Market
Why Bitcoin Reserve Bills Fail: VeChain Executive Weighs In

In an interview with BeInCrypto, Johnny Garcia, Managing Director of Institutional Growth and Capital Markets at VeChain Foundation, addressed the rejection of Bitcoin (BTC) reserve bills. He emphasized that the core issue goes beyond legislative resistance—highlighting the need for greater education for both the public and policymakers.
His remarks come as five states have already dismissed the legislation. As of now, only 18 states are still considering the possibility of integrating digital assets like Bitcoin into their financial systems.
VeChain’s Executive Weighs In on Bitcoin Reserve Bill Rejections
Garcia pointed out that establishing federal or state Bitcoin reserves could drive innovation by modernizing investment frameworks and enhancing operational capabilities.
“This would bring all the benefits we in crypto are quite familiar with: transparency, immediate settlement, managing counterparty risks—to name a few,” Garcia told BeInCrypto.
Yet, he acknowledged that skepticism persists. Garcia noted that many are still unconvinced about a Bitcoin reserve’s utility and economic sense. The debate becomes even more complex when considering funding sources.
“Not every citizen in a given state will agree with their taxes financing crypto purchases—something they could just do themselves,” he commented.
Thus, Garcia emphasized that states would need to focus on educating their citizens about the purpose and objectives of including Bitcoin in their reserve portfolios. He stressed that while regulatory frameworks are crucial, success hinges on demonstrating real-world value beyond speculation.
“The blockchain/DeFi industry needs to step up and show that it can deliver proven solutions that go beyond speculative investment and offer real-world value,” Garcia remarked
He added that to truly change the minds of political and governmental stakeholders, especially those who are instinctively skeptical of crypto, the solutions must extend beyond financial considerations. The exec emphasized that blockchain technology needs to demonstrate its ability to address a broader range of problems.
Garcia highlighted VeChain as a prime example of how blockchain can tackle both new and ongoing issues. He drew attention to VeChain’s use of blockchain to verify sustainability efforts. Garcia noted that such applications make it harder for lawmakers to ignore the technology’s real-world value beyond finance.
Cryptocurrency Reserve Bill Rejections Don’t Represent a Unified View on Crypto
Meanwhile, Garcia cautioned against viewing the rejections at the state level as blanket opposition to cryptocurrency.
“I wouldn’t say this necessarily reflects deeply ingrained opposition to the concept of crypto in the form of reserves, stockpile, or just another alternative investment option,” he shared with BeInCrypto.
According to Bitcoin Laws, a total of 33 Bitcoin reserve bills were introduced in 23 states. However, Montana, Wyoming, North Dakota, Mississippi, and Pennsylvania have rejected the legislation that would have allowed state investments in digital assets, including Bitcoin.

Currently, there are 27 active bills in 18 states. Importantly, Utah, which was once at the forefront of the Bitcoin reserve race, recently dropped out on a technicality. The Utah bill is still progressing but without the ‘Bitcoin Reserve’ provisions, which have been removed.
Garcia offered a more nuanced view of the legislative resistance. According to him, although several states have voted against reserve bills, the opposition often comes by small margins.
He encouraged assessing the specific reasons behind the rejections rather than generalizing. Gracia also welcomed that states are taking the time to consider the issue carefully.
As states navigate their own approaches to cryptocurrency, momentum is growing at the national level. Senator Lummis has reintroduced the BITCOIN Act. This came shortly after former President Trump signed an executive order to create a strategic Bitcoin reserve funded with seized Bitcoins.
Originally introduced in July 2024, Lummis’ BITCOIN Act failed to pass out of Committee in the Senate.
“I am proud to reintroduce landmark legislation that will codify President Trump’s bold vision to establish the United States Strategic Bitcoin Reserve and strengthening our nation’s economic foundation for generations to come,” Lummis wrote on X.
The bill aims to create a US Strategic Bitcoin Reserve, backed by up to 1 million BTC acquired over five years. Moreover, the holdings would be maintained for at least 20 years.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Court Ruling Raises 3AC’s FTX Claim to $1.53 Billion

