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Senate Probe Uncovers Allegations of Widespread Abuse in ICE Custody
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Senate Probe Uncovers Allegations of Widespread Abuse in ICE Custody

by admin August 19, 2025


A United States Senate investigation has identified more than 500 credible reports of human rights abuses in US immigration detention since January, including alarming allegations of mistreatment of pregnant women and children.

As of late last month, the investigation—led by US senator Jon Ossoff, a Democrat of Georgia—had unearthed 41 cases of physical and sexual abuse; 14 involving pregnant detainees and 18 involving children.

The accounts of abuse span facilities in 25 states and include Puerto Rico, US military bases, and charter deportation flights. Among the most harrowing: a pregnant woman reportedly bled for days before being taken to a hospital, only to miscarry alone without medical attention. Others described being forced to sleep on the floor or denied meals and medical exams. Attorneys reported that their clients’ prenatal checkups were canceled for weeks at a time.

Children as young as 2 were also subjected to neglect. One US citizen child with severe medical needs was hospitalized multiple times while in Customs and Border Protection custody, where an officer allegedly dismissed her mother’s pleas for help by telling her to “just give the girl a cracker.” Another child recovering from brain surgery was reportedly denied follow-up care, and a 4-year-old undergoing cancer treatment was deported without access to doctors.

The Senate investigation found most abuse reports at detention centers in Texas, Georgia, and California, spanning both facilities run by the Department of Homeland Security and federal prisons used under Immigration and Customs Enforcement (ICE) agreements. The findings are based on dozens of witness interviews, Ossoff’s office says, including detainees, family members, attorneys, correctional staff, law enforcement, doctors and nurses, as well as site inspections of detention centers in Texas and Georgia.

The report also cites corroborating news investigations and public records, drawing on sources such as WIRED, Miami Herald, NBC News, CNN, BBC, and regional outlets like Louisiana Illuminator and VT Digger.

Together, these sources formed the foundation of what the report describes as an “active and ongoing investigation” into systemic mistreatment of pregnant women and children in US custody.

ICE did not respond to WIRED’s request for comment.

A WIRED investigation published in late June focused on 911 calls from 10 of the nation’s largest ICE detention centers, and it revealed a pattern of medical crises ranging from pregnancy complications and suicide attempts to seizures, head injuries, and allegations of sexual assault. (WIRED shared its findings with Ossoff’s office upon request last month.)

Sources told WIRED that detention staff frequently failed to respond to urgent calls for help, including multiple cases in which pregnant women suffered serious complications or miscarriages without timely medical attention.

The Trump administration’s detention system is undergoing rapid expansion, with plans to more than double capacity to over 107,000 beds nationwide. New facilities are rising in West Texas, where a $232 million contract has funded a tent-style camp at Fort Bliss capable of holding up to 5,000 people; and in Indiana, where ICE struck a deal to house 1,000 detainees in the state prison system.

Florida’s so-called “Alligator Alcatraz” caged encampment has already drawn lawsuits over alleged human rights abuses and environmental damage, while critics warn that relying on military bases and remote rural prisons to absorb the surge strips detainees of due process and shields conditions from public scrutiny.

Civil rights groups and local advocates argue that the expansion cements a system already plagued by neglect, pointing to reports of miscarriages, untreated illness, and violence inside.

With contracts flowing to private prison companies and military facilities alike, the US is locking in the largest immigration detention network in the country’s history—an infrastructure that critics say is designed not only to hold migrants but to make their suffering invisible.



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August 19, 2025 0 comments
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GameFi Guides

Senate Banking Committee Sets Out Plan For Crypto Market Rules

by admin June 25, 2025



In brief

  • Senate Republicans on the Banking Committee have outlined principles for market structure legislation.
  • The principles emphasise clarity around regulation, promoting innovation and consumer protection.
  • It comes as Democrats attempt to prevent the Trump family’s extensive crypto investments.

The Senate Banking Committee on Tuesday released a new set of principles aimed at guiding the development of comprehensive crypto market legislation.

