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Other states are also implementing similar legislation. Kentucky became the 16th US state to introduce legislation aimed at establishing a Bitcoin reserve that would allocate up to 10% of excess state reserves into digital assets, Cointelegraph reported on Feb. 6.
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Today in crypto, the President of Argentina, Javier Milei, faces significant political pushback after a token he endorsed became a financial catastrophe for investors, a prominent Bitcoin analyst claimed he moved all his Bitcoin into spot Bitcoin exchange-traded funds (ETFs), and a scammer impersonated the Bermuda premier to promote a fake cryptocurrency token.
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Today in crypto, the President of Argentina, Javier Milei, faces significant political pushback after a token he endorsed became a financial catastrophe for investors, a prominent Bitcoin analyst claimed he moved all his Bitcoin into spot Bitcoin exchange-traded funds (ETFs), and a scammer impersonated the Bermuda premier to promote a fake cryptocurrency token.
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Other states are also implementing similar legislation. Kentucky became the 16th US state to introduce legislation aimed at establishing a Bitcoin reserve that would allocate up to 10% of excess state reserves into digital assets, Cointelegraph reported on Feb. 6.
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Gensler’s tenure, which began in April 2021, featured high-profile lawsuits against Coinbase and Binance, as well as a crackdown on unregistered securities offerings. His last day of working is Jan. 20.
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Eric Balchunas, a senior ETF analyst, commented on the flurry of filings:
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Earlier this week, SEC Chief of Staff Amanda Fischer announced her resignation and Internal Revenue Service Commissioner Daniel Werfel would reportedly step down on Trump’s inauguration day.
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Wyoming, in the United States, has introduced a bill to create a Strategic Bitcoin Reserve, joining several other states nationwide ahead of Donald Trump’s presidential inauguration on Jan. 20.
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Lummis, a vocal Bitcoin advocate who introduced the Bitcoin Strategic Reserve bill to the US Senate in July 2024, praised Wyoming representative Jacob Wasserburger for introducing the legislation to “allow permanent funds to diversify into Bitcoin.”
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Lummis said, “This forward-thinking approach will benefit our state as we lead the nation in financial innovation.”
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The bill proposed that the Wyoming state treasurer may use the general fund, the permanent Wyoming mineral trust fund, and the permanent land fund to invest in Bitcoin; however, it was said that under each fund, no more than 3% could be allocated to Bitcoin.
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It was also said that if the total market value of Bitcoin investments in any of the funds surpasses the 3% limit, the state treasurer “shall not be required to sell or otherwise reduce the investments to comply with the limits of this section.”
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The development comes as the odds of Trump establishing a strategic Bitcoin reserve after taking office on Jan. 20 are soaring on betting markets Kalshi and Polymarket.
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To date, Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have all put forward a Strategic Bitcoin Reserve bill.
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The development comes as the odds of Trump establishing a strategic Bitcoin reserve after taking office on Jan. 20 are soaring on betting markets Kalshi and Polymarket.
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To date, Pennsylvania, Texas, Ohio, New Hampshire, Oklahoma, North Dakota, and Massachusetts have all put forward a Strategic Bitcoin Reserve bill.
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Expect the total value locked (TVL) in decentralized applications to top $300 billion in 2025, far surpassing 2021’s highs of approximately $180 billion, according to the report.
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Grayscale cited the warming US policy environment as a key factor. Trump has promised to appoint industry-friendly leaders to key regulatory agencies and make the US “the world’s crypto capital.”
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“In the US, with Trump’s victory, I am aggressively bullish on the US becoming a global leader in the space by the end of the year,” Raj Brahmbhatt, CEO of Web3 settlement company Zeebu, told Cointelegraph in December.
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Less than a month before a new United States presidential administration and Congress are set to be sworn into office, many figures in the digital asset industry are speculating the change in leadership could lead to more favorable regulations and laws.
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