Laws move slower than markets. But they hit harder. This is issue #84 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:

🏛️ Lummis Blames Democrats
Sen. Cynthia Lummis blamed Democrats for blocking the CLARITY Act. A federal law for Bitcoin markets likely waits past 2026.

🔍 Peirce Warns Against Surveillance
Hester Peirce, leaving the SEC October 2, warned identity checks turn finance into a surveillance "panopticon."

⚖️ Regulators Move Without Congress
Patrick Witt said regulators will act without the CLARITY Act, though their rules may face court challenges.

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Kristin Smith (incoming interim CEO, Blockchain Association) said Summer Mersinger, a former CFTC commissioner stepping down as CEO October 16, brought regulator credibility to the industry's most consequential policy moment.

Andrew M. Bailey (Senior Director of Education, Bitcoin Policy Institute) argues control of technology matters as much as its power, with encryption, Bitcoin and peer-to-peer networks returning it to users.

Sen. Cynthia Lummis (R-WY) said Democrats "chose their visceral hatred for President Trump" by blocking the CLARITY Act, which would split SEC and CFTC oversight of Bitcoin and altcoins.

Mike Selig (CFTC Chairman) welcomed staff guidance letting regulated firms invest customer funds in tokenized assets, onchain versions of traditional ones, and keep regulatory records onchain.

Mike Selig also said the agency is using powers Congress gave it to build market rules for Bitcoin and altcoins, "shipping" the "clear rules of the road" Trump promised.

Susie Violet Ward (returning CEO, Bitcoin Policy UK) said Bitcoin "does not need permission," arguing policymakers must learn where rules written for token issuers and middlemen do not fit it.

Hester Peirce (outgoing SEC Commissioner) warned more KYC (know-your-customer identity checks) turns finance into a surveillance "panopticon," backing zero-knowledge proofs, which confirm facts like age without revealing personal details.

Patrick Witt (Executive Director, President’s Council of Advisors for Digital Assets, White House) said regulators will act with "the authorities that we have, which are many," conceding their rules may face legal challenges without the CLARITY Act.

Taylor Lindman (Chief Counsel, SEC Crypto Task Force) said upcoming custody rules, covering who may safeguard client assets, aim to let brokers hold non-security assets like Bitcoin without special registration.

Chris Giancarlo (former CFTC Chairman, 2017-2019) argues Federal Reserve rate hikes force Washington to issue more debt, weakening the dollar and strengthening Bitcoin's case as digital gold.

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⚖️ 2 regulators – The SEC and the CFTC updated their guidance this week, filling the gap left by the failed CLARITY Act. The Securities and Exchange Commission said token buybacks and network upgrades do not automatically turn a token into a security. The Block

🐷 $16 million – Prosecutors in Missouri charged Trung Nguyen Van, 37, with two counts of money laundering tied to a "pig butchering" scam in which one victim lost about $16 million. The charges are allegations, not a conviction. The Block

🎣 $15.94 million – Ronald Spektor was sentenced to 4 to 12 years in prison for stealing $15.94 million from about 100 Coinbase users. Posing as Coinbase staff, he convinced victims to move their funds to a wallet he secretly controlled. Brooklyn District Attorney’s Office

🏦 60 days – The public has 60 days to comment on the Federal Reserve's 2 proposed rules implementing the GENIUS Act. The proposals would ban most rewards paid to stablecoin holders. CoinDesk

🇪🇺 33 companies – Euroclear and the Banque de France brought together 33 companies to test issuing traditional securities on digital ledgers. The first tests target a €300 billion market for short-term debt. Cryptoast

🏛️ September 29 – Future of Money, Governance & the Law, Washington – Industry leaders meet privately with members of Congress. It's the first big meeting since the CLARITY Act failed in the Senate.

🇰🇷 September 29 – Korea Blockchain Week, Seoul – The week opens with an invite-only summit for policymakers, financial institutions and industry leaders. The main conference runs September 30 to October 1.

🇺🇸 September 30 – Future of Money, Governance & the Law Summit, Washington – Regulators and industry leaders take the stage. Expected topic: how agencies will write the rules now that Congress failed to pass the CLARITY Act.

⚖️ September 30 – End of the SEC's fiscal year – The Securities and Exchange Commission's budget year ends. The agency usually rushes to announce lawsuits and settlements in its final days. 

🇪🇺 September 30 – EU consultation deadline – Last day to give feedback to the European Commission on MiCA, the EU law that licenses Bitcoin exchanges and custodians.

🇬🇧 September 30 – UK licensing opens – The Financial Conduct Authority, the UK financial regulator, starts accepting license applications from exchanges and custodians. Firms that apply by February 28, 2027 can keep operating while their file is reviewed.

🇺🇸 October 2 – Hester Peirce leaves the SEC – The SEC's most vocal defender of self-custody steps down. Only two commissioners will remain, and no replacement has been named.

🇨🇦 October 2 – Canadian Bitcoin Conference, Toronto – Canada's Bitcoin-only conference covers regulation, mining and adoption in Canada.

"The system of private property is the most important guarantee of freedom, not only for those who own property, but scarcely less for those who do not." — Friedrich Hayek

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