updraftplus domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131hustle domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131wpforms-lite domain was triggered too early. This is usually an indicator for some code in the plugin or theme running too early. Translations should be loaded at the init action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home/aonyeani76/cryptocurrencypanther/wp-includes/functions.php on line 6131Philippine lawmakers have proposed a bill to establish the country’s strategic Bitcoin reserve. This marks the continuation of the growing trend of crypto adoption across countries. Philippines Moves to Establish National Bitcoin Reserve House ICT Committee chairperson Migz Villafuerte has introduced a bill urging the Bangko Sentral ng Pilipinas (BSP) to establish a Strategic Bitcoin
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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.
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.
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.
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.
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.
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.
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.
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.
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.
A legislative proposal aimed at allowing South Dakota to allocate a portion of its public funds into Bitcoin has been halted. House Bill 1202, introduced by Representative Logan Manhart, sought to establish a Bitcoin reserve by permitting the state to invest up to 10% of its portfolio in the cryptocurrency. However, lawmakers deferred the bill, effectively stopping its progress for this legislative session.
The South Dakota House Commerce and Energy Committee deferred HB 1202, preventing it from advancing. The bill aimed to allow the state to invest public funds in Bitcoin, positioning it among the first in the nation to hold a Bitcoin reserve.
However, the legislative process was cut short when lawmakers voted to push the bill beyond the 40-day session, a move that ended its chances for this year.
Representative Logan Manhart, who introduced the bill, expressed his intention to reintroduce it in 2026. The deferral reflects concerns about regulatory uncertainties, market volatility, and the risks associated with using public funds for cryptocurrency investments.
Despite these concerns, Bitcoin reserve proposals continue to emerge in other states, indicating ongoing interest in integrating digital assets into public investment strategies.
Meanwhile, Bitcoin Strategy continues to gain traction with institutional adoption as Michael Saylor’s firm expands its holdings. MicroStrategy, now rebranded as Strategy, has nearly 500,000 BTC after its latest $2 billion purchase.
The primary concerns cited for deferring HB 1202 were Bitcoin’s price volatility and the lack of clear federal regulations. Opponents of the bill argued that investing in a highly fluctuating asset could expose public funds to financial risk.
The unpredictability of Bitcoin prices made some lawmakers hesitant to approve the allocation of taxpayer money toward a digital asset.
Moreover, crypto regulation uncertainty at both the state and federal levels also played a role in the bill’s stagnation. With the legal landscape surrounding Bitcoin reserves still evolving, lawmakers expressed caution about moving forward without clearer guidelines. The deferral follows similar rejections in other states, such as North Dakota and Montana, where Bitcoin reserve proposals also failed to gain approval.
Although HB 1202 failed to pass, discussions around state-held Bitcoin reserves are expected to continue. Some states, including Florida, Missouri, and Arizona, have introduced similar proposals, keeping the debate on cryptocurrency investments active.
At press time, Bitcoin price is $91,824, reflecting a 4% decline over the past 24 hours. The market cap stands at $1.82 trillion, with a 24-hour trading volume of $48.24 billion, showing an increase of 180.96%.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Amid increasing anticipations of the United States’ potential implementation of its Bitcoin strategy, new states are introducing BTC proposals. The US State of Montana has become the latest to join the US rally to adopt a strategic Bitcoin reserve.
Following the Czech Republic’s approval of a proposal that intends to analyze the possibilities of reserve diversification, a new US state has introduced a Bitcoin bill. This adds another layer of intrigue, making it increasingly uncertain which country will be the first to adopt a Bitcoin strategy.
According to a recent X post by Dennis Porter, the CEO and co-founder of Satoshi Action Fund, the US state of Montana has introduced a strategic Bitcoin reserve bill. The bill intends to allow investments of up to $50 million in Bitcoin, other digital assets, stablecoins, or precious metals.
Porter revealed that Montana’s Bitcoin bill was introduced by Rep. Gayle Lammers and co-sponsored by Rep. Curtis Schomer. Including Montana, about 15 US states have submitted their BTC proposals. Thus, the community received the update with excitement, and anticipation is building for a potential nationwide rollout of the Bitcoin initiative in the US.
Notably, 15 US states, including Florida, New Hampshire, Pennsylvania, Ohio, North Dakota, Oklahoma, Texas, Wyoming, Massachusetts, South Dakota, Utah, Arizona, Illinois, Kentucky, and Montana proposed to hold Bitcoin reserves. Among them, Arizona and Utah approved the Bitcoin bill, becoming the first two US states to greenlight the BTC bill.
Meanwhile, Senator Cynthia Lummis has been pushing the US to take decisive action on the Bitcoin program. While there hasn’t been a clarification on the proposal’s status, proponents await Congress’ approval.
In a recent development, the Czech Republic approved a proposal that considers the potential diversification of the national reserve. The country intends to include additional asset classes, including Bitcoin, to the reserve.
Despite opposition from Finance Minister Zbynek Stanjura, the country approved the proposal, signaling a potential integration of Bitcoin into the reserve. While this decision is a significant step forward, the final outcome remains uncertain and will depend on future developments within the country.
