ChainCatcher news, according to CNBC, on Thursday, the Texas House of Representatives proposed legislation to establish a strategic Bitcoin reserve, which could serve as a testing ground for the U.S. Treasury. Republican Representative Giovanni Capriglione announced at the X Spaces event on Thursday that the bill proposes to allow the state to establish a strategic Bitcoin reserve by accepting taxes, fees, and donations in the form of Bitcoin, and to hold it for at least five years.The nonprofit Bitcoin advocacy organization Satoshi Action Fund, which collaborated with Capriglione to draft the bill, stated that this legislation aims to provide a way to strengthen the state's financial stability and make it a leader in Bitcoin innovation. Capriglione said, "Inflation may be the biggest enemy of our investments, establishing a strategic Bitcoin reserve and investing in Bitcoin would be a win-win for the country." Texas is not only the second-largest economy in the U.S. but also the eighth-largest economy in the world, and it is the region with the highest concentration of Bitcoin miners in the country.

ChainCatcher news, according to a report by Bloomberg, documents submitted to the U.S. Federal Energy Regulatory Commission show that the publicly listed Bitcoin mining company MARA announced the acquisition of a wind farm in Texas from a joint venture with the State Grid Corporation and the Washington State Investment Board, with the specific acquisition price not yet disclosed.ChainCatcher previously reported that the Bitcoin mining company MARA announced an increase in the total principal amount of its 0.00% convertible preferred notes maturing in 2031 to $850 million (initially announced as $700 million).MARA also granted the initial purchasers of the notes an option to purchase up to $150 million in total principal amount of the notes within 13 days from the date of the initial issuance of the notes. The net proceeds will be used to purchase more Bitcoin and for general corporate purposes, which may include working capital, strategic acquisitions, expansion of existing assets, and repayment of additional debt and other outstanding obligations.

ChainCatcher news, according to DL News, Jackie Sawicky, the founder of the Texas Anti-Crypto Mining Coalition, announced the dissolution of this organization with 800 members, ending its three-year campaign against crypto mining. Sawicky stated that Trump's election as president and his pro-crypto policies would make this work more difficult.The coalition had protested multiple times against the pressure that Bitcoin mining companies put on the local power grid and water resources, as well as the substantial tax incentives they enjoyed. It is estimated that Bitcoin mining companies in Texas consume 2,600 megawatts of electricity, enough to power 2.6 million homes. Additionally, their high energy consumption and noise issues have also sparked dissatisfaction among environmental organizations and residents.Sawicky criticized that the Texas government attracts mining companies through cheap energy and policy incentives, exacerbating this phenomenon. She admitted, "Efforts have been completely undermined, and I am tired of the endless struggle."

ChainCatcher news, according to DL News, the U.S. Securities and Exchange Commission (SEC) has charged Texas fund manager Khalid Parekh with illegally investing $18.5 million of client funds in cryptocurrency without client consent.According to the SEC, from August 2021 to August 2022, Parekh raised $18.5 million from 373 investors across 40 states through his sole proprietorship Fair Invest. He primarily attracted investors from the American Muslim community through radio shows, podcasts, and media interviews, claiming that his fund complied with Islamic law.Parekh promised investors an annual return of 4%, claiming that these returns came from traditional assets such as stocks, mutual funds, commodities, and ETFs. However, the SEC's charges indicate that he actually invested client funds in two cryptocurrency lending platforms without informing investors.During the SEC investigation, Parekh returned client funds along with the promised 4% returns. Additionally, he agreed to pay a $100,000 fine and revoked his SEC registration as an investment advisor.

ChainCatcher news, the Texas Public Utility Commission has passed a regulation requiring Bitcoin miners using the grid maintained by the Electric Reliability Council of Texas (ERCOT) to register and share key details about their facilities.According to the recently passed Texas Public Utility Commission (PUCT) rules, Bitcoin miners must share their facility's location, ownership information, and power requirements with state government agencies. Miners have only one business day to register from the date their facility connects to the ERCOT grid, and they must renew their registration by March 1 of each year.ERCOT is an independent system operator that accounts for 90% of the state's electricity load. According to PUCT Chairman Thomas Gleeson, the new regulations are intended to help manage the grid as more mining facilities come online.Gleeson stated, "To ensure the reliability of the ERCOT grid and meet the electricity needs of all Texans, PUCT and ERCOT need to understand the location and power requirements of virtual currency miners."

ChainCatcher news, according to Cointelegraph, Texas House Republican Cody Harris spoke on November 21 at the North American Blockchain Summit about the development of Texas's gold-backed token. He believes that the gold-backed tokens issued by the Texas government could serve as a gateway for Texans to explore digital assets like Bitcoin.Previously, in April 2023, two Texas lawmakers introduced two bills aimed at creating a state-issued digital currency backed by gold. Under the plan, each unit of the digital currency would represent a specific fraction of an ounce of gold held in trust. Harris stated that this initiative could help skeptics become more accepting of cryptocurrency by providing a government-issued digital alternative before transitioning to decentralized assets like Bitcoin; for those who are very reluctant to own Bitcoin or explore cryptocurrency, tokens issued by startups may feel somewhat "reassuring" compared to government-issued tokens. While encouraging Texas's gold-backed digital currency project, Harris is opposed to central bank digital currencies (CBDCs).

