1919: "Texas Bitcoin Strategic Reserve Bill Advances to Senate Floor"

Summary

Podcast Summary: Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News

Episode: 1919
Title: "Texas Bitcoin Strategic Reserve Bill Advances to Senate Floor"
Release Date: March 1, 2025
Host: Justin Verrengia

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1. Introduction and Market Overview

Timestamp: [00:59] – [03:54]

Justin Verrengia opens the episode by highlighting the volatile state of the cryptocurrency markets. Bitcoin hit a new low of $78,000 but bounced back to surpass $84,300. The host outlines the day's agenda, which includes technical analysis, significant news stories such as the Trump administration's move into the Metaverse and NFT platforms, and updates on major hacks and regulatory stances.

Key Points:

• Bitcoin's fluctuation between $78,000 and $84,300.
• Ether dropping to multi-year lows at $2,200.
• Solana experiencing a 6% increase amidst bearish trends.
• Overall crypto market capitalization decreased to $2.78 trillion with Bitcoin dominance at 60%.

Notable Quote:

"We've reached a new low of 78,000, but we bounced back significantly, currently above 84.3." – [00:59] Justin Verrengia

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2. Technical Analysis and Market Sentiment

Timestamp: [02:25] – [09:51]

Justin and co-host JV delve into daily market metrics, including Coin360's data, CoinMarketCap statistics, and the Crypto Fear & Greed Index. They discuss Bitcoin's support levels, potential downward corrections, and analyst predictions on price movements.

Key Points:

• Bitcoin hovering around $84,200 with Ether at $2,200.
• Solana up by 6%, while most altcoins are in the red.
• Crypto Fear Index remains high at 16, indicating extreme fear.
• Analysts predict possible drops to $75,000 if current support levels fail, with some speculating a fall to $70,000.
• Standard Chartered Bank projects Bitcoin reaching $500,000 before Trump leaves office.
• Discussion on Bitcoin's correlation with global liquidity and market sentiments.

Notable Quotes:

"Bitcoin could hit 500,000 per coin before the time Trump leaves office, according to Standard Chartered Bank." – [Chapter discussing Standard Chartered projection]

"The SEC says Meme Coins are not securities but fraud will still be policed." – [13:38] Justin Verrengia

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3. Bybit Hack and Laundering of Stolen Funds

Timestamp: [09:51] – [13:51]

The episode covers the largest crypto hack in history, where the Bybit platform was exploited, resulting in a loss of approximately $1.4 billion. Over $605 million worth of Ethereum has been laundered by the hackers, identified as North Korea's Lazarus Group. The discussion highlights the methods used for laundering, the role of Thor Chain's cross-chain asset swap protocol, and the broader implications for crypto security.

Key Points:

• Bybit hack resulted in $1.4 billion stolen.
• Hackers laundered over $605 million in Ethereum using Thor Chain.
• North Korea's Lazarus Group identified as the main culprits.
• Controversy surrounding Thor Chain's privacy features facilitating illicit fund movements.
• Thor Chain developers faced backlash, leading to exits from the project.
• FBI urges crypto validators and exchanges to block Lazarus Group transactions.

Notable Quotes:

"North Korea's Lazarus Group was identified as the main culprit behind the Bybit exploit." – [10:45] Justin Verrengia

"Even the hackers don't want to hold that Ethereum. If Ethereum was so great, the hackers would just hold on to it. But they're dumping it as fast as humanly possible." – [12:49] Justin Verrengia

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4. SEC's Stance on Meme Coins

Timestamp: [13:38] – [16:35]

Justin discusses the SEC's recent statement clarifying that meme coins are not classified as securities. This marks a shift from previous stances under former SEC Chair Gary Gensler. The conversation touches on the implications for meme coin creators and investors, as well as the SEC's lack of concrete regulations despite claiming to provide clarity.

Key Points:

• SEC states meme coins do not qualify as securities.
• Fraudulent tokens within the meme coin space will still be subject to enforcement.
• Comparison of meme coins to collectibles like Pokémon cards.
• Clarification that meme coin transactions do not need SEC registration.
• Despite the statement, the SEC asserts it is not a binding rule or regulation.
• Introduction of potential legislation banning public officials from endorsing digital assets.

