Month 26th 2024
Three big events in crypto + US regulation occurred this past week. They all seemed to blur together so I untangled it. Here’s what happened:
- CBDC Anti-Surveillance State Act was passed 216/192
- FIT21 - The Financial Innovation & Technology for the 21st Century Act was passed 279/136
- Ethereum ETF Applications approved by The SEC
1. The Central Bank Digital Currency (CBDC) Anti-Surveillance Act:
“…halts unelected bureaucrats from issuing a central bank digital currency, or CBDC, that would be detrimental to Americans’ right to financial privacy.
2. FIT21 was a Coinbase initiative straight out of the Uber playbook. Buidl an army of citizens who use their product (via StandWithCrypto) to fight the army of boomers who oppose change. The act claims to do 4 things for the “digital asset” space:
- Ensure consumer protections
- Foster innovation
- End regulation by enforcement
- Promote American fintech leadership
Both acts were heavily supported by Republicans and a few independently minded Democrats were swayed. You can see whether your local representative voted for or against both acts here & here.
3. For the ETH ETF, the SEC’s approved applications from various exchanges to list eight different ether funds. The order technically does not approve the funds themselves or set a date for the ETFs to begin trading. But it’s sorta inevitable at this point.
First they ignore you, then they laugh at you, then they fight you, then you win.
This all sounds like a win. But what game are we playing? The government regulation of crypto game? That’s not a game I want or need. I wouldn’t use a CBDC, I have bitcoin. I don’t care for regulatory clarity around crypto. And hopefully if you’re reading this you already know how to buy ETH, take custody and stake it without an ETF. We don’t need any of this and we shouldn’t be cheering for it.
To the moon 🚀 — @GΞR฿Z Founder & Creator @ BitLift
“The Cycle” Update
Here’s where I think we’re at in The Cycle. In a recent episode of the podcast, Brian and I discussed an inflection point where Bitcoin dominance tops out and Ethereum begins to outperform. This also brings a world of chaos as seasoned projects begin to clarify their narratives and new projects launch to support those narratives. But what will those narratives be? This is the question…
Crypto Podcast Snips
I listen to a ton of crypto podcasts and started bookmarking important moments using Snipd to share with you guys on Instagram, TikTok and YouTube.
Kevin Sekniqi on “The AVAX Thesis”
Patrick O’Grady on “The Architecture of AVAX”
Patrick O’Grady on “AVAX is Subnets”
Keep Up With Crypto
What I’m reading, watching, sharing and keeping an eye on in crypto recently.
From the BitLift Discord
@GERBZ: Happy Bitcoin Pizza Day! Here's the original conversation which lead to the first "real world" Bitcoin transaction
@GERBZ: Uniswap replied to it's SEC Wells Notice