Welcome to the #38 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:

🇵🇰 Pakistan Opens Banks to Bitcoin
Bilal bin Saqib announced Pakistan’s central bank will now allow licensed Bitcoin providers to open bank accounts.

🌍 Sovereign Bitcoin Race Accelerates Quietly
Natalie Brunell thinks nations are quietly stacking and protecting Bitcoin on a global scale.

🇫🇷 France Cracks Down on Bitcoin Wrench Attacks
Jean-Didier Berger confirmed France is rolling out new measures to stop rising Bitcoin kidnappings and wrench attacks.

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Jean-Didier Berger (France Interior Ministry delegate) said France is preparing new measures to stop the surge in Bitcoin wrench attacks and ransom kidnappings, following a recent abduction attempt in Burgundy.

Bilal bin Saqib (Chairman, Pakistan Virtual Assets Regulatory Authority) said the central bank’s decision to let banks open accounts for licensed Bitcoin service providers is a foundational step that formally brings Bitcoin into Pakistan’s regulated financial system.

Cato Institute (Washington think tank) criticized America’s current Bitcoin tax rules, arguing they create impossible administrative burdens that prevent ordinary citizens from using Bitcoin for everyday payments.

Polish President Nawrocki vetoed the Bitcoin regulation bill for the second time, declaring he will not sign a wrong law even if Parliament passes it a hundred times.

Fox Business reported that Bitcoin has become a lifeline for many Iranians as their local currency collapses, noting you cannot freeze someone’s Bitcoin the way governments freeze stablecoins.

Bitcoin Policy Institute argued that Iran’s plan to collect Bitcoin tolls from oil tankers in the Strait of Hormuz is virtually impossible due to Bitcoin’s liquidity and speed limitations.

Natalie Brunell (Bitcoin journalist) said the global sovereign Bitcoin race is happening quietly right now as nations accumulate and protect sound money.

Nikkei reported that Japan’s government approved amendments to the Financial Instruments and Exchange Act, classifying Bitcoin as a financial instrument and banning insider trading on non-public information.

Lawyer at Latham & Watkins explained that fewer European companies can copy MicroStrategy’s Bitcoin treasury strategy because of strict regulations and limited options for raising capital through convertible bonds.

Florent Gabriel (Blobb.io CEO) and other Bitcoin industry CEOs said their meeting with French Members of Parliament was constructive and productive, covering the upcoming 2026 Bitcoin tax changes, the future of mining, cold wallet reporting requirements, and the potential issuance of a French stablecoin.

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🇷🇺 $4,000 – Russia introduced a bill to criminalize unregistered Bitcoin services, hitting individuals with fines up to $4,000 or up to four years in prison for operating without a license. Cointelegraph

🇺🇸 8.2 BTC – U.S. government moved 8.2 BTC ($628K) from the 2016 Bitfinex hack seizure to Coinbase Prime, the latest transfer of seized Bitcoin from federal custody. Bitcoin News

🇺🇸 $250K – Congresswoman Sheri Biggs purchased up to $250,000 in Bitcoin ETFs, showing growing political interest in stacking Bitcoin at the federal level. Bitcoin Magazine

🏛️ SB 2639 – Tennessee’s Strategic Bitcoin Reserve Act (SB 2639 / HB 1695) is now scheduled for a Senate hearing next Tuesday. Bitcoin Magazine

⚖️ $20M – Texas man sentenced to 23 years in prison for running a $20 million Crypto scam falsely backed by Picasso and Van Gogh artwork. The Block

“The human economy and property have a common economic origin... property is thus not an arbitrary invention, but rather the only possible practical solution to the problem that the nature of things... imposes on us.” — Carl Menger

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