The Gold Rush Has Gone Digital
Hold onto your saddles, folks! Texas is lassoing technology in a whole new way—by introducing a state-backed digital currency that’s as shiny as a gold nugget and just as valuable. Yep, you heard it right. Two Texan lawmakers have co-sponsored identical bills proposing a digital currency backed by none other than gold itself. This isn’t just any digital currency; it’s a gold-backed gem that promises to represent a fraction of a troy ounce of gold held in trust. Imagine a currency that actually holds its weight in something tangible!
How Does It Work?
So, what’s the deal with this digital bounty? Once you decide to take the plunge and purchase this digital currency, the state’s comptroller springs into action. They’ll take your hard-earned cash and snag some actual gold to back your purchase. The plan is to ensure that each unit of this currency is as reliable as your grandma’s secret recipe. And while these bills haven’t made it through the voting gauntlet yet, they’re slated to kick off on September 1, 2023. Mark your calendars!
A Double-Edged Sword: Crypto Mining Regulations
In a plot twist that would make any soap opera writer proud, another bill has passed through a Senate committee in Texas that seeks to put the brakes on crypto mining. This new legislation could throw a wrench into the operations of crypto firms that have enjoyed some level of deregulation. The bill sets caps for miners looking to participate in load reduction programs—essentially telling them, “Whoa, cowboy!” The anticipated demand threshold? Less than 10 percent of the total load. Bummer, right?
The Mixed Bag of Crypto Regulation Across States
While Texas is strutting its stuff with gold-backed digital currency on one hand, it’s also taking a step back on the other when it comes to crypto mining. Meanwhile, Arkansas is donning its cowboy boots too, moving forward with a bill to regulate Bitcoin mining that’s set to treat crypto miners the same as data centers. This legislation crosses over to Governor’s desk now, ensuring miners get their fair share of rights. It’s clear that each state has its own approach—so much for the good ol’ united front!
More Legal Drama in the Crypto World
As if the political poker game wasn’t enough, the U.S. Department of the Treasury is facing a new legal dust-up over its sanctions against Tornado Cash. This is a case for the history books, with Coinbase backing the challengers seeking to overturn the ban. The legal motion even claims that the Treasury might have exceeded its powers while violating First Amendment rights. Talk about a sequel nobody asked for!
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