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THREE NEW U.S. STATE-LEVEL BITCOIN BILLS SIGNED INTO LAW
From New Hampshire to Arizona to Oregon, more proposed Bitcoin legislation has become law in recent days.
This week, three U.S. states have enacted bitcoin-related bills into law.
On Tuesday, New Hampshire became the first state to sign into law a bill that would allow for the creation of a strategic bitcoin reserve (SBR).
On Wednesday, Arizona enacted its second bill related to bitcoin, blockchain, and digital assets.
Also on Wednesday, Oregon’s governor signed a bill into law that updates the state’s commercial code to recognize digital assets such as bitcoin as collateral.
New Hampshire Can Now Establish An SBR
On Tuesday, New Hampshire signed HB302 into law, making it the first state in U.S. history with the legal footing to create an SBR.
The new law enables the state treasurer to invest in digital assets that have a market cap of over $500 billion. (Bitcoin is the only digital asset that currently meets this criteria.)
While the law doesn’t specifically call for the creation of an SBR, it does enable the state’s treasurer to create one.
This historic law was enacted thanks in part to the efforts of Rep. Keith Ammon, the primary sponsor for this bitcoin-related bill.
Arizona Governor Vetoes One Bitcoin Bill But Signs Another
On May 2, Arizona Governor Katie Hobbs vetoed SB1025, which would have enabled the state treasurer and retirement system to invest 10% of their available funds into virtual currencies.
The bill was known as the “Arizona Strategic Bitcoin Reserve Act”.
However, on May 7, Governor Hobbs signed HB2749 into law — a bill that also establishes a state-level digital assets reserve.
HB2749 amends Arizona’s unclaimed financial property statutes to allow the state to claim bitcoin or digital assets that have been abandoned or unclaimed after three years.
This is the second bitcoin-related bill Governor Hobbs has signed in recent weeks — the first being HB2342 on April 18, which protects individuals running blockchain nodes from local restrictions.
New Oregon Law Recognizes Bitcoin As Collateral
On Wednesday, Oregon Governor Tina Kotek signed SB167 into law.
This law updates Oregon’s Uniform Commercial Code (UCC) to:
- Recognize digital assets such as bitcoin as collateral
- Introduce Article 12, which establishes a legal framework for “controllable electronic records,” including cryptocurrencies
This sets the legal groundwork for bitcoin and other digital assets to be used in traditional financial products in Oregon.
Picking Up The Pace
Prior to this week, only three bitcoin-related bills had been signed into law:
- Utah’s HB0230 (signed March 12): Defined and regulated digital assets
- Kentucky’s HB701 (signed March 24): Offered protections for individuals and businesses engaging with digital assets
- Arizona’s HB2342 (discussed above)
If this week is any indication, more Bitcoin legislation may be codified into law in the near future.
@ Newshounds News™
Source: Bitcoin Magazine
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BRICS: ASIA COULD DUMP $2.5 TRILLION WORTH OF US DOLLAR CURRENCY
The US dollar may face a huge crisis from BRICS and other Asian currencies, as Stephen Jen, CEO of Eurizon SLJ Capital, revealed to Bloomberg that an “avalanche” of USD selling worth $2.5 trillion could come from Asian countries.
He explained that Asian exporters and investors have stockpiled a massive amount of USD over the years, which could soon be dumped as the greenback weakens against local currencies in 2025.
The Bloomberg currency index shows that the USD is down 8% since February, while local currencies are outperforming the global reserve currency.
This trend gives the BRICS alliance more momentum to push the de-dollarization agenda, as $2.5 trillion worth of USD now hangs on a thread.
“We suspect these dollar hoardings by Asian exporters and institutional investors may be extremely large. Possibly on the order of $2.5 trillion or so. And pose sharp downside risks to the dollar vis-à-vis these Asian currencies,”
– Jen and Joana Freire
BRICS: US Dollar Faces a Threat of $2.5 Trillion Sell-off
BRICS and other developing nations are now economically strong enough to offload their US dollar reserves.
There is a growing belief in an “important imbalance in the world” that puts the US dollar in a vulnerable position, said Jen.
The long-term appeal of the USD is fading, as local currencies offer advantages like:
- No excessive debt burdens
- Mutual GDP strengthening when used for trade
The dollar’s dominance is shrinking globally.
De-Dollarization Expands Beyond BRICS
Beyond BRICS, de-dollarization is also accelerating in countries such as:
- Taiwan
- Malaysia
- Vietnam
In these regions, the US dollar is becoming secondary in trade and investment.
Jen further noted that Asian nations have external surpluses, which allow them to hedge against USD fluctuations with more flexibility.
“The American economy is at the crossroads of a global paradigm shift where its power is on the decline.”
@ Newshounds News™
Source: Watcher Guru
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