“As Congress considers a regulatory framework for digital assets, our top priority must be providing legal clarity and certainty without stifling innovation,” Senator Thom Tillis (R-NC) said. “These principles strike the right balance by protecting consumers, promoting innovation, and clearly defining the roles of regulators.”

Those principles, spearheaded by Senate Banking Chairman Tim Scott (R-SC), Subcommittee on Digital Assets Chair Cynthia Lummis (R-WY), and Senators Tillis and Bill Hagerty (R-TN), emphasize clearly defining the legal status of digital assets, delineating regulatory jurisdiction, and modernizing oversight to support responsible innovation. 

They also call for narrowly tailored anti-money laundering measures and a commitment from regulators to embrace technological development.

Senator Lummis noted in a hearing after the guidelines were announced that they are designed to make discussions on digital asset market structure more productive than those around stablecoins. 

“America desperately needs digital asset legislation that promotes responsible innovation and protects consumers,” she said in a statement. “While the European Union and Singapore have established clear regulations, the U.S. continues to sit on the sidelines.”

The release of these principles came ahead of a subcommittee hearing the same day featuring testimony from Coinbase, Multicoin Capital, and others on bipartisan legislative proposals.



It also follows recent momentum behind the Digital Asset Market Clarity Act, which would remove the SEC’s oversight of the crypto industry in favor of the Commodity Futures Trading Commission. That passed two House committees on June 11 and is now expected to face a full vote.

Meanwhile, crypto-related policymaking continues across the federal government. On Monday, U.S. Federal Housing Finance Agency director Bill Pulte said the agency would examine how crypto holdings might factor into mortgage applications.

Pulte, a crypto supporter since 2019 and recent Trump appointee, disclosed significant digital asset holdings earlier this year.

The promotion of crypto in government by those with significant crypto holdings, however, has raised alarms, particularly when it comes to the president himself. 

On Monday, Sen. Adam Schiff (D-Calif.) introduced the COIN Act, which would bar the president and immediate family members from profiting from digital assets while in office. 

Schiff’s bill comes days after bipartisan passage of the Trump-backed GENIUS Act, which critics argue could enable such profits under a regulatory veneer. In any case, Schiff voted in favor of the GENIUS Act. 

Edited by Sebastian Sinclair

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June 25, 2025 0 comments
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Arizona Senate Passes Bitcoin Reserve Bill for Seized Crypto, Heads to House For Debate

by admin June 22, 2025



In brief

  • The bill passed the Senate 16-14 after procedural manoeuvres and now heads to the House for a final vote.
  • Arizona’s bill is part of a broader national push for state-level crypto legislation under Trump.
  • The state has already passed one Bitcoin bill, but others have been vetoed.

Arizona’s Senate has passed a revived version of the so-called Bitcoin Reserve Bill, clearing the way for the proposal to head to the House for a final vote.

House Bill 2324 (HB 2324), which would establish a fund for digital assets seized through criminal asset forfeiture, passed the Senate Thursday by a 16-14 margin. 

Initially introduced in February, the bill made early progress through both chambers but failed a final vote in the House last month.

Lawmakers brought HB 2324 back to life through a series of procedural “motions to reconsider” filed in both chambers. If passed, the legislation would create a Bitcoin and Digital Assets Reserve Fund overseen by the state treasurer. 

The fund would manage digital assets seized in criminal investigations, with options to store them in state-approved wallets, sell through licensed crypto exchanges, or retain the assets in native form depending on market and security conditions.

It also amends Arizona’s forfeiture laws to formally include digital assets and outlines custodial requirements.



Arizona is one of dozens of states that have introduced crypto-related legislation since President Donald Trump’s return to power, spurred by a broader national push to define digital asset frameworks at the state level. 

While some bills have been successful, others have faced opposition or an executive veto.

Earlier this year, Arizona Governor Katie Hobbs signed House Bill 2749, the state’s first successful digital asset reserve legislation. The measure created a digital asset fund focused on abandoned assets.

