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Understanding Desantis' Anti-CBDC Bill and Its Political Implications

Desantis separates a CBDC from something like Bitcoin. A CBDC must come from a “Sovereign central bank or government.” They also wisely note that with a CBDC, there is no need for a bank. Why need a bank when everyone is connected directly to the Federal Reserve through an app?

The analysis further states: “In other words, the definition of “money” in the UCC model amendments excludes digital currency, unless such digital currency has been authorized or adopted by the federal government.

"In effect, the UCC model amendments open the door for the implementation of U.S. CBDC while excluding any other digital currency not issued by a centralized bank that has not been adopted by the government (i.e., Bitcoin or the like, cannot be elevated to the status of money). These suggested model amendments have not been adopted by Florida.”

SEC & CFTC Gang Up On Binance

The lawsuit, filed in the U.S. District Court for the Northern District of Illinois on Monday, alleged that Binance operated a derivatives trading operation in the U.S., offering trades for cryptocurrencies including bitcoin (BTC), ether (ETH), litecoin (LTC), tether (USDT) and Binance USD (BUSD), which the suit referred to as commodities. The suit also alleged that the company, under Zhao’s leadership, directed its employees to spoof their locations through the use of virtual private networks.

The CFTC is charging Binance with violating laws around offering futures transactions, “illegal off-exchange commodity options,” failing to register as a futures commissions merchant, designated contract market or swap execution facility, poorly supervising its business, not implementing know-your-customer or anti-money laundering processes and having a poor anti-evasion program.

The Crypto Community Needs To Primary Elizabeth Warren In 2024

Warren’s power comes from strategic political decisions in 2020’s Democratic primary. Warren stayed in the primary long enough to kill Bernie Sanders chance of clinching the Democratic nomination, allowing Biden to become 2020’s Democratic nominee. This political play has given Warren an incredibly powerful position in the Biden admin’s network. It is no coincidence that Warren was very close with MIT professor Gary Gensler, who is now the Chair of the SEC.

Taking on Warren will be like no battle the Web3 world has seen before. It is going to take a solidly united front with coordination at all levels, but nothing is impossible. The crypto community is heavily divided. If they can can unite over a single enemy, it would be a feat not seen in the industries history.

Featured Podcast/Youtube

In this episode of "Around The Table," hosted by JoshuaJake and Samuel Armes, the guest is John Montague, Managing Attorney at Montague Law. The focus of the discussion is the regulatory landscape for cryptocurrencies and related technologies in the US, with particular attention to the roles of the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).

Analytical Data

Hong Kong to facilitate banking and financing for 💰Bitcoin and crypto firms in attempt to become a global hub - Bloomberg

5 MAJOR BANKS RAIDED over $100 BILLION fraud in France. Banks Raided: - HSBC - Societe Generale -BNP Paribas -Exane -Natixis

Microstrategy: Acquired 6,455 💰 Bitcoins for Approximately $150.0 Million, at an Average Price of $23,238 Per Bitcoin. MicroStrategy said it now holds 138,955 BTC acquired for approxiamtely $4.14 billion at an average price of $29,817.

Like American cos, European cos had been building their own credit buffers borrowing from banks while banks were still willing to loan. That's over now. Again, at the same time curves shifted to huge inversions, suddenly lending to NFCs dried up. 

All this collateral demand shows how the global monetary tide is still rolling back and it is likely to keep revealing all those who have been swimming naked. Credit Suisse or SVB were just the most obvious and closest to shore.

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