Here’s what happened in crypto today

Today in crypto, the Texas Senate has passed a bill to create a Bitcoin strategic reserve. Solana co-founder Anatoly Yakovenko said a US national crypto reserve could undermine decentralization. Meanwhile, defunct crypto exchange Mt. Gox has moved 12,000 Bitcoin amid a crypto market slump.Texas Senate passes Bitcoin strategic reserve billThe Texas Senate passed the Bitcoin (BTC) strategic reserve bill SB-21 in a 25-5 vote on March 6, following a fierce debate on the state Senate floor.Texas State Senator Charles Schwertner, who introduced the legislation, argued for the bill and said it would help Texas shore up its balance sheet with a valuable, scarce asset.“We don’t have stacks of dollar bills and safes like we did in medieval times. What we have is digital currency,” Senator Schwertner told the floor.Pro-Bitcoin lawmakers also assuaged fears that Bitcoin was a direct competitor to the US dollar as a global reserve currency, adding that BTC was more similar to gold and a hedge against inflation. Schwertner said:“I would argue, and put forth, that because of central intervention and manipulation of the supply of currency, in this case, the US dollar, the ability to spend money through printing money has caused the dollar to fall in value and fall in worth.”This monetary inflation has caused people to lose faith in the US dollar, the Texas state senator added.The bill must still be signed by the governor to be passed into law, and if SB-21 is enacted, Texas will become the first state in the United States to have a digital asset strategic reserve.Solana co-founder questions Trump’s crypto reserve despite SOL inclusionSolana co-founder and CEO Anatoly Yakovenko said he would prefer no US crypto reserve, citing the risks to decentralization if a government was in charge. On March 6, Yakovenko posted on X, sharing the order of his preferences regarding a US reserve of cryptocurrencies. The Solana co-founder said his No. 1 preference would be having no reserve because putting the government in charge may cause decentralization “to fail.”Yakovenko said his second preference was for states to run their own crypto reserves. The Solana CEO said this could act as a hedge against the Federal Reserve making a mistake. On March 2, US President Donald Trump announced a list of digital assets to be included in a crypto strategic reserve. Trump said the Working Group on Digital Assets had been instructed to include XRP (XRP), Solana (SOL), Cardano (ADA), Bitcoin (BTC) and Ether (ETH). Mt. Gox wallet moves $1 billion in Bitcoin amid market volatilityBankrupt crypto exchange Mt. Gox has started shifting Bitcoin again, with 12,000 BTC on the move in a tumultuous week rattled by market volatility.On March 6, Arkham Intelligence alerted its users on X that the Mt. Gox wallet (1PuQB) had moved 12,000 Bitcoin (BTC) worth a little over $1 billion. The transaction cost $1.64 in fees. At the same time, 166.5 BTC worth around $15 million was sent to the Mt. Gox cold wallet (1Jbez), while the remainder of the assets were moved to an unidentified wallet (1Mo1n), which currently holds a balance of 11,834 BTC.Mt. Gox-linked entities currently hold 36,080 BTC worth around $3.26 billion, according to Arkham data. It is the first Bitcoin transaction from Mt. Gox linked wallets for a month, the most recent being a shuffle of 4 BTC between cold wallets. It is unclear what this latest transaction was for.