Notable Quotes:

"The SEC does not view Meme Coins as securities, but warned any fraudulent tokens." – [13:42] Justin Verrengia

"A Meme Coin is not a security." – [14:07] Justin Verrengia

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5. Bitcoin's Bullish Projection by Standard Chartered Bank

Timestamp: [16:35] – [19:26]

Standard Chartered Bank's head, Mr. Kendrick, shares an optimistic outlook on Bitcoin, predicting its price to reach $200,000 within the year and $500,000 before President Trump's term ends. The discussion emphasizes growing institutional adoption, the role of major financial players like BlackRock, and the potential for clearer regulations to stabilize the crypto market.

Key Points:

• Bitcoin projected to reach $200,000 in the current year and $500,000 by 2028.
• Institutional adoption and involvement of firms like BlackRock seen as pivotal.
• Bitcoin's correlation with traditional markets and liquidity concerns.
• Recent tariffs imposed by the US affecting Bitcoin's stability.

Notable Quotes:

"I expect Bitcoin's price to reach 200,000 this year, surging to a half a million per coin before Trump concludes his second term." – [16:52] Justin Verrengia

"As the industry becomes more institutionalized it should be safer." – [18:19] JV

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6. State-Level Bitcoin Strategic Reserve Bills

Timestamp: [19:26] – [26:03]

Justin provides updates on the progression of Bitcoin strategic reserve bills in US states, focusing on Arizona and Texas. The Arizona Senate passed two significant bills aimed at creating digital asset reserves and investment authorities for public funds. Similarly, Texas advances its Strategic Bitcoin Reserve Bill to the Senate floor, emphasizing Bitcoin as a hedge against inflation and economic volatility.

Key Points:

• Arizona's Strategic Digital Asset Reserve Bill (SB 1373) passed the Senate and advances to the House.
• The bill aims to create a fund for seized digital assets managed by the state Treasurer.
• Texas Senate Bill SB21 passed the banking committee and moves to the Senate floor.
• Texas bill allows the Comptroller to invest in Bitcoin and other cryptos as a financial hedge.
• Discussion on the broader trend of state-level adoption and strategic reserves.

Notable Quotes:

"Public trust and financial institutions have eroded due to the lack of transparency. But Bitcoin is a unique asset because it is fully auditable." – [25:47] Justin Verrengia

"Legislation will happen at the federal level in this order: stablecoins, market structure, and Strategic Bitcoin reserve." – [20:19] Justin Verrengia

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7. Conclusion and Q&A Segment

Timestamp: [26:03] – End

Justin wraps up the episode by inviting listeners to participate in the live Q&A segment and encouraging them to share their opinions on the discussed topics, such as state-level Bitcoin reserves and regulatory changes. He emphasizes staying informed through the podcast's premium content and expresses appreciation for the crypto community's engagement.

Key Points:

• Encouragement for listener interaction and feedback.
• Reminder to visit the podcast's website for premium content.
• Emphasis on HODLing and staying informed amidst market volatility.

---

Final Thoughts

Episode 1919 of Crypto News Alerts | Daily Bitcoin (BTC) & Cryptocurrency News provides an in-depth analysis of the current state of the cryptocurrency market, significant security breaches, evolving regulatory landscapes, and optimistic projections for Bitcoin's future. Justin Verrengia effectively balances technical insights with actionable news, offering listeners a comprehensive overview of the daily happenings in the crypto world.

End of Summary

Transcript

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[Crypto Host]

Welcome crypto family to no. 1 Daily Bitcoin Pond. We did tap a new low of 78, 000. We're pretty wild, but we bounced back pretty significantly, currently above 84. 3. In today's show, I'll be breaking down the latest bitcoin technical analysis as well as breaking news. The Trump administration files trademark for Trump with plans to launch a Metaverse, an NFT trading platform. We'll also be discussing Bybit hacker launder 605 million in Ethereum, over 50% of the stolen as well as the SEC says meme coins are not securities, but that fraud will still be policed. We'll also be discussing Bitcoin could hit 500, 000 per coin before the time Trump leaves office, according to Standard Chartered Bank. As well as breaking news, Arizona Crypto reserve bills inch closer to law after passing the Senate. As well as breaking news Texas Strategic Bitcoin Reserve bill advances to the Senate floor.

