Laws move slower than markets. But they hit harder. This is issue #65 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:

🏛️ New Hampshire Locks In Self-Custody
Ayotte signed HB 639 into law July 10, barring the state from restricting self-custody or home mining, effective September 8.

💸 FTX Pays Creditors, Three Years Late
FTX begins its fifth bankruptcy distribution July 31, ~$900 million — custodial "recovery" still cost creditors their sats.

🏦 CLARITY Act Ethics Deal Reached
Per Eleanor Terrett, the White House agreed on CLARITY Act ethics language and sent it to some Senate Republicans; nothing has passed yet.

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Governor Kelly Ayotte signed HB 639, the "Blockchain Basic Laws," on July 10, 2026. The law, effective September 8, bars New Hampshire state and local governments from restricting self-custody, Bitcoin payments, node operation, or home mining. It is enacted law, not a proposal.

If you're in New Hampshire: you can hodl in your own wallet, run a node, mine at home, and spend sats — all without a money transmitter license (a state permit for moving others' money). Consider running that node now.

Legiscan

FTX announced its fifth bankruptcy distribution: roughly $900 million to creditors starting July 31, 2026, paid via BitGo, Kraken or Payoneer to claimants who completed verification by the June 16 record date. Most claim classes reach 103–120% of dollar-denominated claims.

Not your keys, not your coins. Creditors were repaid in 2022 dollar values while Bitcoin multiplied — custodial "recovery" still cost them their sats. Never trust an exchange to hold your money. Withdraw to self-custody today; leave nothing on custodial platforms.

PR Newswire

Per journalist Eleanor Terrett on July 20, 2026, the White House agreed on an ethics package (conflict-of-interest rules covering officials) for the CLARITY Act — the pending market-structure bill splitting SEC/CFTC oversight — and sent language to Senate Republicans. Details undisclosed; nothing has passed.

More movement: White House Crypto Council chief Patrick Witt's National Guard training was deferred, keeping the administration's lead negotiator through the Senate fight, while Deputy Director Harry Jung announced he's leaving government within two weeks. Watch for updated bill text before the August recess.

Eleanor Terrett

🇷🇺 Russia's Final Vote
Russia's Duma votes July 21 on bill No. 1194918-8, legalizing licensed exchange trading and cross-border settlements, capping retail purchases at 300,000 rubles (~$3,800), keeping domestic payments banned. Not yet law; targeted effect September 1.

🌐 FATF Update
The FATF's seventh targeted update reports 83% of surveyed jurisdictions advanced Bitcoin regulation and the Travel Rule — exchanges sharing sender/receiver identities — while urging stronger oversight of offshore Bitcoin providers and flagging a freeze-resistant stablecoin from Cambodia.

🇬🇧 UK Banking Inquiry
A UK cross-party parliamentary group launched an inquiry July 21 into businesses in the sector struggling to open and keep bank accounts, collecting written evidence through August 31 before publishing recommendations to government.

🇬🇧 Burnham Takes Office
Andy Burnham became UK prime minister July 20, succeeding Keir Starmer. He previously backed making Manchester a "Web3 powerhouse," announced plans to scrap the digital ID scheme, and named John Healey chancellor.

🇰🇷 Upbit Sanction Process
South Korea's Financial Supervisory Service sent Upbit operator Dunamu an inspection report over November's $30 million hack — funds drained in 54 minutes — beginning formal sanctions. Current law lacks direct hacking-sanction provisions.

🇰🇷 CBDC Phase Two
The Bank of Korea may launch the second phase of its wholesale central bank digital currency pilot in September, expanding to nine banks and testing government subsidy payments through tokenized bank deposits.

🇰🇷 Manipulation Crackdown
South Korean regulators investigated 40 crypto market-manipulation cases since the 2024 user-protection law took effect, referring over 30 for prosecution, identifying 25 suspects, and imposing penalties of 125–165% of illicit gains in two cases.

🇻🇳 Vietnam Sets Fines
Vietnam's Decree 284 imposes fines up to $1,900 for trading on unlicensed Bitcoin platforms and up to $7,700 for unauthorized offerings, with confiscation powers, effective September 1 ahead of its licensed-market launch.

🇪🇺 MiCA Register Grows
EU regulator ESMA added 14 licensed providers under MiCA, Europe's licensing framework, reaching 294 total. New entries include Ripple Payments Europe and several banks, signaling slower licensing after the initial post-deadline surge.

🇳🇬 Nigeria's Executive Order
President Tinubu signed the Virtual Assets Coordination Order July 17, effective immediately, creating a council chaired by the central bank — including the financial intelligence unit and national security adviser — to harmonize sector regulation.

Every week I drop one concrete, actionable answer to a legal or political question that actually affects your life as a Bitcoiner, focused on a specific, real-world action you can take. No theory. No fluff. Just the move.

This week: Is KYC-free P2P Bitcoin legal — US vs. EU — and where's the line you can't cross?

Straight answer: buying sats for your own stack on a peer-to-peer marketplace is legal in both the US and the EU. The ID and reporting rules land on companies, not on you. Using these tools isn't the risk — two specific mistakes are. Here's the map and where the tripwires sit.

1.     US — buying for yourself is fine. Selling to others as a side hustle is not. Buy Bitcoin P2P for your own stack: legal, full stop. But if you start regularly re-selling to strangers, the government calls you a "money transmitter" and that requires a license. Running one without it is a federal crime.

2.     US platforms that actually work KYC-free. Bisq Easy: no ID, no deposit, no fee, but ~$600 per trade max — perfect for your first KYC-free sats. Bisq 1: uses multisig (funds locked in a shared vault that needs 2 of 3 keys to release, so no one can run off with your coins) for bigger trades at ~1.3%. RoboSats: fast, Lightning, ~0.2% fee, just spin up a robot name — but still early-stage with small limits. Skip Hodl Hodl in the US, it blocks American users.

3.     Never split a cash buy to stay under $10K. This one bites clean people. Banks report any cash transaction over $10,000. If you chop a bigger buy into smaller pieces on purpose to dodge that report, that act alone is a felony — up to 5 years — even if your money is 100% legit. It's called "structuring." Judges convict on the pattern by itself. So buy the amount you need out in the open, or don't.

4.     Your US protection is written down but isn't law yet. A bill (the CLARITY Act) would make your right to self-custody federal law and protect the developers who build these tools. Where it stands in July 2026: passed the House, cleared a Senate committee, now stuck waiting for a full Senate vote — roughly a coin-flip to pass this year. Until it does, your P2P rights rest on regulator guidance, which can shift. Worth watching, not yet won.

5.     EU — legal now, tighter in 2027. New rules (the AMLR) kick in July 10, 2027: licensed platforms must drop anonymous accounts, must check ID on anything over €1,000, and cash payments get capped at €10,000. The key win: trading Bitcoin wallet-to-wallet between two private people, and holding your own keys, stays outside these rules. This is an early warning for future US policy — not a self-custody ban. Don't let the scary headlines spook you.

Got a legal or regulatory question you want answered next Tuesday? Hit reply and send it.

📊 CLARITY Act signed into law in 2026? — 31% Polymarket

📊 Will Trump pardon SBF by July 31? — <1% Polymarket

📊 Which bills will become law in 2026? Data center utility cost protection — 30% Polymarket

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