Nynu V Jamal
Nynu V Jamal is a passionate crypto journalist with three years of experience in blockchain, web3, and fintech spheres. She has established herself as a knowledgeable and engaging voice in the cryptocurrency and blockchain space. Her experience as an Assistant Professor in English Language and Literature has further added to her quest for crafting informative, well-researched, and accessible content.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
A US Senate vote to renominate Democrat Caroline Crenshaw for a second term at the US Securities and Exchange Commission (SEC) has been canceled.
In an update, the US Senate Committee on Banking, Housing, and Urban Affairs said the scheduled vote on the nomination of Crenshaw to the SEC and Gordon Ito to the Financial Stability Oversight Council had been canceled.
The original vote was scheduled for December 11; however, Sherrod Brown, the Senate Banking Committee Chair, postponed it within minutes of starting, due to issues between the Democrats and Republicans.
At the time, Brown later released a statement saying that corporate special interests are running a “disgusting smear campaign against Caroline Crenshaw.”
Yet, with Congress due to stop on December 20 for the holidays, it means Crenshaw is unlikely to be renominated before President-elect Donald Trump’s administration re-enters the White House in January.
Crenshaw’s term officially ended in June.
The crypto industry has been openly opposed to the reappointment of Crenshaw.
In a letter to Brown and Senate Banking Committee Ranking Member Tim Scott, the Blockchain Association and the DeFi Education Fund argued that Crenshaw’s actions have undermined Congress’s mandate to establish clear regulatory policies for the crypto industry.
Following the news of Crenshaw’s reappointment, Brian Armstrong, CEO of Coinbase, took to X to say: “She tried to block the Bitcoin ETFs, and was worse than Gensler on some issues (which I didn’t think was possible).”
With Crenshaw’s renomination vote canceled, the SEC could have a Republican majority leading it for the time being.
The SEC can make up to five commissioners, but no more than three can form the same political party. Current SEC chair Gary Gensler, a Democrat, is stepping down on January 20, and SEC Commissioner Jaime Lizárraga, also a Democrat, will step down on January 17.
Last week, Trump nominated pro-crypto Paul Atkins, a Republican, as chair of the SEC.
Including Gensler and Lizárraga, the three remaining SEC commissioners are Republicans Hester Peirce and Mark Uyeda.
The German government is currently on a no-mercy Bitcoin selling spree. As per the latest update from Arkham Intelligence, the German government has offloaded another 547 Bitcoins today from its holds. This brings the total holdings of the German government to 41,220 Bitcoins currently valued at $2.27 billion.
As per the latest information from Arkham Intelligence, the German Govt. sent these 547 bitcoins to the market maker Flow Traders, valued at $30 million. the government has also been moving its Bitcoins to different BTC wallets as well as sending them to three crypto exchanges – Kraken, Bitstamp, and Coinbase.
A day before, German lawmaker Joana Cotar slammed the government for the recent Bitcoin sell-off. She added that the recent sell-off could prove to be “counterproductive”, especially when the United States is considering holding Bitcoin as a strategic reserve asset.
Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’ With BTC Reserves
She also informed prominent political figures, including Saxony’s Minister-President Michael Kretschmer, Finance Minister Christian Lindner, and Chancellor Olaf Scholz, about the counterproductive nature of these sales.
However, it seems that the German government has turned deaf ears to this suggestion. In the first week of July so far, the German govt. has transferred approximately 4,000 Bitcoins. This coupled with the Mt. Gox repayment has led to solid panic selling in the market. As per the on-chain data from IntoTheBlock, more than 30K Bitcoins have moved to the exchanges this week.
Nearly 30k $BTC, worth $1.73 billion entered exchanges this week. With the price declining, this influx suggests that panic sellers are offloading their assets. pic.twitter.com/vbzPsCOpif
— IntoTheBlock (@intotheblock) July 5, 2024
Also read:
There is a common notion in the market currently that the German government’s Bitcoin selling has triggered this BTC price correction. Renowned Bitcoin advocate Samson Mow highlights a pattern of market suppression activities taking place over the last three days.
According to Mow, these activities typically commence around 10-11 AM in Asia and 10-11 PM in New York, suggesting a coordinated effort during overlapping hours.
Mow also commented on German BTC movements, observing that Bitcoin has returned to wallets from exchanges, which he believes indicates it’s not yet time for selling. Mow concluded saying:
“This dip seems to be some entities working together to push the Bitcoin price down timed to some BTC moving around from larger holders that will eventually disperse or dispose, triggering liquidations and more forced selling”.
For the last three days in a row, the market suppression activities started at around 10-11 AM in Asia and 10-11 PM in New York. Nice overlap time for coordination.
— Samson Mow (@Excellion) July 5, 2024
Also Read: Robert Kiyosaki Predicts Biggest Crash in Bitcoin and Other Assets
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
In a bipartisan effort, Representatives Mike Flood and Wiley Nickel are urging the U.S. Securities and Exchange Commission (SEC) to greenlight options trading on Spot Bitcoin ETFs. These lawmakers have written a letter addressed to SEC chair Gary Gensler, pushing him to consider their request.
