Welcome to issue #42 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:

🇨🇿 Czech Central Bank Makes the Reserve Case
Governor Aleš Michl argues a 1% Bitcoin allocation raises portfolio returns without adding risk.

📜 Market Structure Bill Heads to Markup
Fox Business reports the bill is "headed toward markup soon," with Republican votes secured.

🪖 Pentagon Calls Bitcoin a War Tool
Secretary of Defense Pete Hegseth declares Bitcoin a tool of U.S. military power projection.

Help spread the signal, and get paid in sats for it. The Bitcoin Act runs a tiered affiliate program.

Every milestone you hit triggers an automatic email asking for your Lightning address.

Reply, and the sats are sent. → 1 referral = 21 sats → 5 referrals = 210 sats → 10 referrals = 2,100 sats

Track your progress anytime from the referral dashboard. Your referral link: {{rp_refer_url}}

Secretary of Defense Pete Hegseth stated that Bitcoin is a tool of power projection for the U.S. military, formally aligning the Pentagon with the national security case for Bitcoin.

Federal Judge Lewis Kaplan rejected Sam Bankman-Fried's bid for a new trial, calling his new evidence claims a "reputation-saving plan." His 25-year fraud conviction stands.

Commentator Magoo PhD noted that FBI Director Kash Patel and Deputy AG Todd Blanche drew a nearly empty room at Bitcoin 2026, revealing how deep Bitcoiner distrust of law enforcement runs.

Ways & Means Chair Jason Smith warned that Bitcoin tax legislation must be bipartisan or he won't move it, putting the entire tax clarity effort on hold pending Democrat cooperation.

Fox Business reported that Bitcoin market structure legislation is "headed toward markup soon," with Republican votes secured, the clearest signal yet that May is the real deadline.

Czech National Bank Governor Aleš Michl argued at Bitcoin 2026 that a 1% Bitcoin allocation raises reserve portfolio returns without increasing risk, becoming the first sitting EU central bank governor to publicly make that case.

Coinbase CEO Brian Armstrong responded with three words, "Mark it up", after senators Tillis and Alsobrooks finalized a stablecoin yield compromise, potentially unblocking the long-stalled Clarity Act Senate markup.

Roman Storm (Tornado Cash developer) warned that software engineers and non-custodial builders can be prosecuted for writing code, even if it's decentralized and immutable. He shared how the government can still charge you as a money transmitter and raid your home with SWAT teams.

BlackRock urged the OCC to drop a proposed 20% cap on tokenized reserve assets in its GENIUS Act draft rules, protecting its BUIDL fund and pushing to expand eligible reserve asset categories.

Bitcoin Policy UK argued that Bitcoin 2026 revealed a global crossroads: Bitcoin is being institutionalized while governments expand KYC and surveillance, forcing a choice between free neutral money and controlled financial infrastructure.

The first people to open and read this newsletter can claim 21 sats! Learn interesting things and earn sats while you’re at it! 👇

🏧 4,000 – Canada proposes banning all Bitcoin ATMs nationwide, citing fraud and money laundering. With nearly 4,000 machines operating, Canada has the highest concentration per capita in the world. Yahoo Finance

💸 $10M – Celsius founder Alex Mashinsky hit with a $10M FTC settlement and a lifetime ban from the financial industry, on top of his 12-year prison sentence for commodities fraud. The Block

📋 Resolution No. 561 – Brazil's central bank formally banned Bitcoin and stablecoins from its regulated cross-border payment framework, pushing all international transfers back into traditional FX channels. The Block

🇰🇵 $285M – North Korea stole 76% of all 2026 hack value through just two attacks, with Drift losing $285M and KelpDAO $292M in 17 days. Rogue states are self-funding through protocol weaknesses. TRM Labs

🇹🇼 80% – Taiwan's Bitcoin reserve push escalates as a legislator delivers a Bitcoin Policy Institute report to the premier, arguing that Bitcoin can diversify reserves currently 80% denominated in U.S. dollars. PR Newswire

📌 May 5, 10:35 AM — Rep. Horsford Fireside (Consensus Miami — Workshop Stage) — The congressman behind the new Parity Act on Bitcoin taxation speaks. First real test of whether the tax reform bill has legs.

⚖️ May 5, 10:45 AM — Roman Storm Trial Lessons (Consensus Miami — Spotlight Stage) — Cooley partner Brian Klein breaks down what Storm's first trial means heading into the second. The most important open-source privacy case in the U.S. right now.

🏛️ May 5, 4:10 PM — CFTC Chairman Selig Fireside (Consensus Miami — Anchorage Digital Mainstage) — The man who would oversee Bitcoin under the CLARITY Act speaks publicly. Listen for any markup timeline signals.

🇺🇸 May 6, 10:50 AM — Crypto in DC Panel (Consensus Miami — Anchorage Digital Mainstage) — Blockchain Association and Jito Labs on the industry's evolving Washington relationship. Useful temperature check on where lobbying stands.

🗓️ May 6 — Federal Reserve Bank of New York Monetary History Conference (Day 1) — Fed historians and economists discuss monetary policy alternatives. Bitcoin increasingly enters these rooms whether invited or not.

🏛️ May 7, 11:40 AM — Senator Ashley Moody Fireside (Consensus Miami — Anchorage Digital Mainstage) — A sitting U.S. Senator closes Consensus. Last major signal opportunity before the expected CLARITY Act markup week. 

🏦 May 7, 9:00 AM — Swiss National Bank Foreign Currency Reserves (End of April) — SNB publishes its April reserve figures.

⛰️ May 14–16 — Bitcoin Economic Forum, Brittany (France) — Three days on sovereignty, privacy, and legal threats: fiat not accepted, Bitcoin only. The kind of conversation that doesn't happen at Consensus.

“It is the opinion appearing chiefly in their writings [of Adam Smith and his followers] that the institutions of economy are always the intended product of the common will of society as such, results of expressed agreement of members of society or of positive legislation.” — Carl Menger

Refer Bitcoiners. Earn sats at every milestone, 21, 210, or 2,100, sent straight to your Lightning wallet. ⚡

Your referral link: {{rp_refer_url}}