NewsBriefs - Texas Governor prioritizes Bitcoin reserve bill for 2025

Jan 29, 10:30 PM Cointelegraph

Texas Governor prioritizes Bitcoin reserve bill for 2025

Texas Lieutenant Governor Dan Patrick has included establishing a Texas Bitcoin Reserve in the state's 2025 legislative priorities. Texas is joining other states like Arizona and Utah in exploring crypto reserves to advance their digital economies and secure economic freedoms. Initiatives for accepting Bitcoin for fees and taxes aim to support the reserve, with Texas strategically positioned due to its large economy and favorable conditions for Bitcoin mining.

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• Jan 30, 10:30 AM The Block

  JPMorgan finds Bitcoin highly correlated with Russell 2000 tech stocks

  JPMorgan analysts have determined that Bitcoin and other crypto assets show the highest correlation with small-cap tech stocks indexed in the Russell 2000, particularly due to their shared dependence on technological innovation and venture capital. This connection has persisted, with fluctuations, since the pandemic, influenced by retail investor activity and the tech-driven nature of both sectors. This correlation tends to strengthen during major shifts within the tech industry.

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• Jan 29, 10:30 PM Cointelegraph

  Texas Governor prioritizes Bitcoin reserve bill for 2025

  Texas Lieutenant Governor Dan Patrick has included establishing a Texas Bitcoin Reserve in the state's 2025 legislative priorities. Texas is joining other states like Arizona and Utah in exploring crypto reserves to advance their digital economies and secure economic freedoms. Initiatives for accepting Bitcoin for fees and taxes aim to support the reserve, with Texas strategically positioned due to its large economy and favorable conditions for Bitcoin mining.

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• Jan 29, 9:08 PM The Block

  Fed Chair Jerome Powell states banks can serve crypto clients if risks are managed

  Federal Reserve Chair Jerome Powell has stated that banks can serve crypto clients as long as they effectively manage the associated risks. This clarification comes amid concerns of crypto debanking and industry crises like the FTX collapse. Powell highlighted the need for a higher threshold of risk management for banks engaging in crypto activities due to their novelty, asserting that the central bank supports innovation. Meanwhile, legislative and legal actions are being taken addressing the ongoing debate around banks' services to crypto firms.

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• Jan 29, 5:31 PM The Block

  Howard Lutnick faces questions on Tether and illicit finance during Commerce Secretary nomination hearing

  US Commerce Secretary nominee Howard Lutnick was questioned during a Senate Commerce Committee hearing about his firm Cantor Fitzgerald's custodial role for Tether amidst scrutiny over the crypto token's reserves and alleged ties to illicit finance. Lutnick defended the stability of USDT and its backing, while addressing ongoing regulatory challenges and fines related to the token.

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• Jan 29, 10:30 AM The Block

  Czech National Bank considers allocating up to 5% of reserves to Bitcoin

  Czech National Bank Governor Aleš Michl plans to propose a strategy to allocate up to 5% of the bank's €140 billion reserves to Bitcoin. This initiative, aimed at diversifying the CNB's reserve assets, could position the CNB as the first central bank to hold Bitcoin. Michl cited the asset's potential for high returns despite its volatility and the increasing interest from major asset managers and regulatory devlopments in the US.

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• Jan 29, 4:00 AM MIT Sloan School of Management

  Gary Gensler rejoins MIT Sloan School of Management as professor, co-directs AI fintech initiative

  Gary Gensler has returned to the MIT Sloan School of Management as Professor of the Practice, where he will focus his teaching and research on artificial intelligence, finance, financial technology, and public policy. In addition to his academic role, Gensler will co-direct the FinTechAI@CSAIL initiative, partnering with Professor Andrew W. Lo to foster collaboration between member companies and MIT researchers on AI technologies in finance.

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• Jan 28, 7:13 PM The Block

  Aerodrome suspends two contributors over insider trading allegations in VVV token airdrop

  Aerodrome, a decentralized exchange operating on the Base network, suspended two contributors involved in the VVV token airdrop due to unusual trading patterns noted during the token's launch. The exchange flagged the activity within 30 minutes and proceeded with an internal investigation, leading to quick suspensions. Aerodrome has communicated its findings transparently and continues to investigate the irregularities. VVV, a privacy-focused AI project by Erik Voorhees, debuted its tokens on Base with Aerodrome providing liquidity.

