There is nothing stunning about Senator Cynthia Lummis, a Wyoming Republican identified to be among the many staunchest crypto supporters within the U.S. legislature, revealing a large Bitcoin (BTC) buy that she had made earlier in the summertime. It continues to be 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 shall be a norm in blockchain-based governance methods the place people’ pursuits are aligned with these of your entire group and the place all info that could possibly be of distant public curiosity is clear.
Below is the concise model of this article. For the complete breakdown of coverage developments over the past week, register for the complete e-newsletter beneath.
Debt ceiling staved off
Last week lastly noticed the decision, if short-term, of the weeks-long saga across the U.S. federal authorities’s borrowing cap, and there’s now certainty that the Treasury Department will be capable of 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 standard, as Senate Republicans took a stand to protest what they see as an irresponsible Democratic spending spree.
While 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 dollar.
Letting the watchdogs out
It has emerged that Coinbase will not be the one main crypto trade participant that’s being harassed by the Securities and Exchange Commission. 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 fully.”
Over within the enforcement realm, a significant announcement got here from Deputy Attorney General Lisa Monaco, who has lately been outstanding within the DOJ’s efforts to fight ransomware and cyberattacks. Speaking on the Aspen Institute Cyber Summit, Monaco stated that the Justice Department 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 International Monetary Fund, spoke favorably of digital currencies final week. Expectedly, she referenced central financial institution digital currencies, or CBDCs, which sit tight inside the regulatory perimeter. More curiously, Georgieva shared some beforehand undisclosed numbers on what number of international locations are at some stage of exploring or creating CBDCs.