ChainCatcher news, a Texas court has ordered the U.S. Securities and Exchange Commission to repeal a controversial rule that broadly redefined the term "Dealer," a move that has impacted both cryptocurrency-focused financial firms and traditional financial companies.Judge Reed O'Connor found that the rule was passed in February by a 3 to 2 vote, exceeding the statutory authority of the SEC. Traditionally, a dealer refers to an entity that buys and sells securities for itself rather than for others. The SEC expanded the definition in an attempt to include any entity capable of providing market liquidity, particularly in the U.S. Treasury market.In a footnote of the original proposal draft, it was explicitly stated that those "engaged in the trading of crypto securities" must comply with securities laws, register with the SEC, and join industry-supported self-regulatory organizations. Initially, participants in the crypto industry objected to the rule. The expanded interpretation effectively eliminated the distinction between "trader" and "dealer" in traditional understanding.The Texas Blockchain Association and the Crypto Freedom Alliance filed a lawsuit against the securities regulator in April (the month the rule officially took effect), claiming that the rule's intervention in the crypto space was excessive and conflicted with existing laws regulating securities dealers, which have been in place for 90 years.

ChainCatcher news, according to Bloomberg, informed sources revealed that Blackstone Inc. has recently completed a strategic investment of over $500 million in Lancium Inc.Lancium plans to build five data centers in the resource-rich areas of wind and solar energy in West Texas, with a total capacity of over 5 gigawatts, expected to be operational by 2028. The project aims to meet the energy demands of the surge in AI applications, including plans for on-site solar power generation and energy storage facilities.

ChainCatcher news, according to CNN, a U.S. federal judge stated that she would not block the U.S. Department of Justice from deploying monitors at polling places in St. Louis, dismissing a lawsuit filed by Missouri Republican officials. It is reported that the U.S. Department of Justice can send observers to election sites in St. Louis and Texas.U.S. District Judge Sarah Pitlyk, appointed by former President Donald Trump, pointed out that a previous court agreement between the city of St. Louis and the U.S. Department of Justice allows DOJ staff to oversee whether the city's polling places comply with the Americans with Disabilities Act; in another case, the U.S. Department of Justice was allowed to have Texas election monitors remain outside polling places on election day.

ChainCatcher news, according to Bitcoin.com News, the mayor of Rockdale, Texas, Ward Rodam recently published an article in the Austin American-Statesman, outlining the important role of the Bitcoin mining industry in the local economic recovery. Mayor Rodam likened Bitcoin mining to a "digital oil well," believing it has the potential to drive economic revitalization in rural areas across Texas, with an impact comparable to the former oil boom.According to Mayor Rodam, since the closure of the city's largest employer, the Alcoa aluminum plant, in 2008, the Bitcoin mining industry has utilized the legacy energy infrastructure to inject new economic vitality into Rockdale. This is reflected in several aspects:Job Market: Bitcoin mining companies have created hundreds of jobs locally, providing residents with high-paying employment opportunities;Fiscal Revenue: Mining companies have become one of the main sources of tax revenue for Milam County and the local school district;Community Development: These companies actively participate in local charitable initiatives, including establishing scholarships, supporting police and fire departments, and sponsoring youth sports and chamber of commerce activities;Economic Investment: Bitcoin mining companies have cumulatively invested over $1 billion in Rockdale.Mayor Rodam emphasized that Bitcoin mining enterprises demonstrate deep engagement and long-term commitment to the communities in which they operate. He called on Texas lawmakers to fully recognize the positive impact of the Bitcoin mining industry and create a favorable policy environment for its development. The mayor stated, "Texas leaders should fully understand the economic benefits of Bitcoin mining. If we can provide appropriate policy support for its development, Bitcoin mining is expected to become a new growth point driving the revitalization of Texas's rural economy."

ChainCatcher news, Consensys's lawsuit against the U.S. Securities and Exchange Commission (SEC) and SEC Chairman Gary Gensler was dismissed Thursday evening in a Texas court. Consensys's lawsuit was initially filed in April and included some major news, including allegations that the SEC has launched an investigation into Ethereum and that the regulatory agency had issued a Wells notice to the company behind MetaMask. The judge stated in Thursday's ruling: "Enforcement actions do not constitute final agency actions, and the notice neither marks the completion of the agency's (i.e., SEC) decision-making process nor establishes the plaintiff's legal rights or obligations."

ChainCatcher news, a Texas federal judge dismissed the securities class action against the DeFi project Bancor protocol operators. Judge Robert Pitman agreed with the opinion of the court, ruling that the plaintiffs failed to prove that U.S. courts have jurisdiction over foreign defendants.The ruling indicates that Bancor's foreign operations are not subject to U.S. securities laws, and the plaintiffs cannot sue Bancor in the U.S. for its suspension of investment protection features. The judge also noted that Bancor and its founders do not have sufficient ties to the U.S., suggesting that the plaintiffs could file a lawsuit in an Israeli court.