[Co-host]

Let's go.

[Crypto Host]

We'll also be taking a look at the overall crypto market. All this plus so much more in today's show. Yo, what's good crypto fam? This is first and foremost a video show. So if you want the full premium experience with video, visit my YouTube channel at cryptonewsalerts.net Again, that's crypto news alerts.net Today is pod 19.

[JV]

I'm your host JV.

[Crypto Host]

It's the final day of the month. February 28th, 2025 hasn't been a exciting month as far as the markets massive volatility. Go figure. But Very bearish overall month for the month of February. Let's kick it off with our market watch as we do each and every day.

[JV]

You should be able to see coin360 on your screen. Bitcoin currently hovering at 84,200 at the time of the live stream. Ether down 3% all the way down to 2200 which is like multi year lows. We haven't seen ether this low in a long time. Salana is up 6%, one of the few top coins actually in the green. And checking out coinmarketcap.com the current crypto market cap is all the way down to 2.78 trillion. Bitcoin market cap 1.66 trillion. We have roughly 185 billion worth of volume for the past 24 hours and the Bitcoin dominance is currently at 60. Even with Ether dominance all the way down to 9.6%. And checking out top 100 crypto gainers past 24 hours. Bar chain up 10%. Salana up 6% and whiff up 5%. But the majority of alts correcting it in the red. Which alts if any are you bullish on? For the bull holla. And checking out the crypto bubbles, we get a visual perspective on the day. Safe to say 80, 90% of the market on tilt. Zooming out on the monthly, it's like 90 to 95% of the market Rec.

[Crypto Host]

City as you can see. And checking out the crypto get in fear index today we bounced back a little, a 16 in extreme fear. Yesterday was the bottom with a 10 and last week a 55. Greed. Last month a 72 in greed. The silver lining, the lower this number gets in extreme fear, the more likely of a pump. Nonetheless, let's continue with our ta AKA astrology for the Brosis. And again, welcome everyone joining us. Happy 420, 420 people here on the live stream. This headline reads Bitcoin risk deeper drop if 75,000 support fails amid the macro concerns. The Good news is 78 held up which is the current bottom. But if we do test, 75 will most likely going to drop to 70 according to some of the top analysts. So let's break this down. Analysts attribute the current decline to the macroeconomic concerns related to the potential trade war between the US and China caused by Trump's decision to impose import tariffs. And it's not just crypto getting wrecked right now. It's all financial markets, you know, stock market, you name it. These macroeconomic concerns were the main reason For Bitcoin losing the 80,000 support bitcoins dropped below 80,000amid investor fear from Trump's tariffs and market unrest points to a correction likely hitting 76.78, precisely what we just bounced from 78 nearing 75 as a key support level based on historical patterns and trader sentiment. Still, some analysts are concerned that Bitcoin's correction may see the world's first crypto revisit. 70 I mean Arthur Hayes is calling for it. At least we've covered that in the past couple of podcast episodes. Based on the correlation with the global Liquidity index, Bitcoin's right hand side, which marks the lowest bid price someone is willing to sell the currency for, may fall below 70, 000 around the end of FE after it peaked near 110,000 in January, which was January 20, Inauguration Day 1093 to be precise. The first warning of a correction to 70,000 came from Raul Powell. Well, I would dare say macro investor Arthur Hayes.

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[JV]

Credit.

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[Crypto Host]

We've been covering that. I don't really cover Raul pal too often here, so I'm going to give Arthur Hayes the credit because he's been calling it for a couple of months. Maybe Raul has been as well, but I can't verify that because I I haven't seen it. Despite the poor investment sentiment for the investors, Bitcoin seems unlikely to fall to 70 before the end of the week, but I'll dare say anything is possible. Be prepared for all scenarios. Michael Sailor Strategy says a plunge to 70,000 seems less probable without significant new downside catalysts. Quoting analyst Lee from Bitget, A further plunge to 70,000 is possible but less probable by March 2 without a significant new shock. The 75,000 level aligns with technical support and stablecoin buffers, while 70,000 with need sustained panic or macro deterioration beyond the current pressures. And I also like to pull up some of the live charts. But first, breaking news just in the Trump Organization files a trademark for Trump with plans to launch a Metaverse and NFT trading platform. My initial response Trump Admin going full metal jacket into Crypto. And also breaking news at 80,000, Bitcoin down 27% from the all time high of 109.

