the bill in question, now rests on Abbott’s shoulders, roughly three months after it was introduced. Since taking office, Abbott referred to himself as a “crypto law proposal supporter” in 2021 and suggested that he would support policies to establish Texas as a “crypto capital” in 2024. Texas was one of a handful of state-level governments that proposed setting up a strategic crypto reserve after the 2024 federal elections.   Related: Ukraine strategic Bitcoin reserve bill reportedly in final stagesOn May 6, New Hampshire Governor Kelly Ayotte was the first to sign a Bitcoin reserve bill into law. Arizona Governor Katie Hobbs later approved a law allowing the state to claim ownership of unclaimed crypto. Some jurisdictions have rebuffed efforts to pass similar legislation, with roughly half of the 50 state governments considering a Bitcoin reserve.New administration working to have the US government hodlAt the federal level, President Donald Trump signed an executive order (EO) in March for a “Strategic Bitcoin Reserve” and a “Digital Asset Stockpile,” but Congress had not codified the order as of May 23. Wyoming Senator Cynthia Lummis has led efforts in the chamber to pass the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide, or BITCOIN, Act, reintroduced a few days after Trump’s EO.As of March 11, the bill has been referred to the Senate Banking Committee, and it was unclear if or when the chamber would consider a vote. The Senate will likely first move forward with debate on a bill to regulate payment stablecoins, the GENIUS Act, with some lawmakers anticipating a vote by Memorial Day, May 26.Magazine: Adam Back says Bitcoin price cycle ’10x bigger’ but will still decisively break above $100K

US House members call for investigation into Trump's memecoin dinner  
US House members call for investigation into Trump's memecoin dinner  

Members of the US House of Representatives called for the Justice Department to investigate Donald Trump’s May 22 dinner for his top memecoin investors, citing concerns about “foreign influence over US policy decisions” and “potential corruption and emoluments clause violations.”In a May 22 letter to the Justice Department, 35 House members asked the public integrity section acting chief, Edward Sullivan, to launch an inquiry over the memecoin dinner to determine whether it violated the federal bribery statute or the foreign emoluments clause of the US Constitution. Under the emoluments clause, a US president is barred from accepting any gift from a foreign state without the approval of Congress. Bloomberg reported that a majority of the attendees at the memecoin dinner were likely foreign nationals based on their connections to crypto exchanges. “US law prohibits foreign persons from contributing to US political campaigns,” said the letter. “However, the $TRUMP memecoin, including the promotion of a dinner promising exclusive access to the President, opens the door for foreign governments to buy influence with the President, all without disclosing their identities.”May 22 letter to DOJ official calling for investigation into Trump memecoin dinner. Source: Representative Sean CastenThe call for an investigation and a press conference asking Trump to “release the guest list” for the dinner both occurred hours before the event, which was held at the Trump National Golf Club outside Washington, DC. A group of protesters, joined by Senator Jeff Merkley, gathered outside the venue with signs stating “illegal crypto party” and “democracy is not for sale.”Related: Who attended Trump’s controversial memecoin dinner?Though some of the dinner attendees covered their faces with masks to conceal their identities, protesters and members of the media confirmed that Tron founder Justin Sun appeared at the event, as well as other Trump supporters who posted to social media. The complete list of attendees was not available at the time of publication. The memecoin dinner still has the potential to affect pending legislation in CongressIn addition to the call for a DOJ investigation, Democratic lawmakers in the House and Senate proposed legislation to address what they called “Trump’s crypto corruption” as Congress considered a bill to regulate stablecoins and a market structure bill. Several Senate Democrats who initially voted against advancing the stablecoin bill, called the GENIUS Act, later sided with Republicans to set up a debate in the chamber.Representative Maxine Waters introduced a bill to limit the access of any US president, vice president, members of Congress and their families to cryptocurrencies. Members of the Senate will also propose an amendment to the GENIUS Act to address Trump’s connection to World Liberty Financial, a crypto platform backed by the president’s family that issued its USD1 stablecoin.Magazine: AI cures blindness, ‘good’ propaganda bots, OpenAI doomsday bunker: AI Eye