Brazil’s Chamber of Deputies Economic Development Commission will hold its first hearing on Aug. 20 to examine a proposal to establish a Bitcoin Strategic Reserve (RESBit) worth up to $18.6 billion.

As Agência Câmara de Notícias reported, the 3 P.M. ET session will gather technical perspectives on Bill 4501/24, which seeks to modernize Brazil’s treasury management and enhance competitiveness in the global digital economy.

Deputy Luiz Philippe de Orleans e Bragança requested the hearing to collect expert analysis from government agencies and financial institutions regarding the RESBit proposal.

The legislation aims to diversify Brazil’s Treasury assets and protect international reserves against exchange rate fluctuations and geopolitical risks.

Confirmed speakers include Diego Kolling, head of Bitcoin strategy at Méliuz, and Julia Rosim, ABcripto policy working group coordinator and Bitso head of public policy.

Legislative framework and market context

Lawmaker Eros Biondini introduced the legislation, citing successful blockchain integration by countries including El Salvador, the United States, China, Dubai, and the European Union.

The bill assigns custody responsibilities to Brazil’s Central Bank and Finance Ministry and requires biannual reports on RESBit performance and risk assessments.

Brazil leads Latin America in crypto adoption and ranks 10th globally according to Chainalysis’ Geography of Crypto report 2024.

According to Brazilian tax authority data, the country traded nearly $76 billion in crypto last year.

The proposal positions Brazil among nations exploring digital asset reserves as hedges against traditional currency.

Committee review process and approval requirements

Following the hearing on Aug. 20, the proposal enters conclusive analysis by four Chamber committees: Economic Development, Science Technology and Innovation, Finance and Taxation, and Constitution Justice and Citizenship.

Each committee must approve the legislation before advancing to full Chamber consideration.

The bill requires approval from both the Chamber of Deputies and the Senate to become law, establishing a comprehensive legislative review process for the Bitcoin reserve proposal.

Technical input from the hearing will inform committee evaluations and potential text modifications during the review phases.

Orleans e Bragança seeks perspectives from monetary authorities, government officials, banking system representatives, and subject matter experts to refine the proposal text.

The deputy noted the importance of collecting Central Bank technical analysis before committee markup sessions begin to perfect the legislation.

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Wyoming has shortlisted layer one blockchains Solana (SOL) and Aptos (APT) as the main candidates for running the state’s proposed stable token idea.

The Wyoming Stable Token Commission (WYST) is a proposed virtual currency representative of and redeemable for one US dollar held in a trust by the state of Wyoming.

In a post on the social media platform X, Aptos says that the state is looking to use either chain with Layer Zero infrastructure to deploy a potential stablecoin.

“The Wyoming Stable Token Commission has placed Aptos as the highest-scoring blockchain candidate for WYST – the first fiat-backed stablecoin issued by a US State  – tying for 1st place with Solana.

WYST will be deployed using Layer Zero… 

Aptos is making borderless, always-on finance a reality today with three native USD stablecoins & $30 billion+ in monthly stablecoin volume, supported by sub-second finality and near-zero transaction fees at [around] $0.00055.

Following the recent passing of the GENIUS Act to establish the first regulatory framework for stablecoins and Aptos pushing further as the chain for stablecoins, the future of finance is here on Aptos.”

Last year, Wyoming Governor Mark Gordon said he would push for the adoption of a “transparent” stablecoin fully backed by the state’s short-term Treasury holdings.

“One of the big things for me is to be able to bring back onshore a lot of our debt because if it’s bought by treasuries and supported by Treasurys, it will help to stabilize that market to a degree…

[What] is clear to me is that digital assets are going to have a future. The United States has to address this issue. Washington’s being a little bit stodgy, which is why Wyoming, being a nimble and entrepreneurial state, can make a difference.”

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Today, Gemini Space Station, Inc. announced that it had secretly submitted a draft registration with the Securities and Exchange Commission for its proposed initial public offering (IPO) for Class A common stock. Details such as the number of shares and price range have not been revealed. The IPO will proceed after the SEC review and will be subject to market conditions.

“As amended, any purchase offer, solicitation or sale of securities will be made in accordance with the registration requirements of the Securities Act 1933,” the press release states. “This announcement is issued pursuant to Rule 135 under the Securities Act.”

Gemini’s movement is during a period of growing activity in both the open market and digital assets sectors. Just yesterday, Trump Media and Technology Group Corp. (NASDAQ, NYSE TEXAS: DJT) submitted the upcoming Truth Social Bitcoin Etf Form S-1 to the SEC.

“The Truth Social Bitcoin ETF, BT, is the trust of Nevada businesses to issue beneficial benefits to their net worth,” S-1 said. “The assets of a trust are primarily made up of Bitcoin held by custodians on behalf of the trust. The trust is generally trying to reflect the performance of Bitcoin prices.”

The momentum surrounding Bitcoin and broader crypto policy was also clear at the 2025 Bitcoin Conference in Las Vegas last week. So Gemini founders Cameron and Tyler Winklevos joined the White House AI & Crypto Czar David Sacks to discuss how the government should manage Bitcoin and the recent developments in federal policy.

