SEC Drops Coinbase Charges; Utah's BTC Bill Advances; Milei in U.S. Amidst Libra Controversy

The crypto world witnessed significant developments in the past 24 hours, with the U.S. Securities and Exchange Commission (SEC) dropping all charges against Coinbase, and Utah's BTC reserve bill advancing to a second Senate hearing. Meanwhile, Argentine President Javier Milei arrived in the U.S. amidst the ongoing Libra controversy.

The SEC's decision to drop charges against Coinbase has been a major relief for the crypto community, as it signals a potential shift in the regulatory landscape. The move comes after a lengthy legal battle between Coinbase and the SEC, which had accused the crypto exchange of violating securities laws. The dismissal of charges could pave the way for greater clarity and certainty in the crypto industry, allowing for more innovation and growth.

In Utah, the state's BTC reserve bill, HB 230, has passed the first Senate reading and is set to go for the second and third readings before the Senate. Once approved, the bill will grant the state's treasurer the authority to invest public funds in digital assets, with a focus on those that have averaged a market cap of around $500 billion over the last calendar year. Currently, BTC is the only token that meets these requirements, which could lead to increased institutional interest in the token.

Utah has been at the forefront of states proposing crypto reserve bills, making it one of the first to successfully introduce such legislation. This move could set a precedent for other states to follow, potentially leading to a more crypto-friendly regulatory environment across the U.S.

Argentine President Javier Milei arrived in the U.S. on February 20th for a diplomatic trip and to make deals. However, sources suggest that the real purpose of the trip is to find asylum and a solution for the recent Libra spat that has tarnished Milei's political reputation. Milei's itinerary includes meetings with prominent figures such as Elon Musk and Kristalina Georgieva, the chief of the International Monetary Fund, as well as a speech at the Conservative Political Action Conference.

Milei's trip is seen as an attempt to salvage his political reputation and public image following the Libra controversy. Since the incident, Milei and his team have worked to distance themselves from the issue, and this trip could help the Argentinian president wash his hands of responsibility.