Texas looks to legalize Bitcoin as a state investment. (Getty Images)

Texas Looks to Legalize Bitcoin as a State Investment

Crypto is still up, but the candles are shorter. Texas looks to legalize Bitcoin as an investment, but the Fed continues to charge crypto companies as unregulated exchanges. Crypto companies continue to handle the market differently, and Yuga Labs is caught in an email breach. Apple’s XR product plan remains messy. News Briefs from MetaMask, the WEF, and more.

An Eye on the Charts

Major cryptocurrencies started the week continuing the steep upward trend that began late last week. Throughout most of the week, prices more-or-less plateaued, starting a downward trend late in the week. While they have lost some of that gain already, the gains early in the week were strong leaving Bitcoin up over 10% at just under $21k, and Ethereum up almost 10% at over $1.5k.

Other coins saw a similar pattern, with XRP up almost 5%, Polkadot up over 10%, and Solana up almost 30%.

An Eye on the Fed

The Texas Work Group on Blockchain Matters released a report that includes a recommendation for Texas legally allowing Bitcoin as a state investment. It is uncertain whether the action will be taken up by lawmakers and whether that decision would stand up to potential federal legislative differences. Interstate (and international) finances are the constitutional prerogative of the federal government.

Speaking of Federal legislative differences, the SEC reportedly charged Gemini and Genesis with offering unregulated securities. The U.S. Justice Department also charged the founder of Bitzlato in what it called  “a significant blow to the cryptocrime ecosystem.” Since no one has ever heard of Bitzlato, the company is either really good or really bad at whatever it was doing.

Companies, Services, and Exchanges

Despite the recent upswing in crypto prices, a number of crypto companies are still facing challenges. Following its charge, Genesis reportedly filed for bankruptcy. Fellow crypto company and  MetaMask developer ConsenSys is reportedly laying off workers. The announcements follow’s Coinbase’s announcement last week to lay off about a fifth of their staff.

Not all problems are financial problems. NFT giant Yuga Labs reported via Twitter that some of their information may have been compromised in a recent Mail Chimp data breach. While they are unsure of the full extent of the breach and promised to follow up, the company says that it only uses Mail Chimp for some emails, so more sensitive data is not likely to have been compromised.

Apple’s Mixed Bag

This week, one credible source lauded Apple for a new round of AR patents. A few days later, another reported that Apple’s AR glasses have been “postponed indefinitely.” Because Apple’s presumably upcoming headset (which has also been repeatedly delayed) is reportedly a mixed reality device, it’s possible that some of those patents will still come in handy.

Apple fans still expect the company’s first headset to launch later this year. The headset was supposed to have been followed by AR glasses, but will now reportedly be followed by lower cost versions. The initial headset is rumored to come with a $3,000 price tag but Apple in XR reinforces the old adage that one should believe half of what one sees and none of what one hears.

News in Brief