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Trump links support for GENIUS Act to China concerns and hints at CLARITY Act signing in Davos speech
United States President Donald Trump used his World Economic Forum speech in Davos on Wednesday to explain that his backing of the GENIUS Act in July was driven both by political appeal and worries over China's position in crypto and stablecoins. He warned that the U.S. must prevent China from gaining control of the sector, while also suggesting he could sign the CLARITY Act on digital asset market structure soon, even as Senate work and industry debates around stablecoin yields remain unresolved.
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Riot Platforms stock rises 11% as Bitcoin sale finances $96M Texas land purchase and AMD data center deal
Riot Platforms' share price climbed about 11% to $18.80 after the miner disclosed a $96 million purchase of 200 acres in Rockdale, Texas, funded entirely by selling roughly 1,080 Bitcoin. The company also signed a 10-year data center lease and services agreement with AMD that could generate up to $311 million in revenue, with the potential to reach $1 billion if multiple extensions are exercised, while further pivoting its data centers toward AI and high-performance computing.
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West Virginia senator proposes Inflation Protection Act to permit state treasury crypto investments above $750B cap
On Wednesday, West Virginia State Senator Chris Rose introduced the Inflation Protection Act to let the state's Board of Treasury invest up to 10% of assets in precious metals, select digital assets and stablecoins. The bill would restrict crypto holdings to tokens with a market capitalization above $750 billion in the previous calendar year, a threshold met only by Bitcoin as of January, and has been sent to the Committee on Banking and Insurance for consideration.
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