Down to the wire: Texas lawmakers OK bills on handgun licenses, cryptocurrency, AI abuses
As the clock ticks down to the June 2 final adjournment of the 2025 legislative session, lawmakers are scrambling to pass — or kill — the bills that have been stacked up for weeks. Here's some of the action at the Capitol on Wednesday.
The House finally passed and sent to Gov. Greg Abbott legislation to formally recognize in Texas any handgun license issued in other states.
Senate Bill 706 would end the requirement for the governor to negotiate agreements with other states before Texas will accept the licenses. Abbott, a three-term Republican who has signed numerous laws expanding gun rights, is expected to sign the bill.
The House gave final approval to Senate-passed legislation to establish the Texas Bitcoin Reserve, which would be administered by the Texas comptroller. The fund will contain Bitcoin and other cryptocurrencies with a market capitalization of at least $500 billion.
Lt. Gov. Dan Patrick made SB 21 a priority in the upper chamber, following up on President Donald Trump's pledge to make the United States "the cryptocurrency capital of the world."
The measure now returns to the Senate for members to consider the modifications made to the bill in the House.
A bill that would provide more protections for migrant workers who might otherwise be forced to live in substandard housing was sent to the governor's desk.
According to the Legislature's analysis of SB 243, the Texas Department of Housing and Community Affairs historically has lacked the resources to investigate allegations of substandard housing. Complicating matters is that "migrant laborers are often reluctant to report violations or collect damages related to substandard housing conditions because of fear of retaliation," according to the analysis.
The legislation "seeks to address this issue by strengthening the TDHCA penalty structure for violations of provisions governing migrant labor housing facilities and by providing for increased accountability and enforcement of those provisions," the analysis said.
A bill to outlaw AI-generated child sexual abuse material passed the House without opposition in a move that lawmakers said will give police more effective tools to crack down on child exploitation.
SB 20 by Sen. Pete Flores, R-Pleasanton, would criminalize the possession of obscene material appearing to depict a child, "regardless of whether the depiction is an image of an actual child, a cartoon or animation, or an image created using an artificial intelligence application or other computer software." Under the proposal, the offense would be a state jail felony but a charge could be upgraded for previous convictions.
The Senate will need to agree to a House amendment on the bill before it heads to the governor's desk for a signature.
The Senate sent to the governor's desk legislation to assess whether veterans face unreasonable obstacles in securing burial space in the system of state-run cemeteries for those veterans.
House Bill 1875 requires a panel of senators and state representatives to study the matter and make recommendations to eliminate any such barriers. The Texas General Land Office manages five veterans cemeteries around the state.
A bill that would require Texas public schools to display the Ten Commandments in every classroom suffered a procedural setback when a point of order halted discussion on the proposal in the House.
SB 10 is one of the latest battles in the Christian right's pursuit of religion in schools and to confront the longstanding principle of separation of church and state. The bill is a priority for Patrick, whose Senate passed it along strict party lines in March.
The point of order was brought by Austin Democratic Rep. James Talarico, a former teacher who is a Christian and an outspoken critic of Christian nationalism. He had found a procedural flaw that delayed but likely will not derail the bill.
SB 10 will now head back to the House Committee on Public Education for correction but will likely be considered again in a future floor session.
This article originally appeared on Austin American-Statesman: Texas lawmakers OK bills on handgun licenses, cryptocurrency, AI abuses
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
17 minutes ago
- Yahoo
Russia won't let Ukrainian forces rest until Putin's demands are met – Russian deputy foreign minister
Russian Deputy Foreign Minister Sergei Ryabkov has stated that Moscow will not allow the Armed Forces of Ukraine to "use any pause to rest and regroup" without "eliminating the root causes of the conflict". Source: Ryabkov in an interview with Kremlin-aligned Russian news agency TASS Details: Ryabkov emphasised that US President Donald Trump's return to the White House has become a "reason for cautious optimism" in Russia regarding the normalisation of relations with the United States. He said that Russian leader Vladimir Putin during phone conversations with Trump "confirmed the basic directive on the necessity to eliminate the root causes of the conflict within the framework of political and diplomatic efforts". Ryabkov noted that if the Kremlin's conditions are not met, Russia will act to prevent the Armed Forces of Ukraine from taking advantage of "any pause to rest and regroup". According to him, the Kremlin's position is well known to Washington and threats of sanctions will not change it. "It is strange that hotheads in the US Senate, who have lost their last remnants of common sense, are ignoring this reality. We will continue efforts to achieve the objectives of the special military operation [Russian propaganda term for the war in Ukraine – ed.]. Thus, the decision and the choice are up to Washington, up to Trump," Ryabkov concluded. Background: On 3 June, Dmitry Medvedev, Deputy Chairman of Russia's Security Council and former president of the Russian Federation, declared that the true purpose of the so-called peace talks with Ukraine in Istanbul is to ensure Russia's swift and complete victory. Support Ukrainska Pravda on Patreon!
