Laws move slower than markets. But they hit harder. This is issue #88 of The Bitcoin Act: your Tuesday and Sunday briefing on the legal and regulatory moves that actually shape Bitcoin.

Now for today’s top stories:

🏛️ Witt Floats Reserve Budget Path
White House adviser Patrick Witt said parts of ARMA could ride a budget package needing only a simple Senate majority.

⚖️ Selig Defends Exchange Rulebook
CFTC Chairman Mike Selig said the agency’s proposed exchange rules protect customers from fraud and theft.

🕵️ Storm Contrasts Case With Treasury
Roman Storm contrasted the Justice Department's ongoing case against him with FinCEN dropping its mixer rule over concerns about chilling legitimate use.

Sen. Richard Blumenthal (D-CT, top Democrat on the Senate investigations subcommittee) asked Cantor Fitzgerald CEO Brandon Lutnick to detail the firm’s sanctions safeguards as custodian of Tether’s U.S. reserves.

Geoff Vetter (spokesman, Fairshake, the digital asset industry’s leading super PAC) said the group backs pro-innovation candidates in both parties, including 32 House incumbents, six receiving at least $1 million each.

Sen. Cynthia Lummis (R-WY) said Democrats voted against advancing the CLARITY Act, though its Senate version added their requested private right of action, letting investors sue rule-breaking brokers.

Patrick Witt (Executive Director, President’s Council of Advisors for Digital Assets, White House) said parts of ARMA, the Bitcoin reserve bill, and tax provisions could pass in a reconciliation package, a budget bill needing only a simple Senate majority, though he called it too early to tell.

Bitcoin Policy UK (Bitcoin policy group, Britain) released a new episode of its podcast On the Record, questioning how much control the Bank of England should have over privately issued money under its draft rules for widely used pound-pegged stablecoins.

FinCEN (Financial Crimes Enforcement Network, U.S. Treasury) dropped a 2020 proposal forcing banks and exchanges to report self-custody transfers over $10,000, calling it part of efforts to keep rules “fit-for-purpose.”

Mike Selig (Chairman, Commodity Futures Trading Commission) argued its proposed exchange rules shield customers from fraud, manipulation and theft, warning critics defending the status quo invite another Sam Bankman-Fried.

Roman Storm (developer, Tornado Cash, a coin-pooling privacy tool) contrasted the Justice Department’s ongoing case against him with FinCEN withdrawing its mixer rule over concerns it could chill legitimate activity.

Paul Turner (Detective Sergeant, Tasmania Police, Australia) warned that being asked by an online contact to deposit cash into a coin ATM likely signals a scam, and recommended checking with family or police first.

ESMA (European Securities and Markets Authority, EU markets regulator) asked whether clearing houses can safely accept tokenized collateral, security posted in token form, with feedback due January 15, 2027.

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🇬🇧 3 – The United Kingdom sanctioned 3 exchanges, including Cryptomus and TokenSpot, for allegedly helping Russia dodge Western penalties. Their British assets are now frozen. Foreign, Commonwealth & Development Office

🇬🇷 10% – Greece’s draft bill would tax Bitcoin gains at 10%, with annual gains up to €500 exempt. The bill goes to parliament in November. CoinDesk

🔒 1,230 – Raheim Hamilton, co-creator of dark-web drug market Empire Market, agreed to forfeit 1,230 Bitcoin, worth about $101 million. He was sentenced to 40 years in federal prison. CoinDesk

🇮🇷 $1 billion – Treasury Secretary Scott Bessent said Thursday the United States will "probably" seize $1 billion in Iran-linked tokens this week. He did not say whether it adds to the $1 billion he claimed was seized in May. The Block

⚖️ $35 million – New York’s attorney general secured up to $35 million in conditional payments and a lifetime industry ban from Alex Mashinsky, former chief executive of custodial lender Celsius. Office of the New York Attorney General

🌏 Monday, October 12 – International Monetary Fund and World Bank Annual Meetings open, Bangkok – Finance ministers and central bank governors from over 190 countries meet through Sunday.

🇫🇷 Tuesday, October 13 (expected) – France’s 2027 budget reaches the National Assembly floor – Lawmakers debate the tax side of the budget all week. One amendment would make swapping Bitcoin into stablecoins a taxable event from January 1, 2027.

🇫🇷 October 13–18 – France’s Bitcoin tax amendments face a floor vote – A committee backed an exit tax on unrealized gains for households holding more than €800,000 in Bitcoin and other crypto-assets when they move abroad. It also backed letting losses offset gains for 10 years.

🇬🇧 October 13–14 – Open Banking Expo UK & Europe, London – This is not a Bitcoin event. Over 1,800 bankers, fintechs and regulators discuss open banking, meaning apps that access your bank data with your consent.

🇺🇸 Thursday, October 15 – DC Privacy Summit, Washington – Cryptographers, developers, lawmakers and regulators debate digital ID, age verification and privacy tools. It matters if you care about spending privately from self-custody.

🇹🇭 Friday, October 16 – Thailand’s Bitcoin ETF rules take effect – Thai asset managers can list Bitcoin ETFs on the Stock Exchange of Thailand. The coins must sit with custodians approved by Thailand’s Securities and Exchange Commission. 

🇸🇬 Friday, October 16 – Singapore’s stablecoin consultation closes – Public feedback on stablecoin changes to the Payment Services Act 2019 ends. Under the proposal, regulated issuers must be able to freeze coins.

🌏 Friday, October 16 – International Monetary Fund and World Bank plenary session, Bangkok – This is the main session of the week, where governors from member countries set the tone for global finance.

"Freedom is indivisible. As soon as one starts to restrict it, one enters upon a decline on which it is difficult to stop." ― Ludwig von Mises

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