The governor also approved House Bill 2387, which imposes consumer protection rules on crypto ATMs operating in Arizona.

However, Hobbs has also blocked two more aggressive crypto proposals. In early May, she vetoed Senate Bill 1025, which would have allowed state investment of up to 10% of treasury and pension funds in digital assets, calling it too risky for public retirement systems.

She also vetoed Senate Bill 1373, which called for the creation of a reserve fund for crypto obtained through seizures and legislative appropriations. 

Edited by Sebastian Sinclair

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June 22, 2025 0 comments
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Arizona Senate Revives Bitcoin Reserve Bill After Rejection
Crypto Trends

Arizona Senate Revives Bitcoin Reserve Bill After Rejection

by admin June 20, 2025



Arizona’s push to create a state-run Bitcoin reserve is back on track after a surprising turnaround in the state Senate. Lawmakers revived House Bill 2324 on Thursday with a 16-14 vote, moving it back to the House for reconsideration.

Initially rejected on May 7, the bill now has another shot, thanks to a motion filed by Republican Senator Janae Shamp, the only way a previously defeated bill can be revived. The vote mostly followed party lines, with Republican Jake Hoffman being the only GOP member to oppose it.

🇺🇸 ARIZONA Update:

‘Bitcoin Reserve’ bill HB2324, which initially failed, has been revived after a ‘motion to reconsider’.

The bill would create a fund out of digital assets seized via criminal asset forfeiture.

It passed the Senate today 16-14, and is now in the House. pic.twitter.com/FKmLr8kSmJ

— Bitcoin Laws (@Bitcoin_Laws) June 19, 2025

HB 2324 aims to create a “Bitcoin and Digital Assets Reserve Fund” to manage crypto assets seized through criminal forfeiture. If passed, the first $300,000 of such assets would go to the Attorney General’s office. Anything above that would be split, 50% to the AG, 25% to the state’s general fund, and 25% to the new reserve fund.

The bill would also expand Arizona’s asset forfeiture laws to include digital assets, detailing how they can be seized and stored when no rightful owner is found.

This comes after Governor Katie Hobbs signed HB 2749 on May 7, allowing Arizona to build a Bitcoin reserve without using taxpayer funds. The state can also stake the crypto or collect airdrops.

However, Hobbs vetoed two other crypto-related bills, including SB 1025, which proposed investing 10% of state funds in crypto, calling it too risky.

Now, all eyes are on the Arizona House, if it passes HB 2324, the bill heads straight to the Governor’s desk.

Also Read: Senator Lummis to Propose Bitcoin Bill at Nashville Conference





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June 20, 2025 0 comments
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AI could consume more power than Bitcoin by the end of 2025
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Senate passes GENIUS stablecoin bill in a win for the crypto industry

by admin June 18, 2025


In a 68-30 vote on Tuesday evening, the Senate overwhelmingly passed the GENIUS Act with bipartisan support. Eighteen Democrats joined the majority of Republicans in passing the bill, which is the first to establish a federal regulatory framework for stablecoins, crypto tokens that are pegged to the value of the US dollar.

Its passage had not always been assured. Back in May, nine Democrats who’d previously supported the GENIUS Act suddenly reversed course, asking to revise the bill’s text, and days later, Senators Elizabeth Warren (D-MA) and Ron Wyden (D-WA) successfully killed an attempt to bring the bill to a floor vote by citing several current events involving the Trump family’s crypto ventures, including a controversial dinner for people holding large amounts of their memecoin $TRUMP.

Warren, the ranking member of the Senate Banking Committee and a longtime consumer protection hawk, ultimately voted against the final version of the GENIUS Act. During a June 11th floor speech, she stated that the bill did not have adequate regulatory guardrails in place to prevent corruption: “It would make Trump the regulator of his own financial company and, importantly, the regulator of his competitors.”

