Law Decoded: Infrastructure woes and benevolent punishments, Sept. 27–Oct. 3
As House Democrats grapple over the infrastructure bill, the Biden administration and Federal Reserve eye stablecoin regulation. This week, United States lawmakers and regulators have stolen much of the spotlight once more. The cryptocurrency-related provisions of the infrastructure bill, a tiny grain of sand in the grand scheme of the omnibus legislation, had all laser eyes glued to the fateful House of Representatives vote — which never happened. There is a sense, however, that the bill will become law sooner rather than later. We have also learned from Federal Reserve Chair Jerome....
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The idea of a benevolent dictator for Bitcoin has become a topic of conversation throughout the community lately due to Mike Hearn's role as the final authority for changes in Bitcoin XT. Although it should be made clear that Hearn is able to dictate only policy for that particular implementation of the Bitcoin protocol, some individuals are turned off by the idea of having a single point of failure in the development process. Blockstream co-founder and President Adam Back is one such person, and he shared some of his views on the subject during a recent interview with Epicenter Bitcoin.....
The end of the U.S. federal government's fiscal year brought a cascade of major announcements from agencies. Every Friday, Law Decoded delivers analysis on the week’s critical stories in the realms of policy, regulation and law.Editor's noteIn a tweet late last night, President Trump said that he and Melania had tested positive for COVID-19. If you weren’t already aware of that, you may want to catch up on a deluge of wishes for life and death, alongside speculation as to Trump’s announcement being a hoax, before sitting down to this week’s Law Decoded. Or possibly not.Every week leading....
How may the $1 trillion infrastructure bill impact the thriving DeFi ecosystem and crypto community at large? Members of the crypto community have been up in arms recently about the $1 trillion infrastructure bill that the United States House of Representatives was expected to vote on this week. The legislation includes a crypto-tax reporting provision, along with the establishment of a definition for the term “broker.” House lawmakers stated that a vote for the infrastructure bill would take place on Thursday, Sept. 30, yet Congresswoman Nancy Pelosi announced on Sept. 29 that the....
In Russia a report from Forklog reveals the Ministry of Finance has created a new version of sanction for many of the uses of Bitcoin. The law applies to those who “manufacture, acquire for the purpose of selling, as well as their distribution may be punished”. Calling it a “turnover of money substitutes” the punishments are up to 300 thousand Rubles or....
The final Law Decoded moves away from specific news to reflect on the biggest legal issues facing crypto. Editor’s noteLadies and gentlemen, it is bittersweet to welcome you to the final installment of Law Decoded, at least with yours truly at the helm. Though someone may pick this newsletter back up at some point, there are no plans to do so now.Taking advantage of the rose-tinted glasses or maybe the graduation goggles that are in effect for this final newsletter, I will be shaking up the format. As last week’s Law Decoded focused on a few long-standing stories in crypto, this week, I....