UK Lawmaker Gloats As US Awaits Digital Assets Framework; Divided Government, Agencies

Redcoats are coming

At Blockworks’ Digital Assets Summit in London this week, Lord Chris Holmes, member of the UK House of Lords, was quoted as saying, “We have such an opportunity in the UK because we’ve seen what’s happening in the [European Union]…and indeed to a large extent what isn’t happening in the United States.” Cheeky! Blockworks’ Casey Wagner reports that British pols were clearly feeling the moment. Even the conference itself, originally scheduled for Washington D.C., was taking place in the UK. Read more.

what you should know: The British didn’t do well the last time they challenged us. But, we didn’t sit on our hands either.

divided government, agencies

In Tony Edward’s Thinking Crypto podcast, former Commodity Futures Trading Commission (CFTC) Chair Chris Giancarlo (R) responds to talk that the Securities and Exchange Commission (SEC) and CFTC are disagreeing about whether Ether is a security and commodity. Giancarlo says: “Let me say this… Thank goodness for the CFTC for the past 5 or 6 years because if the CFTC were not there holding the flame for innovation, we would only have the SEC and its relative indifference/antipathy/hostility to digital asset innovation.”

He continues: “Our founders of the United States – right or wrong – they very much believed in divided government. They felt that if government were arguing with itself, then our liberties would be safe. In a similar kind of way, that’s played out between the SEC and the CFTC. (…) But for it, we might have had a majority view coming out of the SEC dominating their approach to this…” Listen here.

new co-sponsors

Rep. Jared Huffman’s (D, CA) Crypto-Asset Environmental Transparency Act of 2023 [H.R.1460] has added Rep. Greg Casar (D, TX) as a co-sponsor. This bill is the Senate version of Sen. Edward Markey’s (D, MA) bill by the same name [S.661] which endeavors to require the Environmental Protection Agency to investigate the digital asset industry’s environmental impact. The Senate bill was re-introduced a year ago.

The “CBDC Anti-Surveillance State Act” bill added new co-sponsors in both houses.

In the Senate [S. 3801], Senator J.D. Vance (R, OH) has joined the bill which was introduced by Senator Ted Cruz (R, TX).

In the House, House Majority Whip Tom Emmer (R, MN), who originated the anti-CBDC legislation [H.R.5403], continues to add co-sponsors with Rep. Mike Kelly (R, PA) signing on.  That brings Emmer’s bill to 133 co-sponsors, all members of the Republican party who are eager to meet the conservative litmus test.

crypto ATM fliers

In Chandler, Arizona, the police claim a recent rise in crypto-related scams is requiring them to tape fliers to the top of crypto ATMs that warn about the potential for fraud. Chandler police detective Eva Zermeno tells a local CBS affiliate,  “The crypto, the payments [victims] made, it’s near impossible to trace and recover those funds.” Read more.

The police didn’t offer a detailed explanation of the fraud other than to say that crypto fraud increased 120% in Chandler last year to a total of $3.5 million.

the island of crypto

Honduras Ratchets Up Battle With Crypto-Libertarian Investors, Rejects World Bank Court – The Intercept


TBC and SAF File Amicus Brief in Coinbase Case – Texas Blockchain Council

buy and don’t hold

Fortune reports that not all Bitcoin ETF holders are “hodlers” as new market data says that the most recent 3-day outflows from Bitcoin ETFs are the largest since the launch of the new products. Nate Geraci of the ETF Store tells hodlers to stop worrying, “It’s not unusual to see ETF flows shift based on the price action in the underlying asset class – and Bitcoin has pulled back recently.” Read Fortune on Yahoo.

still more tips

Crypto’s market structure is still too fragile, says BitGo’s Mike Belshe (podcast) – The Block

An Anglo-Italian company says it has cracked bitcoin. People have questions – Financial Times

Greenpeace Catches Hell for Its ‘Explosive’ Bitcoin Mining Report – Decrypt

SBF repeatedly lied to get out of ‘supervillain’ prison term, FTX CEO alleges – Ars Technica

Crypto exchange OKX ceases services in India – TechCrunch