Texas House Approves Bill to Strengthen Laws for Digital Asset

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Texas House Bill 1666, which modifies the state’s financial law, has been approved by the state’s House of Representatives and is presently awaiting the governor’s approval. The amendments would prohibit digital asset providers with more than 500 customers in the state and at least $10 million in customer funds from combining customer funds with any other form of operational capital and from using customer funds for transactions other than the one the customer requested. Exchanges must also keep enough reserves on hand to cover all potential withdrawals at any one time, and corporations are required to disclose their client liabilities to the Texas Department of Banking within 90 days of the end of each fiscal year. Texas has proactive lawmakers regarding cryptocurrencies, having voted to restrict cryptocurrency mining incentives and modifying the state’s Bill of Rights to include a clause recognizing people’s right to own, use, and use digital currencies.

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The official launch of Coinbase One, a subscription service that offers consumers access to customer care around-the-clock and cheaper staking commissions, has been announced by Coinbase. Customers in the United States, the United Kingdom, Germany, and Ireland will have initial access to it. bitcoin exchanges like Coinbase are working to take over the act of staking, which involves locking up bitcoin to maintain the functionality of a blockchain’s network, for customers. At ETH Denver 2023, Coinbase protocols lead Jesse Pollak sat down with Decrypt’s Jason Nelson to discuss the company’s innovation strategy and its intentions to continue “iterating quickly” on goods like Coinbase NFT and its recently unveiled Layer-2 blockchain Base. The promotion by Coinbase comes as American officials tighten down on significant bitcoin companies.

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