Today in crypto, the Texas House passed SB 21 to create a state-run Bitcoin reserve, while the SEC filed a $100M fraud suit against Unicoin and its executives. The Texas House voted 101-42 to establish a Bitcoin reserve managed by the state’s comptroller, allowing investments in cryptocurrencies with a market cap over $500 billion, currently only applicable to Bitcoin. Representative Giovanni Capriglione called it a pivotal moment for Texas’s leadership in the digital age. If signed by Governor Greg Abbott, Texas would become the second US state to create such a reserve, following New Hampshire. Meanwhile, the US Senate's GENIUS Act, designed to regulate stablecoins, passed with a vote of 66-32. DWF Labs’ Andrei Grachev noted that this act could legitimize stablecoins and foster confidence among institutions toward their adoption. Lastly, the SEC charged Unicoin and its executives with misleading investors about a $100 million fundraising, alleging exploitation through false promises regarding token backing by real assets. The SEC also took action against Unicoin's general counsel, who paid a civil penalty without admitting fault.

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