It’s a win, however, for the burgeoning digital assets industry, which has poured hundreds of millions into the political influence game in Washington, hiring political consultants and even a few Members of Congress on their behalf. In an interview prior to Tuesday’s vote, Seth Hertline, Head of Global Policy at the crypto wallet company Ledger, described the GENIUS Act as a political bellwether for the industry as a whole. “If the GENIUS Act derails, everything behind it derails,” he told The Verge.



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June 18, 2025 0 comments
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GENIUS Act wins crucial vote, heads to Senate floor vote
GameFi Guides

GENIUS Act wins crucial vote, heads to Senate floor vote

by admin June 12, 2025



The U.S. Senate voted 68-30 on Wednesday to invoke cloture on the GENIUS Act, a major stablecoin bill, paving the way for a final floor vote scheduled for next Monday.

If passed, the bill could set the first national regulatory framework for stablecoins in the United States.

The GENIUS Act—short for the Guiding and Establishing National Innovation for US Stablecoins—requires stablecoin issuers to maintain 100% reserves, submit to annual audits if they hold over $50 billion in market cap, and adhere to rules for foreign issuers.

It could serve as a benchmark for stablecoin regulation in the U.S. financial system.

Senate Majority Leader John Thune spoke in favor of the bill, aligning with President Donald Trump’s stance on digital assets. “We want to bring cryptocurrency into the mainstream, and the GENIUS Act will help us do that,” Thune said.

However, not all lawmakers were on board. Senator Elizabeth Warren criticized the bill for failing to address bipartisan amendments and warned of the political risks linked to Trump’s crypto dealings.

“By passing the GENIUS Act, the Senate is not only about to bless this corruption, but to actively facilitate its expansion,” she said, referencing Trump’s ties to a crypto platform backed by his family.

Crypto’s ‘pivotal shift’ 

Industry leaders say the bill could unlock new institutional participation. Yuval Rooz, CEO of blockchain firm Digital Asset, called it a “pivotal shift” in crypto regulation.

“The passage of the GENIUS Act marks a long-awaited shift from regulation by enforcement to regulation by clarity,” Rooz said in a note obtained by crypto.news. “It provides banks with a clear framework to confidently engage with stablecoins, unlocking stalled strategies by ensuring full reserves, regular audits, and substantive consumer protections.”

Rooz emphasized that “regulation alone isn’t enough,” highlighting the importance of privacy and control. “These aren’t optional features; they are foundational to institutional trust,” he added.

As the Senate prepares for Monday’s final vote, the GENIUS Act’s fate could shape the future of U.S. crypto policy—and influence how stablecoins are used in both traditional and decentralized finance.



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June 12, 2025 0 comments
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Major Stablecoin Bill Advances in US Senate. When's Final Vote?
NFT Gaming

Major Stablecoin Bill Advances in US Senate. When’s Final Vote?

by admin June 11, 2025


The U.S. Senate has advanced major stablecoin legislation, passing a crucial procedural hurdle in a 68-30 vote. 

The legislation, which is known as the GENIUS Act, is widely expected to finally pass next week. The final vote will take place on June 16. 

Earlier today, Senators voted to limit debate on the Hagerty-Gillibrand bipartisan substitute amendment to the much-talked-about bill. At least 60 votes were needed in order to invoke cloture. 

The amendment, which was introduced earlier this week, introduces more robust anti-money-laundering (ALM) safeguards and explicitly bans stablecoins issued in jurisdictions sanctioned by federal authorities.

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The passage of the bill would mark a major win for the emboldened cryptocurrency industry. As reported by U.Today, such prominent voices as Coinbase CEO Brian Armstrong and Ripple CEO Brad Garlinghouse have called for clear stablecoin rules. 

As reported by U.Today, the GENIUS Act failed to pass a procedural hurdle, but it then managed to secure support from some crypto-friendly Democrats.     

Locking in the dollar’s dominance   

In the meantime, Treasury Secretary Scott Bessent has stressed that stablecoins could “lock in” the dominance of the U.S. dollar. 

