The third week of February was calm in most parts. However, there have been some major changes in the last 24 hours. Firstly, the SEC dropped all charges on Coinbase. You can read about it here. Secondly, Utah’s BTC reserve bill is all set for a second Senate hearing, and Javier Milei arrives in the US amidst the Libra spat. Therefore, hold your horses as we help you understand what is happening in the crypto world today.
Utah’s BTC Reserve Bill Going For Second Senate Reading
Senate Revenue and Taxation Committee of Utah passed a BTC reserve bill on February 20th. The bill passed the first senate and is all set to go for the second and the third reading before the senate. Once the bill passes through all the Senate readings, it will be subjected to a final chamber vote and land on the desk of Utah’s Republican Governor Spencer Cox.
HB 230, the Blockchain and Digital Innovation Amendments bill, will give the state’s treasurer the authority to invest public funds in digital assets. However, the treasurer can only invest in assets that have averaged a market cap of around $500 billion over the last calendar year.
Currently, BTC is the only token that has met the established requirements. Therefore, it could be great for the token in the long run as it would spark more institutional interest. Utah has made the most headways regarding crypto reserve bills compared to other states, making it one of the first states to propose s crypto reserve bill successfully.
Javier Milei Arrives In The US Amidst Libra Controversy
On February 20th, Argentine President Javier Milei arrived in the US for a diplomatic trip and to make deals. However, sources suggest that the trip’s real purpose is to find asylum and a solution for the recent Libra spat that tarnished the image of the Argentine president.
As per Bloomberg’s sources, President Milei’s itinerary includes a meeting with Elon Musk, a known supporter of all things crypto, and Kristalina Georgieva, chief of the International Monetary Fund. Afterward, Milei will give a speech at the Conservative Political Action Conference.
Therefore, it is speculated that Milei hopes this trip will help him salvage his political reputation and public image. Since the Libra fiasco, Milei and his team have managed to distance themselves from the controversy. Therefore, this trip will help the Argentinian president wash his hands of responsibility.