The significance of this push lies in the delay issuers have faced in launching options following the historic approval of Spot Bitcoin ETFs in January. The ETFs secured the SEC approval following a long delay that too after a court ruling. Now, Flood and Nickel are adamant that the SEC doesn’t perpetuate discrimination against these newly established funds.
Expressing the critical nature of approving options trading on Bitcoin ETFs, the letter emphasizes its importance to the investors whom the SEC aims to safeguard. Flood and Nickel, representing both Republican and Democrat perspectives, underscore the need for prompt action. Moreover, they also encourage a transparent explanation for treating options for Bitcoin futures ETFs differently from Spot Bitcoin ETFs.
According to a report by Axios, the letter sent to Gensler read, “We urge you, without delay, to approve options on spot Bitcoin ETPs or to provide an explanation for the Commission’s difference in treatment between options for Bitcoin futures ETFs—which are currently trading—and options for the spot Bitcoin ETPs.”
Also Read: U.S. Bitcoin ETF Outflows Jump Past $560 Million, More Pain Ahead?
The broader context reveals a disparity in the approval process between market stock ETFs. The stock ETFs typically see options trading approval shortly after launch while commodity trust-based fund face a more intricate and prolonged process. This complexity arises from the necessity of obtaining approval from multiple government agencies, including the Commodity Futures Trading Commission (CFTC).
Moreover, insiders close to the matter anticipate the CFTC to pose the primary obstacle rather than the SEC. The CFTC’s involvement in approving such products also stems from the recent contradiction from the SEC over the Ethereum (ETH) controversy. Hence, it remains to be seen if the CFTC and the SEC would collaborate on deciding whether the Bitcoin ETF options should be approved or not.
Also Read: European Bank With $600B AUM Invests In BlackRock Bitcoin ETF
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
All eyes are on Bitcoin today after the U.S. lawmakers urged the Securities & Exchange Commission to “immediately” approve applications it has received for a Spot Bitcoin ETF.
On Wednesday, four members of the House Financial Services Committee wrote a letter to Gary Gensler in which they argued that a Spot Bitcoin ETF is not particularly different from a Crypto Futures ETF that the regulator has already approved.
And so, they urged Chair of the SEC in their letter to allow the likes of BlackRock, Fidelity and several others to list a Spot Bitcoin ETF.
SEC’s current posture is untenable moving forward … there is no reason to continue to deny such applications under inconsistent and discriminatory standards.
Chair Gary Gensler is scheduled to testify before the U.S. Congress today.
Last month, the U.S Court of Appeals for the DC Circuit ruled that the Securities & Exchange Commission did not have an adequate reason to not let Grayscale convert its flagship bitcoin trust into an exchange-traded fund (find out more).
That ruling, as per the lawmakers, should be sufficient for Chair Gensler to get onboard with a Spot Bitcoin ETF. Their letter also read:
A regulated spot bitcoin ETP would provide increased protection for investors by making access to bitcoin safer and more transparent.
Members that wrote the letter on Wednesday include Reps. Mike Flood, Wiley Nickel, Tom Emmer, and Ritchie Torres. Bitcoin is still trading around the $26,000 level at writing.
Bitcoin ETFs provide an easy way for investors to put their funds into the cryptocurrency market.
The crypto industry is rife with anticipation for the Securities and Exchange Commission (SEC) to approve spot Bitcoin exchange-traded fund (ETF) applications. However, the extended clamor may now have the right backing as four members of the House Financial Services Committee – two from each party – have just written a letter to that effect.
In the Tuesday letter obtained by Coinspeaker, the lawmakers – including Rep. Tom Emmer, the majority whip in the House leadership – are calling out SEC Chair Gary Gensler for urgent ETF action.
They noted that it is expedient that the agency listen to the court. That is about a recent court order that overturned the SEC’s rejection of Grayscale’s spot Bitcoin ETF application.
The lawmakers have warned that the regulator can only stop blocking such applications from regulatory approval for so long. Hence, the right thing to do is for Gensler to move forward with the approvals, the letter suggests.
The bipartisan group of lawmakers also wrote that once Gensler does the needful, they’ll then be able to ask him all about it at a hearing later today.
In the letter, the lawmakers appear to be curious about the reason behind the SEC’s rigid stance on spot ETFs. And for what it’s worth, the regulator has not clearly stated any ‘tangible’ reasons either.
In line with this curiosity, they ask how the crypto futures ETFs that the agency already approved are any different from spot ETFs. So, since the agency has failed to establish any distinguishable features, the lawmakers ask that Gensler immediately sign off on the pending applications. This includes those from Fidelity, BlackRock’s iShares and Grayscale Investments, and others.
Bitcoin ETFs provide an easy way for investors to put their funds into the cryptocurrency market. That is because of the way they are designed in such a way that one may simply trade them through brokerage accounts.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his style of writing. He strongly believes in the potential of digital assets and takes every opportunity to reiterate this.
He’s a reader, a researcher, an astute speaker, and also a budding entrepreneur.
Away from crypto however, Mayowa’s fancied distractions include soccer or discussing world politics.
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