CoinSmart Crypto Recap May 19, 2023

crypto recap

Welcome to the CoinSmart crypto recap. Let’s look at the hottest stories that came up this past week. Here is an overview:

  • Texas Bill Advances Digital Currency Rights
  • Ledger Reassures Users After Controversial Tweet

Texas Bill Advances Digital Currency Rights

An amendment was passed by Texas lawmakers that could incorporate the right to own and utilize digital currencies into the state’s Bill of Rights. Proposed by State Representative Giovani, Bill HJR 146, which received broad support, emphasizes the unrestricted use of diverse mediums of exchange, including cryptocurrencies like Bitcoin, and prohibits government interference in such rights.

The Texas Constitutional Enforcement group, led by Tom Glass, supports the amendment and believes it will help preserve Texans’ financial privacy and protect their wealth from potential dollar volatility. Also, they argue this change would reduce Texans’ dependency on the services of global financial elites, mitigating the risk of devaluation and confiscation of their financial assets. The bill awaits a final House vote before moving to the Senate and eventually to a public vote.

Ledger Reassures Users After Controversial Tweet

Ledger, the renowned cryptocurrency hardware wallet provider, recently faced some controversy over a swiftly deleted tweet that suggested it could extract users’ private keys. The tweet, posted on May 17, was clarified by Ledger as the misinformed statement of a customer support agent unfamiliar with the intricacies of Ledger’s firmware. Ledger emphasized that its firmware is designed to be tamper-resistant and that it cannot access users’ private keys without physical device access and the user’s PIN, thereby reassuring its users that their funds remain secure.

The deleted tweet, which caused a stir among Ledger users, was posted in response to the launch of the new “Ledger Recover” service. This service enables users to back up their secret recovery phrase by dividing it into three parts and sending it to separate data custody services. Critics highlighted an alleged November post from Ledger stating, “A firmware update cannot extract the private keys from the Secure Element,” implying a contradiction within the company’s statements. Ledger responded by clarifying that the November post came from a different internal team and did not fully represent the security of its firmware. The company also promised to implement measures to prevent customer support agents from tweeting about sensitive security topics in the future.

Disclaimer: The content of this article is strictly for information purposes only. All of the opinions expressed in this article are not connected to CoinSmart and are not intended to provide you with investment advice. It is important that you do your personal research and/or consult an investment advisor to determine what is right for you.