Shanky22

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Texas is set to become the first U.S. state to establish a government-backed Bitcoin reserve following the passage of Senate Bill 21 (SB 21) by the Texas House of Representatives with a 101–42 vote. The bill now awaits the governor’s signature to become law.
SB 21 proposes the creation of the Texas Strategic Bitcoin Reserve, managed by the state comptroller, to acquire and hold Bitcoin and other cryptocurrencies with a market capitalization exceeding $500 billion—currently, only Bitcoin qualifies. The goal is to diversify the state’s investments, hedge against inflation, and strengthen economic resilience.
Key elements of the bill include:
Management and Oversight: The reserve would be overseen by the Texas Comptroller of Public Accounts, with input from a five-member advisory committee of cryptocurrency investment experts.Security Measures: The assets would be stored in cold storage to guard against cyber threats.Transparency: A report on the reserve’s holdings and performance would be submitted to the legislature every two years and made publicly available.
Supporters say the initiative could establish Texas as a leader in financial innovation and attract crypto-related businesses. Critics, however, raise concerns about the volatility of Bitcoin and the risks of investing state funds in digital assets.
If implemented, this move could pave the way for other U.S. states to consider similar strategies involving cryptocurrency reserves.
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On May 22, 2025, President Donald Trump hosted an exclusive dinner at his luxury golf club in Northern Virginia for 220 top investors in his personal cryptocurrency, the $TRUMP memecoin. The event featured a meal of filet mignon and halibut, a half-hour speech by Trump, and concluded with him dancing to “YMCA.”
Though the White House described the gathering as a personal engagement, Trump spoke from behind a lectern bearing the presidential seal and promoted an industry that directly benefits his family business. This raised concerns among some industry leaders and pro-Trump crypto supporters, who worry that his personal involvement could undermine credibility and stability in the cryptocurrency sector.
The $TRUMP memecoin, launched shortly before Trump's inauguration, was initially framed as a lighthearted project for supporters. However, it has drawn criticism due to its links to presidential access, including invitations to exclusive events and Trump-branded gifts. After an early price surge, the coin’s value dropped significantly, raising questions about its legitimacy and whether it favors insiders at the expense of average investors.
Transparency was another point of concern, as some top investors used pseudonyms and media were barred from attending. Outside the event, protesters held signs opposing what they called crypto corruption.
The dinner highlighted the growing overlap between Trump’s private financial ventures and his public role, fueling ethical debates and concerns a
bout the broader impact on the crypto industry’s image.

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