Business Insider
33 minutes ago
- Business Insider
GameStop's (GME) Contrarian Market Path Leaves Wall Street Divided
For over five years, GameStop (GME) has moved beyond its roots as a traditional brick-and-mortar video game retailer. Its transformation began in 2021, when the meme-stock phenomenon catapulted the company into financial headlines and dramatically reshaped its investor base. Since then, GameStop has remained one of the most polarizing stocks in the market, driven by retail investor enthusiasm and a leadership overhaul led by activist investor-turned-CEO Ryan Cohen, who aimed to revitalize a business facing consistent losses and declining relevance. Confident Investing Starts Here: As of 2025, the company has eked out a modest profit and built a substantial cash reserve, largely through opportunistic equity offerings that capitalized on retail-driven momentum. GameStop is now pivoting toward digital assets, including a sizable bet on Bitcoin, supported by a recent $1.3 billion convertible bond issuance. Despite these bold moves, the company's core fundamentals remain uncertain. Revenue continues to decline, and its valuation remains difficult to justify through traditional financial metrics. Cohen, until recently, has maintained a low public profile, while insider buying activity has subtly supported ongoing investor interest. In my view, this highly unconventional situation—where the fundamentals are neither weak enough to justify a sharp sell-off nor strong enough to support a clear long-term value thesis—makes it difficult to adopt a definitive stance. As such, I'm maintaining a Hold rating for now. The CEO Who Finally Spoke Far from standard practice for a mid-cap publicly traded company, GameStop CEO Ryan Cohen rarely speaks publicly. Since taking the helm, he's never hosted an earnings call and has only given one interview since 2023. More recently, though, Cohen sat down for a rare conversation with crypto-focused media outlet The Crypto Times. In the interview, Ryan Cohen offered a candid assessment of GameStop's past, acknowledging that the company was in poor financial condition and experiencing significant losses when he first became involved. He attributed much of the decline to the broader industry shift from physical game sales to digital downloads—a trend that severely impacted GameStop's legacy business model. To reverse the company's trajectory, Cohen and his team implemented aggressive cost-cutting measures and instilled greater fiscal discipline. The strategy appears to have paid off: in Fiscal 2024, GameStop reversed a $313 million net loss from the prior year and reported a modest profit of $6.7 million. By Fiscal 2025, the company posted net income of $131.3 million, with operations approaching breakeven margins. Cohen also emphasized GameStop's strategic pivot toward collectibles, particularly in the trading card segment, spanning both sports and trading card games (TCGs). Most notably, he underscored that GameStop has become a leaner and more profitable retailer, despite the continued decline in quarterly revenue. One of the more revealing aspects of the interview was Cohen's candid account of his years-long battle to reshape the company. He made it clear that cleaning house—both at the executive and board levels—was critical to realigning GameStop with long-term shareholder interests. 'We got rid of all of that nonsense, and we focused on running the business profitably,' he said. Since becoming GameStop's largest shareholder in 2020, Ryan Cohen has played a central role in reshaping the company's leadership. He led a complete overhaul of the board, facilitated the departure of then-CEO George Sherman, supported the appointment of Matt Furlong as his successor, and ultimately assumed the CEO role himself in 2023. Meme Hype, Net Cash, and Bitcoin Bets As much as skeptics may be reluctant to acknowledge it, GameStop's management has made meaningful progress in steering the company toward profitability, despite significant challenges. Perhaps even more noteworthy is how Ryan Cohen and his team have successfully managed the complexities of the meme-stock phenomenon. Rather than resisting the volatility, they capitalized on it—executing timely equity offerings during momentum-driven rallies, such as those triggered by high-profile events like Y ouTuber Keith 'Roaring Kitty' Gill disclosing a sizable stake