Bitcoin Price to Hit $135K by July 2025

Texas Bitcoin Reserve proposal passed a Senate vote with 25 out of 30 votes in favor. It will require another vote in the House of Representatives to reach the Governor and become law, but the progress is very encouraging.

Several other state-level reserve proposals failed due to Republican Party defections. In Texas, however, most Democrats voted in favor. This bill does not trigger mandatory Bitcoin purchases yet, which was a major sticking point with fiscal conservatives.

Texas Could Get a Bitcoin Reserve Soon

Throughout several states in the US, pro-crypto lawmakers are trying to pass small-scale Bitcoin Reserves. Texas’ effort has been a particular point of interest, and the state’s Lieutenant Governor has enthusiastically supported the proposal.

Last week, the Bitcoin Reserve bill in Texas passed through Committee, and today, it succeeded a Senate vote 25-5.

“The Texas Bitcoin Reserve Bill passed the Senate with some Democrat support. (The final vote was 25 – 5, and there are 11 Democrat Senators). If there is similar cross-aisle support in the House, then the bill’s prospects for success are good,” a legislative watchdog claimed on social media.

The effort to pass a Bitcoin Reserve in Texas has been an important piece of crypto regulation for several reasons. Obviously, Texas is a large and economically vital area, with the second-largest GDP of all US states.

Additionally, this effort represents a crucial chance to defeat a losing streak in state-level Reserve bills.

Essentially, these bills would trigger up to $23 billion in Bitcoin purchases nationwide, which thrilled the crypto community. There’s just one problem: the Republican Party values fiscal conservatism.

Montana lawmakers rejected spending tax dollars on Bitcoin, and a wave of other red states followed soon after.

Crucially, however, Texas’ Bitcoin Reserve proposal did not mandate this spending. If the state government wishes to purchase Bitcoin, ideally from the large local mining industry, it can do so.

However, approval at this stage does not inevitably trigger this sort of spending, and now Texas can join states like Utah and Arizona as the leaders in this race.

What’s Next for the BTC Reserve Bill in Texas?

Despite today’s win, the fight for a Texas Bitcoin Reserve is far from over. The bill will now move to the state’s House of Representatives, which has more than five times as many members.

More specifically, the Texas House of Representatives has 89 Republican members and 62 Democrats. In theory, this should be a clear win, as Republicans are largely pro-crypto.

However, this wasn’t the case in Montana, North Dakota, South Dakota, Pennsylvania, and Wyoming, where several Republican members voted against the respective BTC reserve bills.

The Texas bill passed the Senate with near-unanimous support, but it might be more contentious before a larger body. In any event, it’s a win, and the Bitcoin Reserve efforts could use a victory right now.

The post Texas Senate Passes Bitcoin Reserve Bill With 80% Votes in Favor appeared first on BeInCrypto.

The trading platform Ox.fun, associated with Three Arrows founder Su Zhu, allegedly increased the supply of OX tokens from approximately 4 billion to nearly 9.8 billion without making an official announcement. 

Following the collapse of Three Arrows Capital (3AC), Su Zhu faced imprisonment, further fueling concerns about Ox.fun’s credibility. However, subsequent details offer additional context.

Ox.fun Increases Total Supply of OX Tokens

According to posts on X, users accused Ox.fun of discreetly increasing the total supply of OX tokens from around 4 billion to more than 9.8 billion without prior disclosure. Data from Ox.fun’s official dashboard and Etherscan, a reputable blockchain analysis tool, verified this change.

Moreover, according to a December 2024 post from Ox.fun on Twitter, the original OX supply was verified as 4.2 billion.

The supply increase has not yet significantly impacted the price of OX tokens at the time of this writing. However, it has caused the token’s market capitalization to surge from under $5 million to approximately $17 million. In other words, users online said the project quietly inflated its value without any formal announcement.

Many community members argue that increasing the token supply without disclosure indicates opaque behavior. They think it may be a signal for a rug pull.

Users also expressed their frustration over the lack of response initially from the project’s leaders.

“I love how @OXFUNHQ @zhusu continue to be dead silent about doubling the circulating supply of $OX overnight. I sincerely think they were just hoping that simply no one would notice. True regards,” commented an X user.

Ox.fun Claims It Announced OX Supply Surge

Ox.fun finally responded to the accusations, stating that the increase had been previously disclosed. The project explained that the increase in supply to 9.8 billion tokens was announced on April 1, 2025, as part of the “Ox Seasons” program. According to Ox.fun, Ox Seasons was announced through all social media platforms.

“Importantly, the tokens are locked in the OX treasury multisig (0x4B214e2a2a9716bfF0C20EbDA912B13c7a184E23) and will only be distributed to users at the end of the Seasons program, exactly as outlined in our docs.” stated Ox.fun

The team emphasized that this move, by disabling the smart contract’s mint function, was intended to ensure transparency and prevent future token minting.

However, the community remains skeptical due to the delayed communication, questioning whether Ox.fun has been as transparent as it claims.

The community’s skepticism persists, given Su Zhu’s reputation in the crypto space has been tarnished since the collapse of Three Arrows Capital (3AC). Additionally, in February 2025, Ox.fun had some issues with JefeDAO. Although the platform later provided explanations, these incidents have raised ongoing concerns about its financial stability.

While the price of OX tokens has not experienced significant fluctuations following this event, smaller trading platforms like Ox.fun are often vulnerable to market sentiment.

The post Su Zhu-Linked Ox.fun Faces Backlash Over Sudden Doubling of OX Token Supply appeared first on BeInCrypto.