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BlockFi’s bankruptcy battle faces tensions with creditors citing poor management and restructuring plans. A withdrawn wind-down plan suggested recovering funds through claims against commercial counterparts, but a corrective letter clarifies that soliciting acceptances remains unlawful. An upcoming hearing on June 20 will determine BlockFi’s legacy.

The Texas legislature passed HB-1666, aiming to increase financial transparency among digital asset service providers like Binance. The bill requires cryptocurrency exchanges serving over 500 customers or managing above $10 million in customer funds to maintain sufficient reserves and report to the state. Texas lawmakers also updated the state’s bill of rights to include residents’ rights to own and use digital currency.

Texas state bill 1666 may require digital asset providers operating within the state to maintain sufficient reserves to fulfill customer obligations. The legislation aims to ensure consumer protection but may impose restrictions leading to additional costs for exchanges and customers.

Texas recently approved House Bill 1666, enforcing “proof of reserves” rules for crypto exchanges to maintain sufficient assets for customer obligations. It also enforces new regulations on managing customer funds, increasing transparency and setting higher standards for platforms operating in Texas. However, pending Senate Bill 1751 could introduce restrictions on Bitcoin mining.

The SEC now considers Filecoin’s native token, FIL, to be a security, resulting in Grayscale Investments challenging the regulator’s viewpoint. Amid increasing regulatory crackdown on crypto products, this decision raises questions about the extent of oversight in the industry and the balance between innovation and protection.

Texas legislators voted overwhelmingly in favor of amending the state’s Bill of Rights to recognize the right of individuals to possess and utilize digital currencies. Bill HJR 146 seeks to protect Texans’ financial privacy and shield them from the unstable dollar, emphasizing the significance of alternative currencies. Critics argue that embracing digital currencies presents market volatility risks and security concerns.

Texas lawmakers passed a joint resolution to amend the state’s bill of rights to include the right to own, hold, and use digital currencies, reflecting mainstream acceptance. The bill, HJR 146, emphasizes that government shall not prohibit or encumber any form or amount of money, including digital currencies. The outcome of this vote will be crucial in shaping the industry’s future.

US lawmakers are considering cryptocurrency regulation through a self-regulatory organization (SRO), involving the Securities and Exchange Commission and the Commodity Futures Trading Commission. Former CFTC Chair Timothy Massad suggested an SRO system, funded by the industry, to alleviate debates on token categorization and provide investor protection. However, concerns arise over the time required for SRO establishment and its effectiveness in the fast-paced crypto industry.

Coinbase’s Chief Legal Officer, Paul Grewal, critiques the proposed US rule on cryptocurrency custody requirements as “misguided,” urging revisions. Grewal suggests recognizing state trusts and state-regulated firms as qualified custodians, promoting competition, efficiency, and investor protection while limiting exposure to non-qualified custodians.

The Texas State Securities Board’s cease and desist order against promoters of TruthGPT Coin and Elon Musk AI Token highlights potential pitfalls in the crypto market. Investors are urged to remain vigilant against scams capitalizing on public interest in AI and crypto, particularly those made by unidentified individuals online.

Israeli authorities seized 190 Binance accounts linked to terrorists, including two connected to ISIS and one to Hamas. Binance faces scrutiny while facing challenges in the US. This situation raises questions about the role of crypto exchanges in geopolitical disputes and highlights the need for a balanced regulatory framework.

Terraform Labs faces a class action lawsuit alleging the sale of unregistered securities and misleading investors, while the company argues U.S. federal securities laws don’t apply. This case highlights the complexity of the blockchain landscape and the challenges in regulating an industry that transcends geographical borders.

The collapse of FTX exchange puts the spotlight on the role of lawyers facilitating loans to co-founder, Gary Wang. Claims are made on a potential $8bn shortfall prior to FTX’s collapse. Investigations into these claims, Wang’s and former Alameda CEO Caroline Ellison’s role in possible conspiracy and fraud are ongoing, packed with legal intricacies and complex crypto-law conundrums.