“Orange is new gold,” Cameron said. “So, Bitcoin is 2.0 gold, and that’s true from day one. So with $100,000 of Bitcoin, that’s exciting, but if you take 21 million and do the ground market price of gold.

They talked about some of the recent policy changes that are suitable for Crypto. This includes rollbacks of IRS Digital Asset Broker Rule and SAB 121. The Justice Department also halted restrictions through its prosecutor approach. This puts a lot of pressure from digital asset companies.

“It’s hard to imagine a president. Other presidents can do just a small part of this, or achieve that or administration, and we have over 100 days,” Tyler said. “So it’s amazing that there’s still a lot of time left.” He then said, “On the moon!” and finished the panel.

Yesterday, Rep. Jordan Pace reintroduced Bill H. 4256, the “South Carolina Strategic Digital Asset Reservation Act,” into the South Carolina House of Representatives.

Highlights of the bill include the fact that state accounting will allow up to 10% of the funds under the control of the state to invest in digital assets, including Bitcoin, and that state strategic digital asset reserves could contain up to 1 million Bitcoin.

The bill also states that the reason for establishing such reserves is because inflation erodes the purchasing power of assets held in state funds, and that “bitcoin, decentralized digital assets, and other digital assets provide unique properties that serve as hedges against swelling and economic instability.”

The bill does not specify whether state officials should retain private keys to Bitcoin and other digital assets that accumulate in Bitcoin and other digital assets, but state treasurers can develop policies and protocols to protect protected assets, including third-party contracts to maintain refrigerated or third-party detention. State treasurers can also use third parties to help create, maintain and manage the security of the protected area.

According to the bill, state accountants will be responsible for preparing biennial reports, including the total amount of digital assets held in reserve assets, the US dollar value of those assets, and transactions and expenditures related to reserves since the previous report. State accounts must also publish a preparatory certificate, including public addresses for digital assets held in the reserve on their official website.

Finally, the bill provides that strategic digital asset reserves undergo audits, including investigations into the quality of security of custody solutions. Assessment of compliance with local, state and federal laws. Evaluation of internal controls to mitigate mitigation against cyberattacks and inappropriate management.

According to the bill, independent audits are conducted annually and must be submitted to the relevant oversight committee. Recommendations resulting from independent audits must be addressed within 90 days of the publication of the report, and a follow-up report detailing the corrective action taken must also be provided to the Oversight Committee.

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In a significant development for the crypto market in the United States, acting Securities and Exchange Commission (SEC) Chair Mark Uyeda announced plans to revise a controversial proposal requiring digital asset exchanges to register under alternative trading system (ATS) rules. 

Uyeda Critiques Regulatory Approach To Crypto Exchanges

Initially introduced in 2022, the proposal sought to broaden the definition of an “exchange” to close a “regulatory gap” concerning various trading platforms. However, it faced substantial pushback from the industry, particularly from major players like Coinbase, who argued that the regulations would severely restrict their operations.

In remarks made at the Institute of International Bankers conference in Washington, Uyeda expressed his view that the SEC had made a misstep by equating the regulation of Treasury markets with attempts to impose stringent oversight on the burgeoning crypto market. 

The acting SEC chair emphasized the need to refocus the proposal on its original intent, which aimed to include proprietary trading firms that actively trade US Treasuries, thereby ensuring they are subject to the same regulatory standards as banks and other financial institutions.

Uyeda highlighted a critical point regarding alternative trading systems: while they are pivotal in facilitating trades for securities—including US Treasuries—they are not currently held to the same rigorous transparency and investor protection standards as other trading platforms, therefore raising concerns about market integrity and investor safeguards, particularly in the context of complex financial instruments.

President Trump’s Tariff Policies Spark Fears Of Recession

As the regulator considers how to recalibrate the proposed rule, market participants are left in suspense regarding the timeline for any potential re-proposal or final rule vote. 

Major regulatory changes typically unfold over several months, and the process may be further delayed until pro-crypto Paul Atkins, nominated by President Donald Trump to lead the US Securities and Exchange Commission, is confirmed by the Senate.

The timing of these discussions comes amid a challenging period for prices and the broader market. Bitcoin recently fell below $79,000, continuing a downward trend that saw it decline nearly 3% in a single day. Over the past five days, Bitcoin’s value has plummeted more than 13%. 

Other crypto assets, including Ethereum (ETH) and XRP, have also experienced significant drops, with Ethereum down about 5% and XRP falling approximately 4%. Solana (SOL) and Cardano (ADA) reported declines of nearly 8% and 7%, respectively, with ADA’s five-day decrease approaching 31%.

These fluctuations in crypto values are closely tied to broader economic concerns, including fears of a looming recession fueled by President Trump’s aggressive tariff policies targeting Canada, Mexico, and China. 

Business groups have raised alarms that these import taxes will adversely affect various industries and consumers, exacerbating economic uncertainty.

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