There may be nothing stunning about Senator Cynthia Lummis, a Wyoming Republican recognized to be among the many staunchest crypto supporters within the U.S. legislature, revealing a sizable Bitcoin (BTC) buy that she had made earlier in the summertime. It’s nonetheless oddly satisfying to watch the alignment between a politician’s long-declared stance on a problem and corresponding financial conduct (Lummis had been hodling BTC since 2013). Such consistency will probably be a norm in blockchain-based governance methods the place people’ pursuits are aligned with these of the whole group and the place all data that may very well be of distant public curiosity is clear.
Under is the concise model of this article. For the total breakdown of coverage developments over the past week, register for the total publication beneath.
Debt ceiling staved off
Final week lastly noticed the decision, if momentary, of the weeks-long saga around the U.S. federal government’s borrowing cap, and there’s now certainty that the Treasury Division will have the ability to meet its monetary obligations till early December a minimum of. This time round, the unimaginable prospect of the nation’s default on its debt appeared a bit much less unimaginable than normal, as Senate Republicans took a stand to protest what they see as an irresponsible Democratic spending spree.
Whereas opinions on the short-term results of the debt ceiling uncertainty on the crypto market differed, there was a close to consensus across the notion that in the long term, the political weaponization of federal debt coverage will erode belief within the buck.
Letting the watchdogs out
It has emerged that Coinbase shouldn’t be the one main crypto trade participant that’s being harassed by the Securities and Trade Fee. Circle, the agency behind USD Coin (USDC), has revealed receiving an investigative subpoena from the company again in July, additionally stating its willingness to “cooperate absolutely.”
Over within the enforcement realm, a serious announcement got here from Deputy Legal professional Normal Lisa Monaco, who has lately been outstanding within the DOJ’s efforts to fight ransomware and cyberattacks. Talking on the Aspen Institute Cyber Summit, Monaco stated that the Justice Division launched the National Cryptocurrency Enforcement Team so as to enhance the federal government’s capability to disrupt monetary networks facilitating cybercrime.
100+ CBDCs are coming
Kristalina Georgieva, managing director of the Worldwide Financial Fund, spoke favorably of digital currencies last week. Expectedly, she referenced central financial institution digital currencies, or CBDCs, which sit tight inside the regulatory perimeter. Extra apparently, Georgieva shared some beforehand undisclosed numbers on what number of international locations are at some stage of exploring or creating CBDCs.