Welcome to issue #31 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:

🇺🇸 Delaware Pushes Stablecoin Licensing
Delaware introduced SB 19, creating a new licensing regime for stablecoin issuers and updating banking law to treat Bitcoin as personal property.

🏛️ SEC Sends Token Classification to White House
The SEC delivered a new interpretation to the White House that excludes Bitcoin, stablecoins, NFTs and many utility tokens from securities classification.

🏦 Clarity Act Yield Language Leaked
Latest Senate draft of the CLARITY Act bans passive yield on stablecoin balances and keeps rewards narrowly limited to prevent competition with bank deposits.

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Delaware lawmakers introduced Senate Bill 19, the Delaware Payment Stablecoin Act, along with banking modernization bills. SB 19 creates a new state licensing regime for payment stablecoin issuers and related service providers operating with or on behalf of Delaware residents, including capital requirements, redemption rules, AML compliance, and consumer protections. The bills also update Delaware’s outdated banking code to treat Bitcoin as personal property and allow state-chartered banks to hold and manage it in a fiduciary capacity.

For Bitcoiners, this means Delaware, the corporate capital of America, is racing to become a friendly home for dollar-pegged tokens while officially recognizing Bitcoin as property. In everyday life, it could lead to more reliable on-ramps and custody options domiciled in a pro-business state, but it also signals that even “friendly” regulation brings licensing, capital rules, and compliance costs that favor well-funded players.

The Block

The SEC transmitted a formal interpretation to the White House that creates a clearer taxonomy for tokens. It excludes NFTs, stablecoins, certain utility tools, and most crypto-related assets from being treated as securities, while distinguishing them from true investment contracts. The document, developed jointly with the CFTC, aims to reduce the gray zone that has fueled years of enforcement actions.

For everyday Bitcoin holders, this is meaningful progress: it strengthens the case that pure Bitcoin is not a security, potentially limiting future SEC attacks on self-custody tools, nodes, and peer-to-peer use. In your daily stack management, it reduces some legal uncertainty when buying, holding, or moving sats, though it still leaves plenty of gray areas for anything that smells like a promise of profit.

CoinTribune

The latest Senate draft of the CLARITY Act, negotiated by Senators Thom Tillis and Angela Alsobrooks, bans passive yield or rewards simply for holding a dollar-pegged token. Rewards may still be allowed for actual activity (such as payments or usage), but the language is intentionally narrow to prevent anything resembling bank-deposit interest and avoid deposit flight from traditional banks.

For Bitcoiners who value sound money and self-sovereignty, this is a reminder that the CLARITY Act is being shaped more by bank lobbyists than by Bitcoin principles. The longer it drags with these compromises, the more your sats face a regulatory environment tilted toward protecting fiat deposits rather than protecting your right to hold and use hard money freely. Keep your keys cold, minimize reliance on custodial dollar tokens, and stack real Bitcoin, the only money that doesn’t need permission or yield tricks to survive.

CoinDesk

🇧🇷 Brazil Delays Controversial Crypto Tax
Brazil’s finance minister postponed a divisive tax plan that would treat certain crypto transactions as foreign exchange operations subject to rates up to 3.5%, citing risks of congressional conflict ahead of elections.

🇫🇷 Final Suspect Arrested in Ledger Kidnapping
Spanish authorities captured the last fugitive in the 2025 kidnapping of Ledger co-founder David Balland, who was tortured and held for a €10 million Bitcoin ransom.

🇮🇷 SBF Praises Trump Iran Strikes
Jailed FTX founder Sam Bankman-Fried publicly backed President Trump’s military strikes on Iran from prison, fueling speculation he is seeking a presidential pardon.

🇰🇷 South Korea Seeks Private Custodian for Seized Bitcoin
South Korea’s tax agency is tendering for a private custodian to hold seized Bitcoin after a major seed phrase leak exposed $4.8 million in government-held sats.

🇱🇺 Luxembourg Implements EU Crypto Reporting Rules
Luxembourg passed legislation to enforce the EU’s DAC8 directive, requiring Bitcoin platforms to report user holdings and transactions to tax authorities from January 2026.

🇨🇦 Canada Views Bitcoin as Core Financial System
Canadian officials stated Bitcoin and blockchain are now part of the country’s core financial system, while continuing strict risk-based regulation and stablecoin oversight.

🇰🇷 South Korea Opposition Wants to Scrap 22% Bitcoin Tax
South Korea’s opposition party proposed abolishing the planned 22% tax on Bitcoin gains set for 2027, with the ruling party agreeing to review the idea.

🇨🇦 Canada Revokes 47 Crypto Licenses
Canada’s FINTRAC revoked 47 crypto-related money services business registrations this year as part of an intensified crackdown on money laundering risks.

🇬🇧 Reform UK Accused of Hiding Crypto Donations
Reform UK is accused of converting Bitcoin donations into cash through a third party to obscure donor identities, prompting calls for an Electoral Commission investigation.

🇸🇬 Singapore Requires Licensing for Overseas Operations
Singapore passed new laws forcing domestically registered Bitcoin firms operating abroad to obtain a local license for AML and counter-terrorism compliance.

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"It is the rule of law alone which hinders the rulers from turning themselves into the worst gangsters." — Ludwig von Mises

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