Connect with us

Regulation

Bitcoin ETFs In Focus As Kansas Senator Proposes Up To 10% Pension Fund Allocation

Published

11 hours ago

on


Kansas Republican State Senator Craig Bowser has introduced a bill aimed at allocating up to 10% of public employee retirement funds to Bitcoin (BTC) exchange-traded fund (ETF) products.

Kansas Senator Proposes Bitcoin Exposure For Retirement Funds

The bill, titled Senate Bill 34, seeks to authorize the Kansas Public Employees Retirement System (KPERS) to invest up to 10% of public employee retirement funds in Bitcoin ETFs. If passed, the legislation would establish a KPERS board of trustees tasked with overseeing investments in BTC ETFs.

Notably, the bill specifies that the KPERS board of trustees may allocate funds to Bitcoin ETF products issued exclusively by Kansas-based investment firms. It also stipulates that if the value of BTC ETFs exceeds 10% of the retirement fund’s portfolio, the board is not required to sell unless it is in the best interest of the fund’s beneficiaries.

Additionally, the legislation mandates the KPERS board of trustees to conduct an annual review of the investment program. The findings from this review must then be presented to the governor for oversight and evaluation.

While the bill represents a significant step toward Bitcoin’s mainstream acceptance as a store of value, it must undergo a rigorous legislative process before becoming law. Senate Bill 34 was referred to the Committee on Financial Institutions and Insurance on January 17 and must clear four rounds of approval before being sent to the Kansas House of Representatives.

At the House of Representatives, the bill would go through a similar legislative process before reaching the governor’s desk for final approval or veto. If vetoed, the legislation would return to the state legislature, where it would need a two-thirds majority vote in both chambers to override the veto and become law.

Senator Bowser’s proposal highlights a significant shift in Kansas’ approach to cryptocurrencies. In 2023, the state’s House of Representatives had introduced a bill that restricted political crypto donations to $100 and mandated the immediate conversion of such donations into USD, prohibiting the holding or spending of cryptocurrency.

BTC Fever Taking Over The US

Since Donald Trump’s victory in the November US presidential election, several states have begun exploring Bitcoin as part of their economic strategies. Earlier this month, North Dakota’s Legislative Assembly proposed investing in BTC to combat inflation.

Similarly, Oklahoma Senator Dusty Deevers recently introduced the Bitcoin Freedom Act, which aims to give residents the option to receive salaries in BTC. Even traditionally Democratic states like Massachusetts are reportedly considering establishing a Bitcoin strategic reserve.

Despite this growing enthusiasm for Bitcoin, the US Federal Reserve remains skeptical of the idea, dismissing it as “the dumbest idea ever.” At press time, BTC trades at $105,486, up 0.7% in the past 24 hours.

bitcoin
BTC trades at $105,486 on the daily chart | Source: BTCUSDT on TradingView.com

Featured Image from Unsplash.com, Chart from TradingView.com



Source link

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Regulation

US Lawmakers Investigate Debanking Of Crypto Companies

Published

6 minutes ago

on

January 25, 2025

By


The US government under Joe Biden has allegedly been stifling the crypto industry through the process of debanking, which experts labeled “Operation Chokepoint 2.0.” With Donald Trump’s re-election, the crypto industry expects a reform that will lead to the US banking industry embracing cryptocurrencies. US lawmakers have set sight on the government’s regulatory overreach, sparking investor enthusiasm.

In a recent development, the US Committee on Oversight and Government Reform has initiated investigations on the alleged debanking of crypto companies and individuals. While debanking refers to the isolation of crypto firms from the banking sector, the US lawmakers’ move intends to put an end to the authority’s indirect control over the crypto space.

US Oversight Committee Probes into Operation Chokepoint 2.0

According to a Forbes report, the US Oversight Committee has launched investigations on the “improper debanking” of individuals and organizations related to crypto. Under the leadership of Chair James Comer (R-Ky.), the Committee aims to collect testimonies from affected individuals and companies.

On Friday, the US Oversight Committee sent a letter to industry leaders, revealing their investigation plans. By examining the groups claiming to be debanked, the committee seeks to determine whether the trend is driven by their independent decisions or by government overreach.

