Thailand’s Technology Crime Suppression Division (TCSD) announced its proposal to block Polymarket, a global prediction market platform that facilitates betting on major world events using cryptocurrency.

Despite the country’s clampdown against Polymarket, it is making headway with Bitcoin ETFs (exchange-traded funds).  

Polymarket Legal Woes Reach Thailand

Local media reported that Pol. Lt. Gen. Trairong Phiwpaen, commander of the TCSD, revealed the news at a press conference on January 14. He said that the platform’s operations violate Thailand’s gambling laws and pose risks to economic and social stability. According to Pol. Lt. Gen. Trairong, the rise of Web 3.0 and cryptocurrency has complicated enforcement efforts.

“The use of cryptocurrency for transactions increases the difficulty of inspection and tracking,” he stated.

He also emphasized the need for international cooperation in monitoring and shutting down such platforms. Against this backdrop, the TCSD has set up a specialized task force to collect data and collaborate with both domestic and international agencies to tackle illegal crypto-based activities effectively.

“This action is crucial to protecting the public and preventing the misuse of cryptocurrencies in illegal activities,” Lt. Gen. Trairong added.

Polymarket’s legal issues extend far beyond Thailand. In France, the platform has faced a gambling probe, resulting in restrictions on French traders. The situation escalated further when the FBI seized electronic devices from Polymarket’s CEO as part of an investigation. Similarly, Singapore has imposed stringent limitations on the platform, reflecting the global regulatory push to oversee crypto-based betting platforms.

Adding to the mounting pressure, the US Commodity Futures Trading Commission (CFTC) subpoenaed Coinbase amid an ongoing investigation into Polymarket. These developments highlight the growing efforts by regulators worldwide to impose oversight on decentralized platforms that operate in legal gray areas.

Thailand Considers Approving Bitcoin ETFs

Despite its crackdown on Polymarket, Thailand remains a prominent player in the crypto space. According to Bloomberg, the country’s Securities and Exchange Commission (SEC) is reportedly considering allowing Thailand’s first Bitcoin ETF (exchange-traded funds).

 “Like it or not, we have to move along with more adoption of cryptocurrencies worldwide,” Bloomberg reported, citing Thailand’s SEC Secretary-General Pornanong Budsaratragoon.

She noted that the regulator is exploring ways to offer more crypto investment options while ensuring proper investor protection. Thailand’s efforts to foster innovation in digital finance also include proposals for stablecoins backed by government bonds and a sandbox for Bitcoin transactions in tourism-centric regions like Phuket.

If approved, this move could bolster Thailand’s position as a digital assets hub in the Asia-Pacific region. Specifically, it could see it compete with crypto-friendly jurisdictions like Singapore and Hong Kong. Thailand’s regulatory tightening aims to strike a balance between fostering innovation and ensuring financial stability.

US President Donald Trump pardoned Ross Ulbricht on Tuesday, ending the double life sentence handed down to the Silk Road founder. 

Ulbricht, aged 40, was convicted of creating and operating the Silk Road marketplace, where illegal goods and services were sold using Bitcoin.  generating over $200 million in transactions.

Ross Ulbricht is Finally Free After More Than a Decade of Imprisonment

This move fulfilled Trump’s campaign promise to release Ulbricht, whose case had become a landmark in the legal and crypto worlds. His arrest in 2013 marked one of the first major prosecutions involving the emerging use of cryptocurrencies for illicit activities.

The Silk Road platform operated between 2011 and 2013. It hosted over 100,000 users engaged in the sale of illegal drugs and services worth approximately $214 million. 

“I just called the mother of Ross William Ulbright to let her know that in honor of her and the Libertarian Movement, which supported me so strongly, it was my pleasure to have just signed a full and unconditional pardon of her son, Ross. He was given two life sentences, plus 40 years. Ridiculous,” said US President Donald Trump. 

The FBI dismantled the marketplace in 2013 and seized 69,370 Bitcoins, which are now valued at more than $6 billion. Last month, the Biden administration authorized the sale of these Bitcoins before leaving office.

Trump had previously announced his intention to commute Ulbricht’s sentence during a speech at the Libertarian National Convention in May. 

