Welcome to the 19th issue of The Bitcoin Act, where every Tuesday and Sunday we track the legal and regulatory moves that actually shape Bitcoin, cutting through noise, narratives, and theater.

Now for today’s top stories:

🏛️ Massie to Introduce Bill Ending the Fed
US Congressman Thomas Massie plans legislation to abolish the Federal Reserve after reading The Bitcoin Standard, which champions Bitcoin as inflation-resistant sound money.

👀 Virginia Bitcoin Reserve Bill Advances
Senate Bill 557 passed committee 13–2, allowing Virginia to create a Strategic Cryptocurrency Reserve Fund and invest state funds in Bitcoin under a prudent-person standard.

🇺🇸 White House CLARITY Act Meeting Underway
White House convenes banks to resolve stablecoin yield disputes; compromise on limiting rewards may unblock the stalled CLARITY Act in the Senate this week.

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US Congressman Thomas Massie announced he will introduce a bill to end the Federal Reserve. The central bank controls America’s money supply and is often criticized for causing inflation through money printing. Massie made the decision after reading The Bitcoin Standard, a book that presents Bitcoin as superior “sound money” compared to government-controlled currency. X

Virginia lawmakers have moved forward with Senate Bill 557 to create a state Bitcoin reserve fund. If passed, the bill would allow Virginia to invest public funds directly in Bitcoin as a strategic asset. The proposal passed the Senate committee 13–2 and aims to protect state finances against inflation, following similar efforts in Texas and New Hampshire. Bitcoin Magazine

A high-level White House meeting with major banks this week could unblock the CLARITY Act, a key bill that seeks to establish clear federal rules for cryptocurrencies, including self-custody rights. Progress may require a compromise: limiting high yields (rewards) on stablecoins like USDC, which banks see as unfair competition to traditional deposits. CryptoSlate

🇰🇷 South Korea Probes Bithumb’s $43B Error
South Korea is investigating exchange Bithumb after a staff mistake accidentally sent $43 billion worth of Bitcoin to users. Most funds were recovered, but the incident revealed major operational weaknesses.

🇫🇷 French Police Arrest Six in Crypto Kidnapping
French authorities arrested six suspects after a failed kidnapping of a magistrate and her mother. The captors demanded cryptocurrency ransom and threatened violence. The victims escaped after 30 hours.

🇰🇷 South Korea Targets Crypto Market Manipulation
South Korea will increase oversight to combat price manipulation by large traders, fake volume schemes, and misleading social media posts. New rules follow recent exchange failures and aim to protect investors.

🇨🇦 Canada Sets Strict Crypto Custody Rules
Canada’s regulator CIRO introduced new custody standards for bitcoin firms. Platforms must use qualified custodians, limit self-custody, and meet tough security and insurance requirements to safeguard client assets.

⚖️ 20-Year Sentence in $74M Crypto Fraud
A man received 20 years in prison for his role in a $74 million cryptocurrency investment scam. He laundered victim funds through shell companies and fake trading platforms.

🇨🇳 China Recognizes Digital Assets as Legal Property
China declared bitcoin as protected legal property. Forbes called this move an “earthquake” that could positively impact Bitcoin prices by giving investors stronger legal certainty.

🇨🇳 China Reduces US Treasury Exposure
Chinese officials instructed banks to limit purchases of US government bonds and reduce high existing positions. The move signals continued de-dollarization efforts and diversification away from dollar assets.

🇨🇳 China Bans Unauthorized Yuan Stablecoins
China tightened its crypto crackdown by banning unauthorized offshore yuan-pegged stablecoins. Only the official digital yuan is legal, private versions are now classified as illegal financial activities.

🇬🇧 UK Sues HTX Over Illegal Promotions
The UK’s FCA is suing exchange HTX for repeatedly promoting services to British consumers without proper authorization, ignoring previous regulatory warnings.

🇻🇳 Vietnam to Tax Crypto Trades at 0.1%
Vietnam plans a 0.1% tax on bitcoin transactions, treating digital assets like stocks. The low rate aims to bring regulatory clarity while encouraging market growth.

"The equality before the law which freedom requires leads to material inequality." — Friedrich A. Hayek

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