Industry Leaders Allege Government’s Indirect Control Over Crypto

The term “Operation Chokepoint” could be traced back to former President Barack Obama’s reign when financial services were restricted for high-risk industries. Reflecting on the term, Andreessen Horowitz co-founder Marc Andreessen called the process of debanking during the Biden era “Operation Chokepoint 2.0.”

Industry experts like Coinbase CEO Brian Armstrong and CLO Paul Grewal corroborated Andreessen’s comments. Grewal posited, “Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry.”

Chokepoint 2.0: SEC’s Aggressive Regulation Sparks Backlash

Notably, Uniswap Labs Founder Hayden Adams complained that his bank accounts were closed without prior notice. He added, “I know many individuals and companies who have been similarly targeted simply for working in the crypto industry.”

Similarly, Brian Armstrong revealed that banks closed ties with more than 30 tech companies. He added that the US SEC and former Chair Gary Gensler attempted to “unlawfully kill our [their] entire industry.” He also addressed it as the Biden government’s “most unethical and un-American” action.

Meanwhile, Ripple’s CTO, David Schwartz, described Operation Chokepoint 2.0 as the government’s “indirect” regulation of the crypto industry.

Investigation on Debanking: What To Expect?

Reportedly, more than 120 crypto hedge funds were debanked over the past three years. While real estate and private credit investors enjoyed banking services, crypto hedge funds were denied the same facilities. As cited by the committee, First Lady Melania Trump shared her personal experience of being debanked, which she attributes to political bias.

With an active investigation, the Oversight Committee intends to protect crypto users and traders from unfair government control. The agency envisions ensuring an unbiased crypto trading atmosphere in the United States and thereby terminating Operation Chokepoint 2.0. The unredacted FDIC files that Coinbase secured will undoubtedly be useful in this investigation.

US Banks Remain Ready To Embrace Crypto

Recently, Circle CEO Jeremy Allaire expressed optimism about the future of crypto, anticipating that banks will soon facilitate cryptocurrency trading. He believes that Trump’s new crypto policies will cease Operation Chokepoint 2.0, collaborating with the banking industry.

At the same time, Bank of America’s CEO Brian Moynihan expressed the US banking industry’s willingness to accept cryptocurrencies. Wall Street giants are also eying the crypto market. They seek to make a strategic entry into the space to tap into its immense opportunities.

✓ Share:

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.





Source link

Continue Reading

Regulation

News From El Salvador, Late August: Preparing for Bitcoin Day’s 1st Anniversary

Published

1 hour ago

on

January 24, 2025

By


It’s hard to believe Bitcoin Day was only a year ago. Let’s go back to El Salvador in anticipation of that faithful day’s celebrations, you’ll find that the country is booming with activity. This compilation of news has it all; from tourism to mining, from conferences to meetups. For a while there, the war with the gangs monopolized El Salvador-related headlines, but with Bitcoin Day’s anniversary on the horizon, it’s time to go back to basics.

High-Level People Prepare For Bitcoin Day’s Celebrations

  • First of all, tourism in El Salvador is back at pre-pandemic levels and then some. President Bukele clarifies that the charts refer to “international tourism,” so the main drivers are “Bitcoin and surf.” Not only that, “internal tourism is growing even more, mainly because of our crackdown on gangs.”
  • Since the original Bitcoin Day, mining in El Salvador has done nothing but grow. In the following video, Anchor mining shows the immersion coolers they brought to El Salvador. Plus, in the tweet, the company’s founder makes a promise.“Soon to launch the educational project where my team will be explaining how immersion cooling is the future of the hashrate decentralization.”
  • This could be huge or nothing at all. Investment platform BankToTheFuture and President Bukele are working on “a number of recovery plans in El Salvador for global distressed Bitcoin lending companies.” Is it possible that the bitcoin lending companies’ future is in the only country with favorable legislation? Or are bitcoin lending companies done for good?

