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- Texas Proposes Strategic Bitcoin Reserve to Enhance Financial Stability
Texas Proposes Strategic Bitcoin Reserve to Enhance Financial Stability
News on the Blockchain
December 13, 2024
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🌍 Daily Crypto Market Overview
Global Stats:
Cryptocurrencies: 2.4M+
Exchanges: 763
Market Cap: $3.63T (+5.24%)
24h Volume: $220.31B (-20.40%)
Bitcoin Dominance: 54.8%
Ethereum Dominance: 13.0%
ETH Gas Price: 14.54 Gwei
Fear & Greed Index: 80/100 (Extreme Greed)
🪙 Top 5 Cryptocurrencies by Market Cap:
Name | Price | 24h Change | Market Cap | 24h Volume |
|---|---|---|---|---|
Bitcoin (BTC) | $101,049.81 | -0.23% | $2.00T | $80.12B |
Ethereum (ETH) | $3,919.67 | -0.45% | $472.11B | $36.50B |
Tether (USDT) | $1.00 | -0.03% | $139.75B | $183.20B |
BNB (BNB) | $715.86 | -0.82% | $103.09B | $2.40B |
Solana (SOL) | $230.64 | -1.69% | $110.45B | $5.20B |
💹 Market Highlights:
Total DeFi Volume: $18.49B (8.39% of total market volume)
Stablecoins Volume: $204.51B (92.83% of total market volume)
Coin with highest % change: PEPU (+118.86%)
📈 Preview On Today’s News:
- Texas Proposes Strategic Bitcoin Reserve to Enhance Financial Stability
- Ukraine to Legalize Cryptocurrency by 2025 Without Tax Exemptions
- Potential Impact of Paul Atkins on SEC Crypto Regulation
Keep reading for more!
Today’s News:
1)
Texas Proposes Strategic Bitcoin Reserve to Enhance Financial Stability
Texas State Representative Giovanni Capriglione has introduced legislation to establish a strategic Bitcoin reserve, allowing the state to accept taxes, fees, and donations in Bitcoin (BTC) and hold the cryptocurrency as a financial asset. This initiative aims to bolster Texas's financial stability and promote innovation in the financial sector. The bill includes a provision requiring the state to hold any acquired Bitcoin for a minimum of five years before any potential sale or conversion. This move positions Texas among several U.S. states considering similar measures, reflecting a growing trend toward integrating digital assets into state financial strategies.
The proposed legislation enables Texas to accept payments in Bitcoin and mandates a five-year holding period for the cryptocurrency, aiming to enhance financial stability and encourage financial sector innovation.
Texas joins a broader movement among U.S. states exploring the incorporation of digital assets into their financial frameworks, signaling increased acceptance of cryptocurrencies in governmental financial strategies.
2)
Ukraine to Legalize Cryptocurrency by 2025 Without Tax Exemptions
Ukraine is poised to legalize cryptocurrency by the first quarter of 2025, a move driven by legislative advancements and international collaboration. A draft law developed alongside the National Bank of Ukraine and the IMF is set for completion after the New Year, building on previous regulatory milestones like the November 2023 virtual asset taxation legislation. However, the legalization excludes tax exemptions, with crypto profits taxed similarly to securities only upon conversion to traditional currency. This pragmatic approach aligns with global practices and aims to integrate digital assets into Ukraine’s economy without tax loopholes. Ukraine has already demonstrated leadership in crypto, from passing foundational legislation in 2022 to leveraging crypto donations during crises, signaling its commitment to becoming a global crypto hub.
Legalization Timeline and Taxation Model: Ukraine aims to legalize crypto by early 2025 with no tax exemptions, taxing crypto profits like securities upon conversion to fiat currency.
Ukraine’s Crypto Leadership: Building on 2022 legislation and leveraging crypto in crises, Ukraine collaborates with international stakeholders to position itself as a key player in the global crypto economy.
3)
Potential Impact of Paul Atkins on SEC Crypto Regulation
Paul Atkins, a pro-crypto advocate and former SEC commissioner, has been nominated by President-elect Donald Trump to lead the SEC. Known for prioritizing innovation and opposing excessive regulations, Atkins’ leadership could mark a significant shift in crypto regulation. However, his approach is expected to focus on regulatory clarity and gradual reforms rather than immediate overhauls. His familiarity with the SEC staff and past advocacy for proportionality in enforcement actions signal a more cooperative stance toward the crypto industry. While his nomination promises change, Atkins will still navigate existing legal precedents and ongoing lawsuits, limiting the pace of transformation.
Paul Atkins, a pro-crypto figure, is poised to bring clarity and innovation to SEC crypto regulations but faces constraints from existing legal precedents and ongoing cases.
His tenure may emphasize removing regulatory barriers and fostering industry growth rather than aggressive enforcement, signaling a potential shift in U.S. crypto policy.