In May, Bessent told Bloomberg that dollar-backed cryptocurrencies could generate $2 trillion worth of additional demand for US Treasuries. 

 



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June 11, 2025 0 comments
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French Hill (Nikhilesh De/CoinDesk)
NFT Gaming

Senate Stablecoin Bill Likely to Win Massive Bipartisan Support, Dem Lawmaker Says

by admin June 6, 2025



WASHINGTON, D.C. — As many as 16 Democrats may vote in favor of the Senate’s stablecoin bill when it gets to its final set of votes in the legislative body, Arizona Senator Ruben Gallego said Thursday.

The “Guiding and Establishing National Innovation for U.S. Stablecoins of 2025” (GENIUS) Act faced headwinds last month after Gallego led a group of Democrats against voting for cloture, a procedural hurdle that would advance legislation, citing concerns about consumer protection and other provisions.

Within a week and a half, however, Gallego and other Democrats who had defected from the vote flipped, and the Arizona lawmaker told CoinDesk he predicted that his colleagues would continue advancing it out of the Senate.

“We’ve worked in a very honest, earnest manner with our Republican colleagues, [and] we think that they’ve been doing the same,” he said in an interview. “They adopted a lot of the amendments, most of the amendments that we’ve been adding.”

“It is a significantly different bill,” he said.

He said he led his colleagues in blocking the first cloture vote “because we didn’t think it was a good product,” and Democrats needed more time to sort out the issues they had with the legislation

Gallego later said at the Blockchain Association’s “Charting the Course: Crypto Clarity in America” summit that he’d spent “hours and hours on end” personally negotiating the language with other lawmakers, but the Republican team pulled a “power play” to push an unfinished version toward a vote on the Senate floor. “They tried to jam us,” he said.

So he led his colleagues in a brief effort to slow things down and ask for some changes, he said.

‘Good product’

“I really wanted to bring a good product to the floor,” Gallego said. And so far, his Republican counterparts “have been honoring everything we agreed to.”

If that continues, the bill should come to a final vote next week that gets major bipartisan approval, Gallego said, which he contends could show even more support than previous procedural votes.

Even if the bill meets with success, as he expects, it doesn’t work without also passing the legislation to set up regulations for the structure of the wider crypto markets.

He added that he hoped market structure legislation would be worked on in a bipartisan manner, noting that while the stablecoin bill is likely to advance through Congress, “there’s only so much time on the calendar” to work through other bills. The Senate will have to take up budget legislation at some point, in addition to whatever market structure bill it ultimately introduces.

“The House product has to be strong,” Gallego said, and that will direct what then happens in the Senate. “We don’t want to be starting from square one.”

‘Optimistic’ deadline

Gallego suggested that an August deadline is optimistic and added that as long as it’s done early next year, before March, it may not be tainted by next year’s congressional elections.

“We all become like animals during the election cycle,” he said of his colleagues on Capitol Hill.

Congressman French Hill, who runs the House Financial Services Committee, agreed with Gallego that finishing both bills is vital.

French Hill (Nikhilesh De/CoinDesk)

“I’m not going back to [former Securities and Exchange Commission Chair] Gary Gensler,” Hill said. “But if we don’t pass both bills, we are potentially at that whim at any moment,” to return to the interpretation of regulators operating without tailored laws.

Without the market structure legislation, traditional finance firms and the general public may not be as willing to delve into the digital assets sector, he said.

“Traditional finance people won’t partner, won’t custody, won’t act as a broker, won’t act as a dealer, won’t hire you to create an on-ramp or off-ramp. It won’t be interoperable. None of that will happen if you don’t have clarity, which is why we have to have both of these bills pass the Congress and be signed into law in this Congress,” he said.

Hill said that lawmakers from both parties and chambers still have a chance to move the bills by August, “if we cooperate with each other.”