BTCUSD price chart for 08/29/2022 - TradingView

BTC price chart for 08/29/2022 on Bitstamp | Source: BTC/USD on TradingView.com

Meeting Bitcoin-People Is Easy

  • Roman Martinez and Mike Peterson from Bitcoin Beach gave a presentation at the Surfin Bitcoin conference in Biarritz, France. The project that started it all’s legend keeps spreading far and wide. The tweet says, “Probably the most touching conference.The emotion is palpable in Bitcoin Beach. They are proud of their country, proud to be pioneers.”
  • And speaking about Roman and the Bitcoin Beach team, they know how important the upcoming anniversary is. “Join us for the one year anniversary of Bitcoin Day in El Salvador! Our Bitcoin Beach meet-up will turn into a celebration party you can’t miss!”
  • Plus, the Bitcoin Beach team recently received a delegation from the Parlamento Centroamericano AKA Parlacen. “They heard the story of Hope House and how our Bitcoin Beach project used Bitcoin as a tool for financial inclusion and empowerment of the community,” Roman informed.
  • The people from the My First Bitcoin education initiative also run a monthly bitcoin meetup. The only difference is that they do it in San Salvador, the capital. “All of our friends in El Salvador will join us tomorrow for our Bitcoin monthly meetup,” the announcement tweet manifests.

Last But Nor least, Nashin Bupele

  • Since the original Bitcoin Day, El Salvador is everywhere. To prove that, this is a scene from a Korean soap opera in which someone gives a presentation on El Salvador and its bitcoin adoption.

The table is set for Bitcoin Day’s first anniversary. The world was a whole different beast when El Salvador adopted bitcoin as legal tender. That reminds us of Max Keiser’s classic question, is bitcoin a reaction to the chaos or is bitcoin creating the chaos? In El Salvador’s case, the answer is obvious. Bitcoin is taking the country to the next level. 

Featured Image: Nashim Bupele screenshot from this video | Charts by TradingView

DeLorme, El Salvador flagEl Salvador prepares for Bitcoin Day’s first anniversary.





Source link

Continue Reading

Regulation

US House oversight committee is probing crypto debanking

Published

2 hours ago

on

January 24, 2025

By


Judge orders the US SEC to pay $1.8M in Debt Box case dismissal
  • The US House Oversight Committee has announced its investigating cases of debanking of crypto companies.
  • Uniswap, Coinbase, Kraken, a16z and Blockchain Association are among crypto companies and entities to receive a letter asking for information on the alleged debanking.
  • The Senate Banking Committee is also set to hold a hearing on debanking in early February.

The U.S. House Oversight Committee is probing the issue of alleged debanking of crypto companies and individuals.

On Jan. 24, the committee sent a letter addressed to several crypto executives asking them to share information on the debanking claims. Apart from crypto companies, US First Lady Melania Trump also highlighted the issue.

Investigations are part of the new focus on crypto regulation following a largely negative four years under President Joe Biden’s government.

Those to receive the letter are Uniswap Labs CEO Hayden Adams, Coinbase co-founder and CEO Brian Armstrong, a16z co-founder Marc Andreessen and Kraken CEO David Ripley. The letter also sought the input of Lightspark CEO David Marcus and Blockchain Association CEO Kristin Smith.

“The Committee seeks to understand whether this pattern of debanking stems from financial institutions themselves or from government actors,” the letter reads in part.

Senate Banking Committee to hold a hearing

Crypto debanking has also attracted the attention of the House Financial Services Committee and the Senate Banking Committee, both of which are looking to get to the bottom of this heavily criticised developments.

“The Committee is concerned about the chilling implications this overreach may have in silencing industries arbitrarily disfavored by regulators, driving consequential technological and financial innovation overseas, and preventing targeted businesses from making payroll and paying employees their wages,” the Oversight Committee’ letter continues.

The Senate Banking Committee has announced it will hold a hearing on crypto debanking on February 5, 2025. Committee chair Tim Scott said:

“Debanking is un-American – every legal business deserves to be treated the same regardless of their political beliefs. Unfortunately, under Operation Chokepoint 2.0, Biden regulators abused their power and forced financial institutions to cut off services to digital asset firms, political figures, and conservative-aligned businesses and individuals.”

Share this article
Categories
Tags





Source link

Continue Reading

Trending

Copyright © 2024 coin2049.io