[JV]

Is that really a big draw down?

[Crypto Host]

Well, not according to history. These are all the times Bitcoin had had a massive correction from 33 all.

[JV]

The way to 84%.

[Crypto Host]

So 27 is nothing new. And as they say, there's nothing new under the sun. I'll call my brother son because he shines like one. Check it. But there you have it. Let's also pull up some of the live charts. We'll do some live chart action Jackson.

[JV]

Satisfaction for the Broskis here live and on your screen.

[Crypto Host]

This is via trading View via Coinbase.

[JV]

Thank God We've recovered from 78 again.

[Crypto Host]

We're currently above 84.2ish and that ballpark.

[JV]

Green escalation back up as you can see on the one hour chart. Zooming out from here we take a.

[Crypto Host]

Quick look at a four hour. Again this is live and in the flesh. Big green candle two consecutive which is a good sign. Hopefully we can continue the momentum versus to continue to dump here over the.

[JV]

Weekend as we close out February and.

[Crypto Host]

We will get a monthly candle close.

[JV]

Here and maybe around five hours. And zooming out on the daily, you can see the daily chart's been not good. Past three consecutive days have all been red. Taken us down to the new bottom of 78. We do have a target on your screen at 68. 7 and also a Super Bear target of 49. Do I think 49 is probable? No, but you should be aware of all the potential, you know, price points we could potentially reach. I think here personally will continue to correct over this weekend and I think next week we'll continue to pump back. I hope I'm wrong though. I hope we pump over the weekend but there's just no telling. There's a lot of bearish sentiment currently in the market and zooming out from the daily to the weekly big bearish weekly unfortunately. And most likely we'll get a weekly candle close on Sunday in the bearish territory we still have the silver lining.

[Crypto Host]

There's still A Cup and handle 124,000target.

[JV]

Which is in play for Q1 which can potentially happen here in March. But you guys let me know where you feel the prelo biddy likely to take us next. And checking out the one month you can see February has been very unsatisfactory for the price action as we're forming a pretty significant monthly candle close before reaching March here tomorrow, which will be the first of the month.

[Crypto Host]

Next story of the day, let's actually dive into the Bybit hack. Then we'll discuss Meme Coins officially not being deemed unregistered securities according to the sec.

[JV]

But yeah, money is on the move.

[Crypto Host]

The buy bit hacker laundered 605 million worth of the ETH, which is more than 50 of the stolen funds. I believe the hack was for 1.4 billion, making it the largest hack in crypto history. The Buy Bit exploiter already laundered over 605 million worth of ether or more than 54 of the total stolen funds.

[JV]

According to look on Chain as they shared here. So far the bybit hacker has laundered.

[Crypto Host]

270000 ETH worth 605 million 54 of the stolen funds and still holds 229.395Ethereum.

[JV]

Which is roughly a half a billion dollars. Good Lord.

[Crypto Host]

North Korea's Lazarus Group was identified as.

[JV]

The main culprit behind the Bybit exploit.

[Crypto Host]

According to ARCAM Intelligence, the exploiters used the cross chain asset swap protocol Thor.

[JV]

Chain to move the funds.

[Crypto Host]

Thor chain swap volume rose past 1.

[JV]

Billion record high after the Buybit hack. The protocol was the subject of significant controversy amid the growing flow of illicit North Korean funds.

[Crypto Host]

Some industry watchers criticized Thor chain's privacy.

[JV]

Preserving features for enabling the movement of illicit funds by the North Korean agents.

[Crypto Host]

After a vote to block the North.

[JV]

Korean hacker link transactions was reverted to.

[Crypto Host]

The protocol, one of the leading Thor.

[JV]

Chain developers announced his exit, quoting him here effectively immediately I will no longer.