Congress will try to move both bills to President Donald Trump’s desk by August, said Wisconsin Representative Bryan Steil. Dusty Johnson, who represents South Dakota, said that there may be some differences of opinion between the House and Senate on at least the market structure legislation.

“We can take GENIUS, but I don’t think they would necessarily take our Clarity Act lock, stock and barrel,” Johnson said at the event.

The bills from the House and Senate need to be identical before the President can sign them into law. Either one of the legislative bodies would have to sign off on the other body’s work, or the two bodies would have to negotiate out any differences.

Reps. Bryan Steil and Dustry Johnson (Jesse Hamilton/CoinDesk)

‘One strong, loud voice’

The House Financial Services Committee will hold a markup on the market structure bill next Tuesday.

“We have a lot of work we have to do,” said Gallego, noting that stretching the process into the start of next year still works.

“If we move too fast with a shitty product, then we’re going to have a shitty vote,” he said.

The crypto industry also needs to be more unified in how it approaches lawmakers, Blockchain Association CEO Summer Mersinger said in her first public appearance in the role since leaving the Commodity Futures Trading Commission.

“We must speak with one strong, loud voice in Washington,” she said. “Speaking with one voice does not mean we all have to think the same way or we have to agree on every issue.”

However, the different groups and companies lobbying Washington should find common ground, she said.

Read more: Stablecoin Bills in House and Senate Still Need to Mesh on Several Points: French Hill



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June 6, 2025 0 comments
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Texas Senate to vote on bill that restricts social media access for children, while parental consent for app downloads will be required from next year

by admin May 29, 2025



As is not unusual among folks of a certain age, it’s hard not to wonder about the effects of unfettered internet access on my impressionable younger self. Ah well, back to doomscrolling and staring into the vast content pit it is. Wait, what was I doing? Oh, yes, the news!

Earlier this week Texas governor Greg Abbott signed into law a bill that will require both Google and Apple’s app stores to verify the age of its users from January 1 (via Reuters). Once this law comes into effect in 2026, folks under the age of 18 throughout the state will have to get parental consent to download apps or make in-app purchases. Texas also has another bill awaiting a Senate vote that aims more specifically to restrict children’s access to social media apps, too.

Apple and Google are understandably less than keen, arguing that the blanket age verification requirements overreach and making the case it’s really only necessary for select apps. Apple issued a statement to Reuters, saying, “If enacted, app marketplaces will be required to collect and keep sensitive personal identifying information for every Texan who wants to download an app, even if it’s an app that simply provides weather updates or sports scores.”


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Still, this isn’t necessarily a done deal. Last year in Florida, Governor Ron DeSantis signed into law a ban on social media accounts for anyone under the age of 14. This February, a judge considered blocking the ban amid concerns it would unconstitutionally curtail free speech. As of right now, the ban stands in Florida, but a similar free speech challenge could find its way to slowing down the Texas bills.

The Apple and Alphabet-backed Chamber of Progress already has something to say on that front. The group’s vice president, Kathleen Farley, told Reuters, “A big path for challenge is that it burdens adult speech in attempting to regulate children’s speech. I would say there are arguments that this is a content-based regulation singling out digital communication.”

Utah was the first US state to pass an app store age verification bill into law back in March of this year. This followed laws directly addressing minors’ access to social media back in 2023, though obviously concerns about young people’s access to apps and social media more broadly has been bubbling the world over. For instance, last year Australia proposed a ban on social media for everyone under the age of 16 that will ultimately come into effect later this year. Tech-savvy teenagers across the land have likely already cracked a way to get around it.

As for the social media companies themselves, they’ve been surprisingly positive about these legislative developments stateside—though that’s likely out of buck-passing relief. Meta, Snap, and X issued a joint statement in response to the Utah law’s passing this year that said, “Parents want a one-stop shop to verify their child’s age and grant permission for them to download apps in a privacy-preserving way. The app store is the best place for it. We applaud Utah for putting parents in charge with its landmark legislation and urge Congress to follow suit.”

Keep up to date with the most important stories and the best deals, as picked by the PC Gamer team.