in the stock. In FY 2024 alone, GameStop raised an impressive $3.45 billion through stock sales, resulting in substantial shareholder dilution—nearly 50%, including that of Cohen himself. Prior to the offering, the company held a net cash position, with $921 million in cash against $616 million in debt. Following the capital raise, GameStop's net cash position rose sharply to $4.36 billion, according to its most recent filings. Following that, Cohen made a pivotal—though largely quiet—change to GameStop's strategy by revising the company's investment policy. Previously limited to fixed-income securities, the updated policy now permits broader equity investments, all under Cohen's direct oversight. This strategic shift set the stage for a bold move: an allocation to Bitcoin. As of the latest filings, GameStop holds 4,710 bitcoins, currently valued at approximately $513 million. In a recent interview, Cohen outlined his rationale, describing Bitcoin as a modern hedge against global currency debasement and systemic financial risk, similar to gold, but with distinct advantages. Unlike gold, he argued, Bitcoin offers superior portability, greater transparency, and more long-term upside. While gold's market capitalization hovers around $20 trillion, Bitcoin's remains under $2 trillion. Cohen also emphasized that the decision was his own, stating clearly that he's not following anyone else's playbook. A Calculated Dilution for Strategic Growth Back in March, GameStop announced a $1.3 billion private offering of convertible senior notes to be used for general corporate purposes, including buying more Bitcoin, somewhat following the playbook of companies like MicroStrategy (MSTR) when it comes to strategic moves to acquire Bitcoin. Instead of issuing traditional debt with fixed interest obligations, GameStop opted for convertible bonds—securities that allow investors to convert their holdings into equity. Each $1,000 bond can be converted into 33.4970 shares, implying a conversion price of approximately $29.85. Should the stock rise significantly above that level, bondholders are likely to convert, capturing upside potential while diluting existing shareholders. Notably, the bonds include no lock-up restrictions, meaning conversions can occur as soon as they become economically advantageous. This feature could contribute to added share dilution during rallies, potentially amplifying stock volatility. While this structure may put some pressure on near-term share performance, it provides GameStop with meaningful financial flexibility, thereby enhancing cash flow and avoiding the recurring burden of fixed interest payments. In essence, it's a strategic trade-off that Ryan Cohen appears willing to embrace in pursuit of long-term optionality. Is GameStop a Good Stock to Buy? Given the highly unconventional nature of GameStop's evolving fundamentals, most Wall Street analysts have largely stepped away from covering the stock. One of the few remaining voices is longtime skeptic Michael Pachter of Wedbush, who continues to maintain a Sell rating. In April, following the announcement of GameStop's Bitcoin investment, Pachter modestly raised his price target to $13.50 per share following the news that GameStop had invested in Bitcoin. GameStop's Remains a Puzzle Bears Just Can't Solve GameStop remains a company whose current market valuation—over $13.6 billion—is difficult to justify based on its underlying business fundamentals. Revenue continues to decline annually, operations are hovering around breakeven, and the company lacks a clearly defined strategy for long-term value creation beyond cost-cutting and opportunistic investments, such as its recent move into Bitcoin. If assigning a valuation, one could argue that the company's equity is largely supported by its sizable net cash position, with a modest premium for its gradually diminishing core business. That said, a mix of lingering—albeit more subdued—retail investor enthusiasm, an unconventional leadership approach, a bold Bitcoin allocation, and insider share purchases with limited disclosure have helped keep the stock trading at elevated levels. In a market where sentiment can override fundamentals, the stock remains unpredictable and difficult for bearish investors to challenge. Given the speculative nature of this setup and the absence of strong fundamental support, I'm maintaining a Hold rating.