The United States Bankruptcy Court for the District of Delaware granted a motion allowing the joint liquidators of Three Arrows Capital (3AC) to amend their original proof of claim in the FTX bankruptcy proceedings. This increases their claims from $120 million to $1.53 billion.
The amended filing broadened 3AC’s allegations against FTX to include breach of contract, breach of fiduciary duty, unjust enrichment, and proprietary restitutionary claims.
3AC’s Liquidators Secure Major Victory in FTX Case
The ruling stems from a motion filed by 3AC’s liquidators, Russell Crumpler and Christopher Farmer. For context, the liquidators initially filed their proof of claim in June 2023.
It sought to recover funds related to preference, conversion, and other avoidance actions tied to a $120 million loan allegedly owed by 3AC to FTX. Nonetheless, after further investigation, the liquidators determined that 3AC’s dealings with FTX were far more extensive.
“The information obtained by the Liquidators in the year since they filed their Original POC led them to the new conclusion that just two weeks before the commencement of the 3AC Liquidation, the $1.53 billion of assets that 3AC had on the FTX platform were liquidated to satisfy $1.3 billion in liabilities to FTX,” the document read.
Furthermore, according to court documents, the liquidators faced substantial obstacles during their investigation. This included a lack of proper records from 3AC. In addition, the cooperation was minimal from the company’s founders, Kyle Davies and Su Zhu.
Delays in receiving critical documents and data compounded these challenges. Much of the key information was only made available in late 2023 and early 2024. This came after FTX itself had filed for bankruptcy in November 2022. The exchange collapsed amid allegations of fraud and mismanagement under former CEO Sam Bankman-Fried.
This delay prevented the liquidators from fully understanding the scope of 3AC’s transactions with FTX until after the original claims deadline had passed.
“The evidence makes clear that the description of the facts contained in the Original POC was based on the limited information that the Liquidators had available to them at that time,” Judge John T. Dorsey wrote.
Meanwhile, FTX objected to the motion. They argued that the amendment was filed too late and expanded the scope of the claims, violating the bankruptcy process. The debtors claimed that the original proof of claim did not provide sufficient notice of the nature or the amount of the newly proposed claims.
However, the court dismissed FTX’s objections, siding with 3AC’s liquidators and approving the expanded claim. Additionally, the court found that much of the delay in filing the amended claim was attributable to FTX’s failure to provide the necessary documents to the liquidators promptly.
“Having considered all the evidence presented, I find that the balance of the equities is in favor of allowing the Amended POC,” Judge Dorsey noted.
This latest development occurs alongside Bankman-Fried’s ongoing efforts to secure a pardon from President Donald Trump. To strengthen his case, Bankman-Fried has sought to align himself with right-wing figures.
He recently appeared on Tucker Carlson’s show and has reportedly consulted with a lawyer linked to Trump. Despite Trump’s history of pardons, skepticism remains due to SBF’s lack of support in the crypto community.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
XRP Price Builds Base—Short-Term Rally May Be Brewing

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Market
BTC could surge to $85k as Bitcoin Pepe’s presale eyes $5M


Key takeaways
- Bitcoin could surge towards the $85k level after sweeping the $78k liquidity zone.
- Bitcoin Pepe’s presale has surpassed $4.5 million, with stage seven almost over.
BTC eyes the $85k region
The cryptocurrency market has been bearish over the past few days, with Bitcoin struggling around the $80k region. The world’s leading cryptocurrency by market cap, dropped to the $79k zone on Thursday, effectively grabbing liquidity and could surge to the $85k level in the coming hours or days.
At press time, the price of Bitcoin stands at $81,909 and could rally higher if the bulls take control of the market.
What is Bitcoin Pepe?
The bearish market condition hasn’t affected Bitcoin Pepe as its presale is now approaching a new milestone. This exciting project began its presale a month ago and has raised over $4.5 million from investors.
Bitcoin Pepe wants to revolutionise the Bitcoin ecosystem by leveraging the liquidity and security of the Bitcoin blockchain. It will use Bitcoin’s position in the market to introduce memecoins to its ecosystem.
The team is currently building a layer-2 network on the Bitcoin blockchain. This L2 will specialise in memecoin trading and other DeFi activities. It will enable Bitcoin Pepe to become home to memecoin activities within the Bitcoin ecosystem. This will help it unlock decentralized finance (DeFi) and meme trading on top of BTC.
Bitcoin Pepe is also the first meme initial coin offering (ICO) on the Bitcoin blockchain, making it the perfect fusion between BTC’s security and the unstoppable force of memecoins.
Bitcoin Pepe presale surpasses $4.5m
The Bitcoin Pepe presale is selling out fast, with investors putting in $4,686,963 into the project over the past four weeks. Currently in its seventh stage, the presale will enter the next stage after raising $5.67 million.
$BPEP, Bitcoin Pepe’s native token, is available to investors via the Bitcoin Pepe website. It can be purchased using various cryptocurrencies, including ETH, USDT, USDC, BNB, and SOL. In this sixth presale stage, $BPEP is worth $0.0281 and will increase to $0.0295 in the eighth stage.
How will Bitcoin Pepe impact the Bitcoin blockchain?
Bitcoin Pepe is launching an L2 that could revolutionise how users interact with the Bitcoin blockchain. This L2 will introduce DeFi and memecoin trading on Bitcoin, which could enhance the network’s utility, enabling it to compete with smart contract blockchains like Ethereum and Solana in terms of utility.
Furthermore, the network will enable developers to launch memecoins on the Bitcoin blockchain with ease. Memecoins will empower the Bitcoin blockchain to become home to a crazy high-octane meme experience.
The Bitcoin Pepe project is working to unlock Bitcoin’s $2 trillion dormant market cap, making it available for memecoin trading. The network will provide the necessary infrastructure for all memes to migrate to BTC, ensuring security and liquidity for investors and users.
Should you buy the $BPEP token today?
The $BPEP token will exclusively power activities within the Bitcoin Pepe ecosystem. With the right level of adoption, $BPEP could be a top performer within the broader cryptocurrency market.
The presale will enter the eighth stage in the coming hours or days, with the $BPEP token set to increase to $0.0295. Thanks to the promising utility of its L2 network, this presale could be the perfect opportunity for investors to get in early and buy the tokens at a discount.
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