Though I see the free speech argument, I only trust each of the big tech companies tangled up in this as far as I can throw them—to say nothing of the state of Texas pulling the ‘think of the children’ card. I’m not going to stand here and pretend I only ever had positive experiences with social media as a young’un, but it would also be remiss to not acknowledge how it opened up my world when the walls of my day-to-day looked miserably narrow. Age verification and a blanket ban would’ve protected me from some things, while also potentially reinforcing how hopeless I felt…if I didn’t bother to figure out how to sideload my apps or otherwise circumnavigate the need for age verification.

The trouble with bans, in my humble opinion, is that they often present a tough image without actually addressing the core issue. Arguably the ‘core issue’ here is not one straightforward thing—but the rollback of both content and fact-checking moderation policies by major players like Meta certainly doesn’t help. In fact, there arguably aren’t any well-moderated online spaces for young people, with even the CEO of the extremely popular Roblox saying, “Don’t let your kids be on Roblox.” The very real risks posed by social media to children aren’t going to go away simply because all the young’uns have been banned, instead likely only creating more cracks for young people to disappear down.



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May 29, 2025 0 comments
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Bitcoin
NFT Gaming

Sen. Lummis Gears Up To Present 1 Million Bitcoin Acquisition Bill To The Senate Next Week

by admin May 28, 2025


Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

At the Bitcoin 2025 conference in Las Vegas on Tuesday, Senator Cynthia Lummis, a staunch advocate for BTC and cryptocurrencies, announced that President Donald Trump supports the upcoming Bitcoin Act, which aims to facilitate the purchase of 1 million BTC and is expected to be introduced to Congress next week.

Long-Term Bitcoin Investment Strategy

Originally proposed by Lummis on July 31, 2024, the legislation seeks to establish a strategic BTC reserve for the US government, serving as an additional store of value to strengthen the nation’s balance sheet. 

The bill outlines a BTC Purchase Program designed to acquire approximately 5% of the total Bitcoin supply over a five-year period, mirroring the scale of US gold reserves. The BTC acquired would be held for a minimum of 20 years, ensuring a long-term investment strategy.

Following challenges faced by the previous administration under President Joe Biden, Lummis reintroduced the bill in March of this year, emphasizing the importance of institutional support for Bitcoin. 

A number of crypto industry leaders have also suggested innovative ways to implement this executive order, including proposals to use BTC for refinancing national debt.

US Government May Hold 200,000 BTC

One notable suggestion comes from the Bitcoin Policy Institute, which proposed the introduction of “BitBonds.” These would be structured US Treasury bonds that allocate 90% of the proceeds to traditional funding operations, while 10% would go toward BTC acquisition. 

The Institute estimates that, assuming a scale of $2 trillion in BitBonds, this initiative could generate annual interest savings of approximately $700 billion over a decade.

Matthew Sigel, head of digital asset research at VanEck, echoed this proposal during the Strategic Bitcoin Reserve Summit on April 15. 

VanEck’s plan also includes a similar 90%-10% bond structure, offering investors potential BTC gains with a cap of 4.5% annual yield. Any gains exceeding this threshold would be split equally between the government and bondholders.

While Lummis is enthusiastic about advancing the Bitcoin Act, the path to full Congressional approval remains uncertain. The success of the bill will depend on garnering support from her Senate colleagues, critical for increasing the nation’s Bitcoin holdings.

Fox journalist Eleanor Terret reported on X (formerly Twitter) that Lummis indicated the US government currently holds around 200,000 BTC. However, she noted that the information is not fully transparent due to classification following a mandated audit from the White House. 

The daily chart shows BTC’s price pullback. Source: BTCUSDT on TradingView.com

When writing, the market’s leading cryptocurrency trades at $108,975, recording a slight retrace of 0.5% in the 24-hour time frame and 2.5% when compared to its record high of $111,800 reached last week. 

Featured image from DALL-E, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.



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May 28, 2025 0 comments
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