pow

SoSoValue Analyst: Twenty states across the U.S. have advanced legislation for Bitcoin strategic reserves, and the potential purchasing power of public funds may reshape the Bitcoin market landscape

ChainCatcher news, according to SoSovalue statistics, as of now, twenty state-level administrative regions in the United States are initiating relevant legislative procedures. Among them, fifteen states have had their bills formally received by the House and have entered the committee review stage, forming operational legal drafts. The Bitcoin Strategic Reserve Bill is creating a regional legislative wave in the U.S.Taking Utah as an example, Bill HB0230 will allow the state's four public funds (namely, the State Disaster Recovery Restricted Account, the General Fund Budget Reserve Account, the Income Tax Fund Budget Reserve Account, and the Medicaid Growth Reduction and Budget Stabilization Account) to invest up to 5% of their total assets in Bitcoin. According to the 2024 Utah financial report data, this means a potential purchasing power of over $70 million.SoSovalue analysts state that the Strategic Bitcoin Reserve Bill is not only a new breakthrough for Bitcoin in the traditional financial system but also a historic advancement. As more state governments explore similar strategies, the trend of public funds holding Bitcoin may reshape the global market's definition of Bitcoin as an asset, defining Bitcoin not just as digital gold, but as part of national and institutional asset allocation, further solidifying its position in the global financial system.

"Black miners" caused Russian power company "Rosseti" losses exceeding 1.3 billion rubles

ChainCatcher news, according to RIA Novosti, in 2024, the Russian power company "Rosseti" suffered losses exceeding 1.3 billion rubles due to illegal connections to the grid by "black miners" and unmetered electricity consumption. Among them, "Rosseti North Caucasus" suffered the largest loss, exceeding 600 million rubles; "Rosseti Novosibirsk" lost 400 million rubles; and "Rosseti Central and Volga" lost 120 million rubles.The company reported that 130 cases of illegal connections have been investigated, and the cases have been handed over to law enforcement agencies, with over 40 criminal cases initiated involving charges that could lead to actual prison sentences. Illegal mining has also caused overloads in the power grid, leading to low voltage that could damage equipment and appliances. For example, in the village of Chapayevskoye in the North Caucasus, power companies and law enforcement discovered nearly 200 mining machines consuming over 12,000 kilowatt-hours of electricity.In addition, illegal mining sites are not only found in industrial areas but also involve various locations from containers on rented land to underground parking lots in residential complexes. The largest case occurred in Novosibirsk, where more than 3,200 mining machines were seized, resulting in losses from electricity theft amounting to 197 million rubles, and the suspects have been detained.

The Central Commission for Discipline Inspection again discusses the case of Yao Qian using virtual currency for power and money transactions, emphasizing the importance of technological supervision in the financial sector

ChainCatcher News: The website of the Central Commission for Discipline Inspection and the National Supervisory Commission of China recently published an article pointing out that the integrity risks in the construction of financial information systems are becoming increasingly prominent, especially the issues of "difficult management, difficult supervision, and difficult accountability" caused by high professional and technical barriers.During the investigation of the corruption case of Yao Qian, the former director of the Science and Technology Supervision Department of the China Securities Regulatory Commission (CSRC), the discipline inspection and supervision team stationed at the CSRC discovered that he used virtual currency for power-for-money transactions, which were highly concealed and difficult to gather evidence. Yao Qian accepted huge bribes through his position, providing assistance to others in the procurement of information systems, involving project contracting, fund allocation, and other aspects.In response to the issues exposed by the case, the discipline inspection and supervision team proposed supervision opinions to the CSRC Party Committee, urging the strengthening of integrity risk prevention and control in information system procurement, and reinforcing system construction and implementation. At the same time, it emphasized the need to strengthen the education, management, and supervision of professional and technical personnel, especially the "top leaders," to correct the erroneous thinking of some cadres who believe their integrity risks are low, and to enhance their political awareness and discipline consciousness.In November last year, Yao Qian was subjected to disciplinary review and supervisory investigation by the discipline inspection and supervision team stationed at the CSRC and the Shantou Municipal Supervisory Commission in Guangdong Province for serious violations of discipline and law. This case further highlights the importance of integrity risk prevention and control in the field of financial technology supervision.
ChainCatcher Building the Web3 world with innovators