As debates on digital currencies persist, a number of U.S. states are making strides in exploring a gold-backed state digital foreign money, regulating bitcoin mining, and addressing authorized challenges within the cryptocurrency realm.
Amid ongoing discussions amongst notable U.S. politicians relating to central financial institution digital currencies, Texas is contemplating a novel strategy: a state-level digital foreign money supported by gold. This pioneering concept holds the potential to significantly affect the trajectory of digital currencies.
Gold digital foreign money in Texas could also be coming
Two Texas legislators lately proposed congruent payments advocating for the institution of a state-level digital currency underpinned by gold. As per the drafted laws, every unit of the digital foreign money would correspond to a selected portion of a troy ounce of gold stored in belief.
When a selected amount of the digital foreign money is bought, the comptroller would use the funds obtained to purchase an identical quantity of gold. Whereas neither invoice has superior or been put up for a vote, each stipulate that the act is about to begin on Sept. 1, 2023.
Concurrently, a Texas senate committee handed a invoice designed to restrict incentives for cryptocurrency miners working inside the state’s regulatory framework. This laws goals to curtail the participation of crypto companies in a program that rewards them for assuaging stress on the Texas energy grid.
Moreover, starting in September 2023, some crypto mining corporations will now not profit from state tax reductions for his or her involvement in this system.
In the meantime, in California, the division of economic safety and innovation declared that Robinhood, a well-liked cryptocurrency and inventory buying and selling platform, is anticipated to pay over $10 million in penalties for “operational and technical failures that negatively affected on a regular basis traders.”
The settlement comes after a radical investigation led by the north american securities directors affiliation, together with securities regulators from seven states.
A gaggle of six people, backed by Coinbase, lodged the lawsuit, requesting that the U.S. workplace of overseas asset management (OFAC) tackle the primary two counts from the preliminary criticism filed in September 2022.
In a separate growth, Arkansas’ Congress handed laws aiming to control bitcoin mining operations.
The invoice, pending the governor’s approval, would be sure that crypto miners obtain the identical remedy as information facilities, prohibiting the federal government from implementing distinctive necessities on digital asset mining enterprises.
The event echoes a current effort in Montana, the place the Senate endorsed a invoice to guard crypto miners in late March.