Crypto Chronicles: Bitcoin Reserve

1-Texas moves forward with a strategic Bitcoin reserve law

In a vote that took place on May 7, the Texas House Committee on Delivery of Government Efficiency gave its approval to Senate Bill 21, so removing one of the remaining obstacles that must be overcome before it can be sent to the desk of Governor Greg Abbott. SB 21 was first presented by Republican Senator Charles Schwertner in January as a proposal that would solely apply to Bitcoin. However, in February, the measure was resubmitted to include other digital assets that have seen a market valuation of at least $500 billion over the course of the previous year. As of right now, Bitcoin is the only digital money that satisfies this particular condition.

In the event that the measure is enacted into law, it would provide the state comptroller the authority to administer the reserve and invest public cash in crypto assets that meet the requirements.

Prior to that, on March 6, the measure was approved by the Texas Senate with a vote of 25-5.

SB 21 is not the only piece of crypto-related legislation that Texas legislators have submitted this year, according to data provided by Bitcoin Laws, a tracker of legislation connected to an online cryptocurrency.

It was suggested in March that House Bill 4258 would give the state comptroller the authority to invest up to $250 million of the Economic Stabilization Fund in Bitcoin or other cryptocurrencies.

2-Sei suggests phasing out Cosmos transactions and smart contracts in favor of an EVM-only design.

In an effort to simplify and simplify the process of building on the blockchain, Sei Labs, a key development team that is responsible for the Sei blockchain, has presented a new proposal to abandon Cosmos transactions and CosmWasm contracts in favor of Ethereum Virtual Machines (EVM).

The Sei Improvement Proposal-3 is the second proposal that has been filed in accordance with the new Sei Improvement Process governance procedure. Sei would transition away from its existing dual support for both EVM and Cosmos accounts if this proposal were to be approved, resulting in the chain being exclusively EVM-based.

As per the proposal, the only addresses that would be allowed to submit transactions on Sei are those that are associated with EVM. Staking and governance functionalities will continue to be accessible via EVM precompiles, despite the fact that CosmWasm contracts and Cosmos message processing will be eliminated.

According to Sei Labs, the present dual structure has caused friction for both users and developers. Users are required to maintain and connect "both EVM and native addresses," which further complicates the situation. It will be necessary for infrastructure providers to transition to APIs that are only compatible with EVMs if the proposal is approved. According to the company, users will also be required to transfer their assets to wallets that are native to EVM or bridge out their Cosmos assets. Additionally, developers of CosmWasm will be required to adapt their applications to EVM.

According to Sei Labs, transitioning to an EVM-only configuration would “significantly simplify the Sei developer and user experience, reduce infrastructure overhead, and position Sei more strongly within the broader EVM ecosystem.” Despite this, there is no definitive schedule that indicates when the idea may become operational.

3-More than 100 nations saw the launch of Stripe stablecoin accounts.

During the annual user event that Stripe holds in San Francisco, the firm highlighted a bigger push into cryptocurrency and artificial intelligence. The functionality was introduced during the event.

It will initially be possible for Stripe customers to retain balances in Circle's USD Coin USDC and Bridge's USDB via the new Stablecoin Financial Accounts. Additionally, they will be able to accept payments through both conventional and crypto rails and transmit stablecoins all over the world.

The deployment is intended to provide assistance to companies who are operating in nations that have currencies that are prone to fluctuations, restricted access to banking services, or excessive foreign exchange fees. The company Stripe claims that the offering would assist firms in "hedging against inflation and more easily accessing the global economy." and

The service is accessible in more than one hundred countries, including Argentina, Turkey, Chile, Colombia, and Peru, which are locations in which stablecoins are increasingly being utilized as a store of value and as a hedge against the depreciation of the local currency.

Reference

https://crypto.news/texas-advances-strategic-bitcoin-reserve-bill/

https://crypto.news/sei-proposes-evm-only-architecture-phasing-out-cosmos-transactions-and-smart-contracts/

https://crypto.news/stripe-stablecoin-accounts-go-live-in-over-100-countries/