[Crypto Host]

Be contributing to Thor chain. Pluto says.

[JV]

They would remain available as long as I am needed and to ensure an orderly handoff of my responsibilities. Pluto's exit comes after Thor Chain validators. TCB shared that get the angel re special at McDonald's.

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[JV]

They were one of the three validators that voted to stop Ether trading on the protocol to cut off the Lazarus Group. TCB later wrote on X that they'd also exit if we don't rapidly adopt a solution to stop North Korea flows. Meanwhile, the FBI urged crypto validators and exchanges to cut off the Lazarus group.

[Crypto Host]

And confirmed earlier reports that North Korea.

[JV]

Was behind the Record Buy Bit a hack and apparently they're behind several attacks and I guess there's nothing nobody can do to stop them. Hence they continue to do what they do. Thor Chain founder John Paul shared he has no involvement with Thor Chain, but none of the sanctioned wallet addresses listed by the FBI in the U. S. Treasury Office of Foreign Asset Control has ever interacted with the protocol. So they claim the actor is simply moving funds faster than any screening service can catch. It is unrealistic to expect these blockchains to censor, including Thor Chain.

[Crypto Host]

And there you have it. Money continues on the move. But here's what is ironic. Even the hackers don't want to hold that Ethereum. If Ethereum was so great, the hackers would just hold on to it. But they're dumping it as fast as humanly possible. Let's continue with the news fam. I appreciate y'all. Let's discuss the SEC reacting to Meme Coins and actually providing some level of clarity here. I could guarantee you with Gensler when he was here he definitely deemed everything as an unregistered security, especially a Meme Coin. But now things have changed. We have a very pro crypto administration with the Trumpster. The headline here reads SEC says Meme coins are not securities. I repeat, it's official. The SEC says Meme Coins are not securities but fraud will still be policed. I don't know how they're going to.

[JV]

Police the fraud and allow but let's get into it.

[Crypto Host]

The US SEC says it does not view Meme Coins as securities, but warned any fraudulent tokens. So my question becomes what is going.

[JV]

To deem a token fraudulent, right?

[Crypto Host]

The agency's Division of Corporation Finance said February 27 statement. In its view, Meme Coins do not involve the other in sale of securities under the federal securities laws and liken.

[JV]

It akin to collectibles.

[Crypto Host]

So I guess a Meme Coin is.

[JV]

Going to be deemed like a Pokemon card. Go figure.

[Crypto Host]

As such, persons who participate in the.

[JV]

Offer and sale of Meme Coins do not need to register their transactions with the sec. It added that the Meme Coin buyers and holders wouldn't be protected by the U S. Security laws, but said the fraudulent offer and the sale of Meme Coins may be subject to enforcement action or prosecution by other federal or state agencies.

[Crypto Host]

However, the division also said its statement wasn't a rule, a regulation, guidance or statement. So I guess the SEC is still providing zero clarity. I guess they're saying one thing but they're like it could mean something else. So my understanding it means nothing. But anyways, the SEC says it wasn't approved or disapproved by the Commission, so still providing no Clarity has no legal force or effect, the SEC added it shared its views as part of the effort to provide greater clarity. Well, that doesn't really provide greater clarity, in my opinion. It provides nothing. Am I misreading this? Guys, Let me know. US President Trump has moved to cold the SEC's regulatory oversight of the crypto space. Looking to make good on one of his campaign promises, the agency launched a crypto task force last month to create a framework for digital assets. Trump and first lady Melania themselves launch Meme Coins days before they entered the White House on January 20, which sparked criticism for many crypto commentators and Trump supporters.

[JV]

Trump's Meme coin Trump is down 83.

[Crypto Host]

From the peak, Melania's token Melania down.

[JV]

93 from the high as per coin gecko. The SEC statement comes after ABC News reported the same day that the U S House Democrats are set to introduce a bill banning public officials introducing presidents from being able to issue, sponsor or endorse any security commodity, including Meme Coins digital assets. In the statement, the SEC that Meme Coins typically have limited or no use or functionality and tend to experience significant market price. Well, that's accurate. It added that the Meme Coins doesn't fit with any of the common financial instruments specifically enumerated in the definition of a security, such as stocks or bonds, as they don't give a yield or rights to future income, profits or assets of a business. The SEC said a Meme Coin doesn't fit under the definition of an investment contract under the securities defining Howie Test defined as money invested in a common enterprise such as a business where investors have an expectation of profiting from efforts of others, including the agency here. In other words, a Meme Coin is not of security.

