Welcome to the 16th 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:

🇺🇸 Booker: Crypto Bill Hits “Red Zone”

Sen. Cory Booker says the bill is advancing fast but still lacks key DeFi and Bitcoin protections.

⚖️ CFTC: Project Crypto Redraws Bitcoin Rules

Chair Michael Selig says the initiative will clarify Bitcoin taxonomy, jurisdiction, and trading rules.

🏛️ House Dems: SEC Case Drops Questioned

Democrats warn dismissed crypto cases may signal political influence and weaker oversight.

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Sen. Cory Booker (D-NJ) warns the bill misses key DeFi protections for Bitcoin ecosystems. “We’re almost in the red zone… I see a bipartisan glide path,” he said, frustrated by the lack of consensus.

Kodex Academy argues the bill elevates Bitcoin to “sovereign-grade money”: non-inflationary, tax-friendly, and reserve-ready, reducing friction and accelerating adoption at the protocol level.

Michael Selig (CFTC Chair) explains Project Crypto will clarify Bitcoin taxonomy, jurisdictional lines, and enable permissionless innovation while drafting rules for leveraged Bitcoin trading and defending CFTC derivatives jurisdiction.

Julian Fahrer (legal expert) argues Bitcoin’s legal landscape is moving toward integration and clarity, with Project Crypto potentially bringing regulatory support without harming growth.

Morrison Foerster (law firm) notes Project Crypto signals coordinated regulation that could legitimize Bitcoin as a reserve asset and simplify tax compliance for holders.

Walker, host of a Bitcoin podcast, explains Bitcoin’s downside volatility spikes because wash-sale rules don’t apply, letting holders harvest tax losses during dips.

Peter Schiff mocks Bitcoin’s real-world use, sarcastically noting: “I’ve been in El Salvador. Where Bitcoin is legal tender.”.

House Financial Services Democrats warn the SEC’s dismissal of major crypto cases raises serious questions about political influence and investor protection priorities.

📊 12-11 – Senate Ag Committee (Jan 29) advances Digital Commodity Intermediaries Act on party-line vote. First crypto bill past a Senate committee. Senate

🎲 50–54% – Polymarket odds Clarity Act / major crypto bill signed in 2026 (down from ~80% early Jan after industry pushback). Polymarket

💰 ~$78,500–78,600 – Bitcoin price Feb 1, 2026 close (down ~0.4–0.5% intraday amid regulatory uncertainty). Yahoo

👀 -10–12% – Bitcoin weekly drop (late Jan highs ~$88–89k → Feb 1 ~$78.5k) tied to tax-loss selling & bill sentiment. CMC

“I don’t believe we shall ever have a good money again before we take the thing out of the hands of government. If we can’t take it violently out of the hands of government, all we can do is, by some sly roundabout way, introduce something that they can’t stop.” — Friedrich Hayek

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