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Hello Bitcoiners,
Laws move slower than markets. But they hit harder. This is issue #83 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:
💰 $30M Against Brown
Crypto PAC Fairshake confirmed a $30 million campaign against former Sen. Sherrod Brown in Ohio.
📝 CFTC Moves Solo
On September 17, the CFTC sent draft market rules to the White House for review. The text is not public.
⚖️ Lummis Fires Back
Sen. Lummis says the CLARITY Act would have applied securities fraud liability to token issuer disclosures.
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USA
Crypto PAC Commits $30 Million Against Sherrod Brown
Fairshake, a crypto industry super PAC (a group that can spend unlimited sums on elections but not coordinate with candidates), confirmed a $30 million campaign against former Sen. Sherrod Brown in Ohio. He faces Sen. Jon Husted on November 3.
This race helps decide Senate control, which decides who writes the next market structure bill and whether self-custody protections survive it. Brown formerly chaired Senate Banking. Check your own candidates' votes before November 3.
CFTC Starts Writing Market Rules Without Congress
On September 17, the CFTC, the federal commodities regulator, sent draft rules for Bitcoin and other crypto asset markets to White House review. It is a "prerule," an early step before any formal proposal. The text is not public.
No new obligation hits you today. The titles point to trading venues. Agency rules, unlike laws passed by Congress, can be undone by the next administration. Keep sats in self-custody and speak up when the public comment window opens.
CLARITY Act Is Dead for Now
Sen. Lummis responded to Democrats who said the bill lacked investor protection: the CLARITY Act would have applied Securities Act Section 17(a), a rule that makes it illegal to lie or mislead when selling securities, to token issuer disclosures.
Bitcoin has no issuer, so Section 17(a) liability would hit token projects, not your sats. But without the CLARITY Act, there is no federal statute dividing SEC and CFTC authority, and no written fraud standard for token disclosures either.
Worldwide
🇪🇺 ECB Enters Tokenized Bonds
The European Central Bank will invest part of its reserves in tokenized government bonds, settled through Pontes, its new platform for blockchain-based securities in central bank euros. Full rollout is expected by 2028.
🇬🇧 UK Raids P2P Traders
On September 10, UK regulator FCA, tax authority HMRC and London police ordered three suspected peer-to-peer trading businesses to stop. UK law requires registration to buy and sell crypto as a business.
🇦🇪 US Stalls, UAE Gains
After the Senate blocked the CLARITY Act 49-50, Dubai lawyer Irina Heaver told CoinDesk the UAE regulates 110+ crypto businesses, with about 20 more pre-approved.
🇫🇷 France: Three Kidnappings Weekly
French authorities have recorded 70+ kidnappings and hostage-takings of crypto holders since January, up from 18 cases in 2024. Gangs found them through leaked personal data.
🎣 €600K Clone Scam
A French business owner lost over €600,000 to scammers posing as managers of his licensed exchange. They knew he was a new client and steered him to an exact copy of its website.
🏦 BoE Stablecoin Rules
The Bank of England's consultation on rules for stablecoins closes September 22. Bitcoin Policy UK's response questioned the 30% deposit at the Bank and personal data collected when users cash out.
⚖️ Celsius Sues BitMEX
Bankrupt lender Celsius's estate sued exchange BitMEX on September 12, seeking 6,360 BTC (about $495 million) forcibly sold from leveraged positions during the March 2020 crash. The claims are unproven.
🇰🇷 Korea's 24-Hour Won
South Korea's central bank began testing a network on September 21 that settles won payments 24 hours a day on business days, so foreign investors can settle outside Korean banking hours. Full launch: January 2027.
🇻🇳 Vietnam Licenses Pending
Vietnam expects its first licensed crypto exchanges to open in 2026. Five firms passed initial screening; none was licensed by August 30. Six months after the first license, trading on unlicensed platforms will draw fines.
🇷🇺 Russia's Crypto Market Goes Live
Russia's central bank says rules for its legal crypto market could be finalized by December. Sberbank plans to launch a Bitcoin wallet and custody by then. Bitcoin payments remain banned; only exchange trading is allowed.
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Ask Satoshi's Lawyer
Every week I answer one real question about Bitcoin law, regulation, or policy that affects your life as a stacker. No fluff. Just signal.
This week: What are the implications of the Senate voting against cloture on the CLARITY Act?
On September 15, the Senate fell short of the 60 votes needed to debate the CLARITY Act. The bill is not law, and regulators now write the rules.
The SEC and CFTC now set the rules. Without a law from Congress, both agencies are writing their own frameworks. The CFTC sent draft market rules to the White House on September 17. The SEC issued a temporary exemption for tokenized stock trading.
Agency rules are weaker than laws. A law requires another law to undo it. An agency rule can be rewritten by the next administration or struck down by a single court decision. Nothing written today is guaranteed to survive 2029.
The bill is not dead, but the window is narrow. Sen. Tillis filed a motion to reconsider. The realistic path is the post-election lame-duck session. If nothing passes before January 3, 2027, the bill expires and starts over.
No federal law protects self-custody yet. The CLARITY Act would have written one in: the Senate text barred federal agencies from restricting lawful self-custody, and a late addition stopped dormant self-custodied coins from being treated as abandoned.
Got a legal or regulatory question you want answered next Tuesday? Hit reply and send it.
The Market Knows First: Bitcoin Law on Prediction Markets
📊 CLARITY Act signed into law in 2026? — 6% Polymarket
📊 Balance of Power: 2026 Midterms — Democrats Sweep 65% Polymarket
📊 Trump eliminates capital gains tax on crypto by December 31, 2026? — 4% Polymarket
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Quote of the Day
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Regards,
— Satoshi’s Lawyer
The information contained in this newsletter does not constitute legal advice.