ChainCatcher news, according to CryptoSlate, the Vice President of Research at Bitcoin mining company Riot Platforms, Pierre Rochard, stated that in Texas, excess electricity production caused its price to drop to $0 at one point, and Bitcoin miners were able to absorb this surplus energy, effectively stabilizing the grid.Analysis points out that Bitcoin mining is often criticized for its energy consumption and environmental impact. However, it also provides significant benefits, particularly in terms of grid stability and energy efficiency. One key advantage is that Bitcoin miners can quickly turn mining equipment on and off, responding to fluctuations in energy demand.

ChainCatcher news, the Federal Reserve issued a cease-and-desist order to the crypto-friendly bank United Texas Bank on Wednesday, citing "significant deficiencies" in the bank's compliance with anti-money laundering laws related to transactions with cryptocurrency clients, as well as other alleged illegal activities.The bank's latest quarterly report shows that it has 75 employees and manages assets of approximately $1 billion. Niko Demchuk, the legal chief of the crypto compliance firm AMLBot, told Decrypt that the impact of such cease-and-desist orders extends far beyond the recipient and its clients. He noted, "Every cease-and-desist order plays an important role in the market. Other banks will strive to gain more insights into which specific areas are not in compliance with current AML regulations to improve their own internal AML processes." Demchuk added that mentions of crypto assets will alert other banks dealing with crypto assets to review their risk management systems to ensure that all risks are considered and mitigated.

ChainCatcher news, Bitcoin mining company Cipher Mining (stock code: CIFR) announced an investment of $67.5 million to acquire a 250-acre property in West Texas, which includes a 300 MW data center, to expand its portfolio capacity to 2.5 GW.

ChainCatcher news, according to a report by Fortune magazine, the social media platform "X" stated in a brief note to employees on Thursday that its long-term office in San Francisco and global headquarters will close in two weeks on September 13 (Friday).In 2012, Twitter took over the 1 million square foot building, and shortly after Musk became the owner of Twitter two years ago, he laid off thousands of employees, auctioned off most of the furniture, and removed the large Twitter sign from the exterior of the building. Since then, several floors of the building have effectively remained closed.Since CEO Linda Yaccarino indicated in an email at the beginning of August that the San Francisco office would close, the company has not communicated any further information to employees. Employees in San Francisco will be transferred to offices in San Jose or Palo Alto. X's headquarters is expected to move to Texas, where other Musk companies such as Tesla, SpaceX, and Boring Co are also headquartered.

ChainCatcher news, according to Cointelegraph, Bitcoin mining company Rhodium Enterprises has voluntarily filed for Chapter 11 bankruptcy in the Southern District of Texas, with liabilities of up to $100 million. The filing was submitted on August 24 and includes six subsidiaries—Rhodium Encore, Jordan HPC, Rhodium JV, Rhodium 2.0, Rhodium 10MW, and Rhodium 30MW. According to the document, the company's debts range from $50 million to $100 million, while its total assets are estimated to be between $100 million and $500 million.Earlier reports indicated that Rhodium's affiliated companies had encountered financial difficulties, and Rhodium's bankruptcy is one of them. It was reported that Rhodium Enterprises, which owns Rhodium Encore and Rhodium 2.0, failed to repay a $54 million loan to creditors in July. In 2021, Rhodium raised a $78 million loan for its subsidiaries.It was reported that the company proposed two debt restructuring plans before the deadline, but disagreements among shareholders led to a default. Under Chapter 11 voluntary bankruptcy, the company will be able to restructure its debts while continuing operations, allowing it to negotiate a repayment plan based on revised terms.

ChainCatcher message, the Lubbock police in Texas report a significant increase in Bitcoin-related scam cases, with victims suffering heavy losses. In the past few months, 20 to 30 people have reported scams involving gift cards and Bitcoin transactions.Scammers typically target the elderly, claiming that their accounts have been compromised and need verification. Victims are instructed to write checks, withdraw cash, and deposit funds into Bitcoin machines. Officer Brandon Stewart recalled a case where one victim transferred $25,000 and then $30,000.

ChainCatcher news, according to News.bitcoin, David Fischer, the manager of a Bitcoin mining facility owned by the publicly traded company Marathon Digital, has been found not guilty.Previously, over 40 residents near the facility complained about the high noise levels emitted by the mining operations. According to Hood County officer John Shirley, noise levels measured around the facility exceeded 85 decibels. This level of noise can be harmful and may lead to public health issues. The mining facility is located in Texas and is one of the least remote facilities managed by the company.

ChainCatcher news, Bitcoin miner Hut 8 has signed a power purchase agreement to have 205 megawatts of immediately available power capacity and land at a site in West Texas. This transaction is the first deal in Hut 8's previously announced 1,100 megawatt exclusive energy capacity plan.Hut 8 CEO Asher Genoot stated, "We will continue to seek opportunities to collaborate with energy partners to develop customized structures that create value for all parties."Hut 8 indicated that the site is well-positioned to support high-density computing applications, including Bitcoin and artificial intelligence, with data center engineering, procurement, and construction work underway. Once completed, this transaction is expected to increase Hut 8's total capacity of owned and managed services to approximately 1.3 gigawatts.