Laws move slower than markets. But they hit harder. This is issue #92 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:

🇬🇧 One Login Keeps Growing
Bitcoin Policy UK warns Britain’s government sign-in keeps expanding after digital ID was scrapped.

⚖️ Selig: Regulators Had It Backwards
Commodity Futures Trading Commission Chairman Mike Selig says past regulators drove builders offshore.

🧾 Tax Rules for 67 Million
Blockchain Association urged Congress to exempt small transactions. Neither pending bill exempts small Bitcoin purchases yet.

Donald Trump (President, United States, Republican) touted his administration’s crackdown on overseas scam networks, which officials say halted about $833 million in funds and seized 503 fraudulent investment websites.

Peter Hughes (CEO, Apex Group) warns the CLARITY Act’s Senate setback will push firms toward Asia, the Middle East and Bermuda, not Europe, whose MiCA market rules he calls restrictive.

Lee Eog-weon (Chairman, Financial Services Commission, South Korea) said the 2027 tax on gains from Bitcoin and other coins should fully weigh all circumstances, as the government’s exchange-licensing bill nears completion.

Piero Cipollone (Executive Board Member, European Central Bank) argues a digital euro, state-issued digital cash due for a 2027 pilot, would reduce Europe’s payment dependence on non-European providers.

Bitcoin Policy Institute (US Bitcoin think tank) argues AI risks can be tackled without concentrating control in a few companies or governments, keeping Bitcoin and open-source AI in individuals’ hands.

Nikolaos Panigirtzoglou (Managing Director, JPMorgan) argues agency rules only partly offset the CLARITY Act’s failure, warning a Democratic president could overturn that regulatory patchwork in as little as two years.

Sen. Richard Blumenthal (D-CT) said Tether’s alleged multimillion-dollar payment to Nxum, ex-White House adviser Bo Hines’s firm, implicates ethics and lobbying laws; Tether says outside counsel found no wrongdoing.

Bitcoin Policy UK (UK advocacy group) warns One Login, Britain’s government identity sign-in, keeps expanding despite the cancelled digital ID scheme, and urges close scrutiny of its privacy safeguards.

Sen. Cynthia Lummis (R-WY) said Democrats voted against the CLARITY Act even though it bars recent financial-fraud felons from raising investor money, a safeguard Democrats themselves proposed.

Mike Selig (Chairman, Commodity Futures Trading Commission) argues past regulators had priorities backwards, driving honest firms offshore while fraudsters like FTX founder Sam Bankman-Fried defrauded American investors.

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🇮🇪 €3,252,618 — Ireland’s Central Bank fined Coinbase Ireland €3,252,618 after it let the account holding customers’ funds run underfunded for long periods, breaches the firm admitted in a settlement. Central Bank of Ireland

🇦🇷 11 — An Argentine federal judge cleared 11 people, including President Javier Milei, ruling that Milei’s promotion of the LIBRA token, which crashed about 95% within hours, did not amount to fraud. The Block

📑 120 days — The Internal Revenue Service plans to resolve voluntary disclosures, where taxpayers self-report past tax violations, within 120 days and with lower penalties, using the same process for Bitcoin cases. Cointelegraph

🇺🇸 67 million — The Blockchain Association told Congress that tax rules for the 67 million Americans holding Bitcoin and other coins are outdated, and urged an exemption for small transactions. Blockchain Association

🇨🇳 61,896 bitcoins — A Chinese court accepted a request to confiscate 61,896 bitcoins, worth about $5 billion, that British police seized from Qian Zhimin, accused of running a massive investment fraud. Bitcoin Magazine

🇳🇱 Tuesday to Thursday, October 27–29 — CB+DC Conference 2026, Amsterdam — Central bankers and regulators meet on central bank digital currencies (state-issued digital money) and stablecoins. Key signal: how much privacy state money will leave you.

🇦🇺 Wednesday, October 28 — Australia’s Tax Information Reporting Bill, comments close — Platforms would report users’ Bitcoin transactions to the tax office from July 2027, with data shared abroad from 2028.

🇺🇸 Friday, October 30 — Illinois Digital Asset Tax draft rules, comments close — A 0.2% tax on Bitcoin exchanged, transferred or stored through brokers. The state seeks a delay to July 1, 2027.

🇧🇷 Friday, October 30 — Banco Central do Brasil authorization deadline — Exchanges and custodians operating before February 2, 2026 must file for authorization or shut down within a month.

🇰🇷 Friday, October 30 — South Korea’s National Tax Service draft tax notice — Official guidance expected on the 22% tax on Bitcoin gains, still set for January 1, 2027, after three delays.

🇷🇺 By Saturday, October 31 (expected) — Bank of Russia implementing rules — About 20 rules remain to launch the regulated market. Sberbank’s December 1 Bitcoin trading launch depends on them.

🇦🇷 Sunday, November 1 — Argentina’s General Resolution 1172/2026, monthly reporting begins — Exchanges must report clients, trades and custodied coins monthly. Mixers (transaction-privacy tools) are banned.

🇨🇭 Expected in November — BBIT spot Bitcoin ETF listing, SIX Swiss Exchange — Switzerland’s first fund holding Bitcoin directly. Price exposure only: no withdrawals to self-custody.

“The world, viewed philosophically, remains a series of slave camps, where citizens – tax livestock – labor under the chains of illusion in the service of their masters.” ― Stefan Molyneux

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1 referral: Pleb. Executive Order 6102.
3 referrals: Node Runner. The Confiscation Files.
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