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.
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.**
I've been having the weirdest dreams lately.
Enjoy your weekend, freaks.