[Crypto Host]

Next story we're gonna now get into some bullish sentiment from Standard Chartered bank projecting Bitcoin hitting 500000 before Trump leaves office. Which means within the next four years clearly. And then we'll discuss the latest adoption of Bitcoin for the State of Arizona as well as the latest with the.

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[Crypto Host]

Bitcoin reserve bill and then we'll do some live Q and A just for a little bit as Nipinator continues to give us his indicator. So yeah, Bitcoin of 500, 000 according to Standard Chartered. And the primary shareholder Standard Chartered is none other than BlackRock. So let's break this one down. In a new February 27 interview with CNBC, Standard Chartered's head Mr. Kendrick, not to be confused with Kendrick Lamar, says he expects Bitcoin's price to reach 200000 this year. Let me know if you agree disagree before surging to a half a million per coin before Trump concludes his second term. I guess that would mean by the year 2028, right? He cited growing institutional adoption and the potential for clearer regulations.

[JV]

Well, we haven't gotten any damn clear regulations as of yet, but hopefully that changes here.

[Crypto Host]

Despite the recent volatility, crypto market should become less rocky over time as more institutions adopt the asset class. These players will also alleviate the security.

[JV]

Risks that seem inherent to crypto protocols, as evidenced recently with a 1.4 billion by bit hack quoting them here. What we need are traditional financial players like BlackRock and others that have ETFs now to really step in. It's the institutions like ours that now offer custody businesses that are much more secure than the hacks. And as the industry becomes more institutionalized it should be saver. And since reaching the all time high of 193 on January 20, the Bitcoin price sank to more than a three month low of now 78,000 as of of today. And tariffs on Canat, Canada and Mexican goods scheduled to go into effect March 4th here next week will indeed go into effect as scheduled according to Trump via this post on True Social Bitcoin reacting so sharply to the tariff threats suggest that the digital asset has become highly correlated with stocks and liquidity concerns. According to the Kabisi Letter, Global Macro Investor Julian said bitcoin's recent pullback is normal in the bull markets, especially after a massive run up in price following the US Presidential election. And I did share with you in.

[Crypto Host]

This chart here that a 27% correction which we just witnessed is nothing new. Previous cycles we've seen significant declines from 30 to literally 85% I'm sorry to 94%. So there's nothing new really under the sun here. But you guys let me know your thoughts how far we're likely to dip. But let's continue. Two more stories to share with you and they both in the same boat as far as strategic Bitcoin reserve bills for the states. So this one's Arizona. Then we'll discuss the latest with Texas and then we'll do a little live Q A headline reads Arizona Crypto Reserve Bill inches closer to law after passing the Senate that's right Arizona Senate advance the Bitcoin Reserve bill bringing to a second place behind Utah in the race.

[JV]

Between U S States to get a.

[Crypto Host]

Crypto investment bill finally approved. The Arizona state or Senate passed the.

[JV]

