Let's discuss
After much speculation, it seems that today is the day that Steve Munchin Butts is going to make his announcement regarding the Treasury Department's actions towards Bitcoin exchanges and how they are allowed to engage with their customers. Many thought last week was the week, but an announcement never came and apparenty today is the absolute last day Munchin Butts can do anything between now and the inauguration of Joe Biden. Who knows if anything will actually happen at this point as many were certain the actions would have been taken at this point, but many people are still ringing the alarm bells and posturing as if an announcement is imminent.
I am deeply concerned that the Treasury Department is considering a hasty rule governing self-hosted digital asset wallets and the Bank Secrecy Act (BSA). (2/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
America is in a battle for competitiveness with China and Russia for the future of finance. Without broad consensus, a rule would be a step backward at the moment our country is beginning to realize the transformative effects of digital assets and financial technology. (4/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
Treasury's rule would also likely be adopted without public comment under an often-abused portion of the Administrative Procedure Act. Transparency makes good policy. It’s really that simple. Let the sunshine in, Mr. Secretary. (6/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
My state of Wyoming has set the bar high for the rest of the country in promoting responsible financial innovation, including BSA compliance. The Treasury Department should take note. I look forward to building on this strong foundation in the United States Senate. (8/8)
— Cynthia Lummis (@CynthiaMLummis) December 18, 2020
Our good friend Senator Cynthia Lummis is one of the individuals currently ringing the alarm bells and I wanted to share her tweet thread with you freaks this afternoon because I think her message echoes what we have been saying in this rag for the last few weeks and does an even better job at framing the scenario. As we said exactly a week from today, "Americans are potentially about to be deprived of the opportunity to exercise their God given right to protect their private property. In this case, their bitcoin." If Munchin Butts moves forward with regulation that would restrict self-custody of bitcoin to any extent the statement certainly rings true, but giving more context to the situation is necessary. Not only would these regulation trample on the God given freedoms endowed to every American citizen, it would give our worst enemies an advantage.
Cynthia's push for a conversation on Capitol Hill is something every Bitcoiner should be echoing at this very moment. Rule by dictat is not the American way and a lengthy discussion about the long term repercussions of onerous regulations thrust on a budding, innovative industry is in order. Be prepared for both civil disobedience and civil discussion. Let's hope the latter prevails.
**Correction: in yesterday's issue your Uncle Marty wrongly stated that Slush Pool is launching a derivatives market in early 2021. This is not true. The company plans to launch a hashrate spot market in 2021 and has sights on building out derivatives products in stages over time. Hashrate derivatives are on the roadmap but will take some time.**
Final thought...
I've been having the weirdest dreams lately.
Enjoy your weekend, freaks.
