BlockBeats News, March 14th: U.S. Democratic Congressman Gerald Connolly called on the Treasury Department to stop establishing a strategic cryptocurrency reserve, alleging that the Trump administration had a conflict of interest in the plan. In a letter to the Treasury Department this Thursday, Connolly pointed out that Trump did not consult Congress or seek authorization when promoting the reserve plan, and warned that the move could benefit Trump and his allies at the expense of American taxpayers. He requested the Treasury Department to immediately halt all related plans and provide a detailed list of measures taken by the Trump administration to avoid conflicts of interest and relevant safeguards by March 27th.Connolly also noted that Trump was involved in multiple cryptocurrency projects, leading to evident conflicts of interest. This includes his support last year for the DeFi project World Liberty Financial (WLFI), whose crypto assets have dropped from $380 million to $76 million and is still selling its tokens. Furthermore, the TRUMP and MELANIA memecoins launched by Trump and First Lady Melania have further raised market doubts. Currently, the Treasury Department has not responded to this.

BlockBeats News, March 13th, according to the DapDap BlockBeats statistical chart data, the complete process through which US states' Bitcoin strategic reserve has passed is: Legislator Public Support - Bill Proposal - Relevant Committee Hearing - House-Senate Vote - Governor Signing Bill. The current progress of US states is as follows:Utah has passed a Bitcoin bill, but the bill does not currently include a strategic Bitcoin reserve;States progressing to House-Senate votes: Texas, Arizona, Oklahoma, Ohio, New Hampshire;States where bills have been submitted for committee review: Massachusetts, Illinois, New Mexico, Iowa, Michigan, North Carolina, Missouri, Georgia;States where legislators have publicly supported: Florida, Alabama, Kentucky;States where bills have been vetoed: North Dakota, South Dakota, Montana, Pennsylvania, Wyoming.

BlockBeats News, March 13, according to Bitcoin Magazine, U.S. Senator Cynthia Lummis' proposed Strategic Bitcoin Reserve Act has now been published on the congressional website.

The Texas bill is just the beginning; the "Wild West Spirit" is about to rewrite the U.S. Federal Reserve regulations.

Bitcoin Strategic Reserve is a competition to win dominance over cyberspace and control the future.

Overall, Trump's Bitcoin Reserve EO strategy is generally viewed as a positive development in the long run.

BlockBeats News, March 9th, according to News.Bitcoin, the Texas State Senate has passed Senate Bill 21 to establish a state Bitcoin reserve, further solidifying the state's leadership in the cryptocurrency field and setting a precedent for the entire United States. Texas Lieutenant Governor Dan Patrick announced that the Texas Strategic Bitcoin Reserve Bill has received bipartisan support, which will create a fund managed by the state government and will only invest in cryptocurrencies with an average market value of at least $500 billion in the past 12 months, qualifying for state budget appropriations. Additionally, the bill also establishes the Strategic Bitcoin Reserve Advisory Council to provide guidance for fund management and requires a biennial report on holdings. Currently, the bill still needs approval from the House of Representatives and the governor's signature to become law.Lieutenant Governor Dan Patrick called this move a precedent for other states, stating that "establishing the Texas Bitcoin reserve sets a precedent for other states, this is a bold move, and I hope Texas will become the digital center of the United States in the future."

Optimize digital asset management to uphold national financial strategic interests

BlockBeats News, March 7th, Coinbase executive Conor Grogan posted on social media, stating, "Based on my estimate, the U.S. government holds 198,109 bitcoins. This executive order will reduce approximately $18 billion worth of selling pressure."Previously reported, White House AI and Cryptocurrency Czar David Sacks posted on social media, "Just a few minutes ago, President Trump signed an executive order establishing a strategic Bitcoin reserve. This reserve will be capitalized with bitcoins owned by the federal government, which have been confiscated through criminal or civil asset forfeiture proceedings."

BlockBeats News, March 7th, White House AI and Cryptocurrency Czar David Sacks posted on social media, "Just a few minutes ago, President Trump signed an executive order establishing a strategic Bitcoin reserve. The reserve will be capitalized with Bitcoin owned by the federal government, which has been seized in criminal or civil asset forfeiture proceedings, meaning not a single taxpayer dollar will be spent."It is estimated that the U.S. government holds about 200,000 Bitcoins; however, a full audit has never been conducted. The executive order mandates a comprehensive account of the federal government's digital asset holdings. The U.S. will not sell any Bitcoin deposited into the reserve. It will be held as a store of value.The Treasury Secretary and Commerce Secretary are authorized to devise budget-neutral (budget not increasing) strategies to acquire more Bitcoin without increasing the taxpayer burden.Furthermore, the executive order also establishes the U.S. Digital Asset Reserve, which includes digital assets other than Bitcoin seized in criminal or civil litigation. Apart from assets obtained through forfeiture proceedings, the government will not purchase additional assets for the reserve. The purpose of the reserve is to manage government digital assets under the leadership of the Treasury Department."