Texas' State Securities Board and the Department of Banking are objecting to a proposed deal between Binance.US and bankrupted crypto lender Voyager Digital, shows court filings from Feb. 24. According to the document, Binance.US's terms of service and restructuring plan contain a number of "inadequate" disclosures, including not informing unsecured creditors adequately that under the plan they may only get 24%-26% recovery, rather than the 51% they would receive under Chapter 7. Binance.US disclosed in December an agreement to buy Voyage's assets for $1.022 billion. The filing also notes the company's disclosure statement fails to inform that account holders are …

The world’s biggest cryptocurrency, Bitcoin (BTC), is connecting more countries as the government of El Salvador is opening a “Bitcoin Embassy” in the United States. El Salvador, a country that adopted Bitcoin as legal tender in 2021, is expanding its Bitcoin strategy with a new partnership with the government of Texas. The intergovernmental collaboration aims to set up a Bitcoin Embassy, or El Salvador’s representative office, in Texas in order to work on new joint projects to promote Bitcoin adoption. Milena Mayorga, ambassador of El Salvador to the United States, announced the news in a statement on Twitter on Feb. …

Crypto mining firm Riot Platforms — formerly Riot Blockchain — reported that 17,040 rigs deployed at its operations in Texas were offline due to “severe winter weather” in the state. According to a Feb. 6 announcement, Riot reported two of the buildings at its Whinstone facility in Rockdale, Texas were damaged in December 2022 as the state experienced days of sub-zero temperatures. From Dec. 22 to Dec. 25, temperatures across many parts of Texas — and the United States — dropped to below freezing. “Some sections of piping in Buildings F and G were damaged during the severe winter storms …

Publicly-listed Bitcoin (BTC) mining company Argo Blockchain saw a significant drop in mining activity in December due to a winter storm in Texas. On Jan. 11, Argo released its first operational update since selling its flagship mining facility Helios to Mike Novogratz’s Galaxy Digital. The company said it mined 147 Bitcoin or BTC equivalents in December, compared to 198 BTC in November 2022. As of Dec. 31, Argo held 141 BTC, with its December mining revenue amounting to $2.49 million, the firm said. Argo’s total debt was approximately $79 million, and its bank balance was about $20 million. According to …

Dallas Mavericks owner Mark Cuban is set to be “deposed” next month as part of a defense against a proposed class-action lawsuit alleging that he promoted an alleged “ponzi-scheme” in the form of now-bankrupted crypto lender Voyager Digital. A deposition in legal terms generally refers to answering a line of questioning under oath during the pre-trial discovery stage of a potential court case. In a Jan. 9 court order, U.S. Magistrate Judge Lisette M. Reid denied Cuban's request to split the deposition into two occasions, and outlined that his full deposition will be taken on Feb. 2 in Dallas, Texas. …

During the winter storm in Texas in December 2022, Bitcoin (BTC) mining operators returned up to 1,500 megawatts of energy to the distressed local grid. It became possible due to the flexibility of mining operations and the ancillary services, provided by the state authorities. In his commentary to Satoshi Action Fund, Texas Blockchain Council president Lee Bratcher stated that miners returned up to 1,500 megawatts to the Texas grid. This amount of energy would be enough to heat “over 1.5 million small homes or keep 300 large hospitals fully operational,” according to the calculations from the Bitcoin advocacy group. While …

Bitcoin’s network hashrate has returned to regular levels again, days after freezing temperatures across the United States put a strain on the nation's electricity grid — leading to a temporary drop in hashrate. In the days leading up to Christmas, bone-chilling temperatures swept across the United States, leading to millions without power and claiming at least 28 lives. According to reports, Bitcoin miners in Texas, which accounts for a significant portion of the country's hashrate, voluntarily curtailed operations to give power back to the grid — so that residents can keep their homes heated. The disruptions appear to have put …

A U.S. bankruptcy court has granted Bitcoin (BTC) miner Core Scientific interim approval to access a $37.5 million loan from existing creditors to fund the firm amid its liquidity issues. Core Scientific is one of the largest cryptocurrency mining companies in the United States, but filed for Chapter 11 bankruptcy on Dec. 21 as a result of rising energy costs, declining revenue and the price of BTC in 2022. In a public statement made on that same day, Core Scientific outlined that it intends to “move swiftly through the restructuring process” and maintain its self-mining and hosting operations. The loan …

Just days after creditors offered to help Core Scientific — a Bitcoin (BTC) mining company — avoid possible bankruptcy, reports emerged confirming the business’ inevitable fate. Core Scientific reportedly filed for Chapter 11 bankruptcy protection in Texas owing to falling revenue and BTC prices. On Dec. 14, Financial services platform B. Riley offered to finance Core Scientific with $72 million — $42 million with zero contingencies and $32 million with conditions — to retain the value for stakeholders. The decision was made after Core’s valuation fell from $4.3 billion in July 2021 to $78 million at the time of reporting. …

It’s not just pro-crypto regulations but also a supporting infrastructure that allows sustainable crypto adoption in any jurisdiction. Weighing in factors such as the number of Bitcoin (BTC) ATMs, blockchain companies and public interest in cryptocurrencies, Florida comes out as the most crypto-ready state in the United States. The US hosts a network of 33,865 Bitcoin ATMs, representing 87.1% of total crypto ATM installations worldwide. In addition, the nation contributes to 37.8% of the global Bitcoin hash rate, which makes the US the most dominant player in crypto. However, a state-wise analysis reveals that not all 50 states are equally …

United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized how the crypto industry can be strategic for the U.S. energy supply and technological development. Cruz argued that Bitcoin mining could be used to monetize energy created from oil and gas extraction, rather than burning it. In addition, he emphasized how mining activity can be used as an energy storage and supply alternative: "The beauty of it [Bitcoin mining] is when you've got substantial investment, as we …

Former FTX CEO Sam Bankman-Fried has been called to a Feb. 2 hearing by the Texan securities regulator as part of an investigation into whether he and FTX US have violated Texas securities laws. In a Notice of Hearing signed off by Texas State Securities Board’s (SSB’s) director of enforcement Joe Rotunda and served to Bankman Fried on Nov. 29, the regulator alleges that FTX US offered unregistered securities to Texans through its “EARN” accounts. The investigation was first announced on Oct. 14, before the dramatic collapse and bankruptcy of FTX’s global operations. The regulator announced at the time it …