Strategic Digital Asset Reserve Bill SB 1373 on its third reading February 27 yesterday with a vote of 17 against 12 and now advances to the state's House. The bill sponsored by Republican Senator Mark Finchem would create says it would create digital asset Strategic Reserve fund administered by the state Treasurer which would consist assist the money appropriated by the legislator for the crypto seized by the state. The treasurer can invest more than 10% of the total fund deposits in any fiscal year, but may loan digital assets from the fund to generate returns if it doesn't increase financial risk to the state. Quoting Dennis Porter here from the Satoshi Action Fund. Whether you like it or not, legislation will happen at the federal level in this order stablecoins market structure and Strategic Bitcoin reserve and you can see Utah is actually leading the race right now as far as all the states are concerned. Then Arizona, then Oklahoma, Texas and then you can see there's Florida, there's Georgia, there's Iowa, Illinois, etc as they move up in the strategic reserve race. Another Bitcoin reserve bill is also making its way through Arizona Senate and that's the Strategic Bitcoin Reserve Act SB 1025 Co sponsored by Republican Senator Wendy Rogers and Representative Jeff Wanger and also passed the Senate's third reading Feb. 27 with a vote of 17 against 11. The Rogers and Wagner sponsored bill focuses on investment authority for public funds to invest in crypto assets, while the Fincham sponsored bill establishes a specialized fund for seized digital assets and appropriated funds. There are currently 8 18U s states that have crypto reserve bills pending Senate votes, while two Arizona and Utah are in the final stages of the approval process. Let me know which one you think will get approved first. State crypto investment bills have been rejected thus far in Montana, Wyoming, North Dakota, South Dakota as well as Pennsylvania. Bitcoin reserve proposals are gaining support across the US thanks to President Trump's pro crypto policies.

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[JV]

Affiliates, Northbrook, Illinois Bitcoin, meanwhile, has tanked 17% over the past seven days as it struggles to keep gains due to the economic uncertainty over Trump's sweeping incoming tariffs.

[Crypto Host]

Now for our feature story of the day.

[JV]

Texas Strategic Bitcoin Reserve Bill Advances to the Senate Floor that's one step closer, baby. Let's go. Let's break her down. Texas Senate Bill SB21, establishing a Bitcoin and crypto strategic reserve, passed the Senate of Texas banking committee yesterday, February 27th in a 9 to 0 vote and now advances to the Senate floor for further deliberation. Let's go. The bill gives the Texas Comptroller of Public Accounts the authority to acquire, sell and trade any investment that a prudent investor exercising reasonable care, skill and caution would acquire. The bill also read, Bitcoin and other cryptos can serve as a hedge against inflation and economic volatility, and the establishment of a strategic bitcoin reserve serves the purpose public of providing enhanced financial security to residents of the state. Several U S states have pending bitcoin strategic reserve bills currently, including Oklahoma, Arizona and Utah, and to diversify state financial reserves and hedges against rising US dollar inflation. Here's an example of that actual bill, SB number 21 and the Texas Strategic Bitcoin Reserve legislation was introduced by State Senator Charles Schwertner in January of this year as Bitcoin only bill that omitted the acquisition of other digital assets. However, February, which is obviously the month we're in, the bill was refiled to include other digital assets following Trump's January 23rd executive order directing commissions to study the feasibility of digital asset stockpile. So thanks to Trump, not only are they entertaining the Bitcoin strategic reserve, but they're entertaining the shitcoin strategic reserve, unfortunately.

[Crypto Host]

Following in the footsteps of Trump and also Nexo analysts shared that February 18th public hearing SB21 was symbolic and was not a major Bitcoin adoption price catalyst. He added that unless specific policies were enacted, like the state of Texas actively acquiring Bitcoin specific as part of its portfolio, the markets would have a lukewarm response to the news. Pierre Rocker, bitcoin advocate and vice president of research mining company Riot Platforms, testified at the hearing for SB21 arguing for Bitcoin strategic reserve. That's what we want as bitcoiners. The executive said that while Texas Texas currently has a flourishing economy, it must be prepared for future economic downturns and fiscal uncertainty. Quoting them here, Public trust and financial institutions have eroded due to the lack of transparency. But Bitcoin is a unique asset because it is fully auditable. That's right. Every 10 minutes the entire Bitcoin network gets audited.

[JV]

And if you don't know now you know. You know what?

[Crypto Host]

Speaking of audits, you know what hasn't been audited in over 50 years? The Fort Knox Gold Reserves for the United States. How do you think that will likely fare out? What are your thoughts regarding all this adoption at the state level?

[JV]

Let me know.

[Crypto Host]

And do you think Trump will ever sign specifically a strategic Bitcoin reserve bill versus a crypto stockpile bill? Let me know your honest thoughts and read your comments out loud. Welcome everyone to the Q A segment of the live stream. And don't forget to check out cryptonewsalerts.net for the full premium experience with video and to participate in our live Q and A. And I look forward to seeing you on tomorrow's episode. Hoddle.