The Libertarian Party had long advocated for his release. They criticized the case as government overreach and used it as an example in their broader push for drug policy reform.

“Ulbricht was sentenced to two life sentences, plus 40 years, a sentence worse than the worst drug sellers on the site,” wrote Collin Rugg.

Prediction platform Polymarket had estimated a 93% chance that Trump would grant clemency to Ulbricht during the first 100 days. That prediction materialized in just two days.

There was speculation that Trump might use the confiscated BTC to establish a national Bitcoin reserve. However, those assets had already been liquidated under Biden’s administration.

A Punishment Too Harsh? 

Back in 2022, BeInCrypto sat down with Ross’s mother, Lyn Ulbricht, who gave an honest account of her son.  

Lyn mentioned that she doesn’t condone her son’s actions and thinks Ross Ulbricht deserves the punishment. However, like most of the community, she was concerned about the severity and longevity of the sentencing.

“He wants to solve problems and to help make the world a better place, which is a lot of why he loves Bitcoin, because it opens up prosperity for people who can’t get a bank account and people. That’s his idealism,” said Lyn.

Lyn told BeInCrypto that Ross already severed a decade and learned his lesson. His true intention was never to facilitate illegal trade.

Rather, he wanted a marketplace where people could interact and communicate freely. However, he failed to consider the malicious actors. 

Overall, today’s presidential pardon will allow Ross Ulbricht to regain some of his life. 

Lawmakers in Oklahoma and Texas are pushing forward proposals to establish a strategic Bitcoin reserve, reflecting the growing adoption of the digital asset in public finance.

In Texas, State Senator Charles Schwertner introduced a bill to make Bitcoin a reserve asset, allowing the state to collect taxes, fees, and donations in BTC. 

States are Pushing for a Bitcoin Reserve 

With the largest budget surplus among US states, Texas aims to leverage Bitcoin as part of its financial strategy. According to Schwertner’s proposal, the state wants to be the first to establish such a reserve to become a leader in this space. 

“It’s time for Texas to lead the way in establishing a Strategic Bitcoin Reserve. That’s why I filed SB 778, which, if passed and signed into law, would make Texas the first state in the nation to establish a Strategic Bitcoin Reserve,” Schwertner wrote on X (Formerly Twitter). 

President-elect Trump’s inauguration is less than a week away, and it’s evident that Republican state leaders will relentlessly try to adopt BTC as a strategic reserve asset – at least at the state level, if not as a national reserve. 

Meanwhile, Oklahoma Representative Cody Maynard introduced House Bill 1203 today, dubbed the Strategic Bitcoin Reserve Act. The bill proposes allocating a portion of the state’s pension funds and savings accounts to Bitcoin.

Like other states, Oklahoma also wants to use BTC as a potential hedge against inflation. 

“Bitcoin represents freedom from bureaucrats printing away our purchasing power. It is the ultimate store of value for those who believe in financial freedom and sound money principles,” Maynard stated.

US Lawmakers are Recognizing BTC’s Store of Value

The movement to integrate Bitcoin into state finances is not limited to these states. 

In November 2024, Pennsylvania lawmakers proposed the state Treasury invest up to 10% of its assets in Bitcoin. Representative Mike Cabell emphasized that Pennsylvania could follow private asset managers like BlackRock and Fidelity. 

On January 10, North Dakota and New Hampshire joined the trend, introducing their own Bitcoin reserve bills. Notably, New Hampshire’s legislation uses broader terminology like “digital assets.” This indicates a potential interest in cryptocurrencies beyond Bitcoin.

Currently, 13 US states are considering Bitcoin reserve legislation, marking a significant shift in its role within public finance.

Globally, interest in Bitcoin reserves is growing as well. Countries like Japan, Switzerland, and Russia are exploring strategies to incorporate BTC into their financial systems. Vancouver, for example, has already approved Bitcoin as part of its municipal reserves.

Also, asset management firm VanEck predicts that adopting Bitcoin reserves could reduce the US national debt by 36% by 2025. These developments signal Bitcoin’s rising significance as governments and institutions seek innovative solutions to strengthen their financial resilience.