an hour ago
Democratic states double down on laws resisting Trump's immigration crackdown
As President Donald Trump's administration targets states and local governments for not cooperating with federal immigration authorities, lawmakers in some Democratic-led states are intensifying their resistance by strengthening state laws restricting such cooperation. In California alone, more than a dozen pro-immigrant bills passed either the Assembly or Senate this week, including one prohibiting schools from allowing federal immigration officials into nonpublic areas without a judicial warrant. Other state measures have sought to protect immigrants in housing, employment and police encounters, even as Trump's administration has ramped up arrests as part of his plan for mass deportations. In Connecticut, legislation pending before Democratic Gov. Ned Lamont would expand a law that already limits when law enforcement officers can cooperate with federal requests to detain immigrants. Among other things, it would let 'any aggrieved person' sue municipalities for alleged violations of the state's Trust Act. Two days after lawmakers gave final approval to the measure, the U.S. Department of Homeland Security included Connecticut on a list of hundreds of 'sanctuary jurisdictions' obstructing the enforcement of federal immigration laws. The list later was removed from the department's website after criticism that it errantly included some local governments that support Trump's immigration policies. Since taking office in January, Trump has enlisted hundreds of state and local law enforcement agencies to help identify immigrants in the U.S. illegally and detain them for potential deportation. U.S. Immigration and Customs Enforcement now lists 640 such cooperative agreements, a nearly fivefold increase under Trump. Trump also has lifted longtime rules restricting immigration enforcement near schools, churches and hospitals, and ordered federal prosecutors to investigate state or local officials believed to be interfering with his crackdown on illegal immigration. The Department of Justice sued Colorado, Illinois and New York, as well as several cities in those states and New Jersey, alleging their policies violate the U.S. Constitution or federal immigration laws. Just three weeks after Colorado was sued, Democratic Gov. Jared Polis signed a wide-ranging law expanding the state's protections for immigrants. Among other things, it bars jails from delaying the release of inmates for immigration enforcement and allows penalties of up to $50,000 for public schools, colleges, libraries, child care centers and health care facilities that collect information about people's immigration status, with some exceptions. Polis rejected the administration's description of Colorado as a 'sanctuary state,' asserting that law officers remain 'deeply committed' to working with federal authorities on criminal investigations. 'But to be clear, state and local law enforcement cannot be commandeered to enforce federal civil immigration laws,' Polis said in a bill-signing statement. Illinois also has continued to press pro-immigrant legislation. A bill recently given final approval says no child can be denied a free public education because of immigration status — something already guaranteed nationwide under a 1982 U.S. Supreme Court decision. Supporters say the state legislation provides a backstop in case court precedent is overturned. The bill also requires schools to develop policies on handling requests from federal immigration officials and allows lawsuits for alleged violations of the measure. Democratic-led states are pursuing a wide range of means to protect immigrants. A new Oregon law bars landlords from inquiring about the immigration status of tenants or applicants. New laws in Washington declare it unprofessional conduct for bail bond agents to enforce civil immigration warrants, prohibit employers from using immigration status to threaten workers and let employees use paid sick leave to attend immigration proceedings for themselves or family members. Vermont last month repealed a state law that let law enforcement agencies enter into immigration enforcement agreements with federal authorities during state or national emergencies. They now need special permission from the governor to do so. As passed by the House, Maryland legislation also would have barred local governments from reaching immigration enforcement agreements with the federal government. That provision was removed in the Senate following pushback from some of the seven Maryland counties that currently have agreements. The final version, which took effect as law at the start of June, forbids public schools and libraries from granting federal immigration authorities access to nonpublic areas without a judicial warrant or 'exigent circumstances.' Maryland Del. Nicole Williams said residents' concerns about Trump's immigration policies prompted her to sponsor the legislation. 'We believe that diversity is our strength, and our role as elected officials is to make sure that all of the residents within our community — regardless of their background — feel safe and comfortable,' Williams said. Though legislation advancing in Democratic states may shield against Trump's policies, 'I would say it's more so to send a message to immigrant communities to let them know that they are welcome,' said Juan Avilez, a policy associate at the American Immigration Council, a nonprofit advocacy group. In California, a law that took effect in 2018 already requires public schools to adopt policies 'limiting assistance with immigration enforcement to the fullest extent possible.' Some schools have readily applied the law. When DHS officers attempted a welfare check on migrant children at two Los Angeles elementary schools in April, they were denied access by both principals. Legislation passed by the state Senate would reinforce such policies by specifically requiring a judicial warrant for public schools to let immigration authorities into nonpublic areas, allow students to be questioned or disclose information about students and their families. 'Having ICE in our schools means that you'll have parents who will not want to send their kids to school at all,' Democratic state Sen. Scott Wiener said in support of the bill. But some Republicans said the measure was 'injecting partisan immigration policies' into schools. 'We have yet to see a case in California where we have scary people in masks entering schools and ripping children away,' said state Sen. Marie Alvarado-Gil. 'Let's stop these fear tactics that do us an injustice.'