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• Jan 28, 11:32 AM The Block

  OpenSea launches OS2 platform with new XP system, grants early access to Gemesis NFT holders

  OpenSea has introduced its updated platform, OpenSea 2.0 (OS2), featuring a new user interface and an experience points system to boost user engagement. This private beta release grants priority access to Gemesis NFT holders, reflecting a rewards strategy targeting active users. Following a strategic shift amid a competitive NFT market, OpenSea aims to reclaim its dominant position, leveraging the XP system as a potential incentive for user interaction on the platform.

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• Jan 28, 11:23 AM Cointelegraph

  Metaplanet announces $745 million fundraising to expand Bitcoin holdings

  Japanese company Metaplanet plans to raise approximately $745 million by issuing 21 million shares to fund the expansion of its Bitcoin holdings. The initiative is part of a broader strategy to increase its Bitcoin assets to 21,000 BTC by 2026, in response to the yen's declining value and to solidify its position as a leading corporate Bitcoin holder.

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• Jan 27, 11:08 PM CoinDesk

  Senate confirms Scott Bessent as Treasury Secretary, likely prioritizing taxes before crypto policy

  Scott Bessent, recently confirmed as Treasury Secretary in President Donald Trump's administration, is poised to tackle crypto regulation but will prioritize tax policies initially. Despite not focusing on crypto during his nomination hearing, Bessent is well-regarded in the digital assets sector and has been tasked with leading US initiatives for a more favorable crypto oversight system. His role includes significant responsibilities in adjusting financial regulations to accommodate crypto policies and managing the Financial Crimes Enforcement Network, which targets crypto-related criminal activities.

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• Jan 27, 9:39 PM The Block

  Tuttle Capital files for 10 new leveraged crypto ETFs, including TRUMP and MELANIA meme coins

  Tuttle Capital Management has applied for 10 different leveraged crypto exchange-traded funds (ETFs), covering a range of tokens such as XRP, Solana, Litecoin, Cardano, Chainlink, Polkadot, BNP, Bonk, TRUMP, and MELANIA. Among these, the filings notably include first-time leveraged ETFs for Chainlink, Cardano, Polkadot, BNP, and Melania. Leveraged ETFs aim to amplify the returns of the underlying tokens using financial derivatives and debt. The approval and launch of these ETFs, expected by April unless rejected by the SEC, will test the regulatory boundaries set by the SEC's new crypto task force led by Hester Peirce.

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• Jan 27, 4:55 PM Commodity Futures Trading Commission

  CFTC Acting Chairman Caroline Pham initiates public roundtables on prediction markets, digital assets, and more

  CFTC Acting Chairman Caroline D. Pham announced a series of public roundtables to discuss market structure innovations, including digital assets, prediction markets, and related issues. These initiatives aim to enhance transparency, gather extensive input from various stakeholders, and adapt regulatory frameworks to support US economic growth and competitiveness.

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• Jan 27, 4:00 PM CoinDesk

  Bitcoin analysts view selloff as a buy opportunity amid DeepSeek AI scare

  Following a sharp decline in Bitcoin and other crypto assets, triggered by a Nvidia-led tech stock fall due to the efficient artificial intelligence model, DeepSeek, analysts are viewing the selloff as a buying opportunity. Bitcoin faced a rapid drop from $105,000 to below $98,000, raising concerns of a deeper pullback. However, professionals like Geoffrey Kendrick from Standard Chartered and analysts at LondonCryptoClub suggest that the fundamental market conditions support buying the dip. This sentiment is despite potential further challenges due to upcoming big tech earnings and the Federal Reserve's meeting outcomes.

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• Jan 27, 3:01 PM The Block

  Abstract Chain launches Ethereum Layer 2 mainnet

  Abstract Chain, an Ethereum Layer 2 network developed by Igloo Inc., has now launched on the mainnet. Built using ZKsync's ZK rollups, it offers low-cost, scalable transactions tailored for Web3 applications, especially community-driven ones. Igloo Inc., owner of the Pudgy Penguins NFT collection, designed Abstract Chain to enhance user experience through features like account abstraction, allowing wallet operation via smart contracts and user-friendly access options, including social logins. The network also introduced The Portal, a blockchain platform simplifying instant wallet creation and dapp access.

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• Jan 27, 1:55 PM Cointelegraph

  Fake DeepSeek token surges to $48M amid AI app craze

  The Solana-based token mimicking the Chinese AI app DeepSeek briefly reached a $48 million market capitalization on January 27, with a trading volume of $150 million, reported by Birdeye. The token, created on January 4, saw its valuation drop to $30 million subsequently. Despite attempts to associate the token with DeepSeek’s official X account and website, over 22,000 wallets still hold the token. A second fake token also leveraged the DeepSeek hype, achieving a $13 million market cap. DeepSeek has denied any association with these tokens, cautioning against potential scams.

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