Looming Executive Order Will Be A Non-Event for Bitcoin
Block Height 726,423
Blocks to Next Halving 113,57
This is how I expect the anticipated executive order on cryptocurrency to read:
“By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered as follows:
The something department is to create the whatever committee to research the crypto and make recommendations for things that don’t matter to individuals and entities who hold the private keys of the #bitcoin that they own.”
You get the picture. Bitcoin will not even be specifically called out in the EO
My take on the pending Executive Order surrounding crypto (I really dislike that term!) here in the United States is that it will be a non-event.
Here is my reasoning behind this statement: For starters, yesterday this headline crossed Bloomberg. It’s very pedestrian, and here has been talk of such an order coming out form months now.
Size of market – Bitcoin is still only about a trillion dollars in market cap. Daily churn / trade volume is significantly lower by many orders of magnitude. Add in the other s-coins, still tiny.
From The Treasury Department: “Treasury officials say they aren’t overly worried about crypto undermining the effort to choke off the Kremlin’s access to capital. Laundering large amounts of money through a dizzying array of digital wallets and exchanges is expensive, time-consuming and would likely be visible in the broader crypto market, given the massive investment portfolios of individuals and institutions named in the sanctions.”
https://www.politico.com/news/2022/02/25/russia-crypto-sanctions-00011886?_amp=true
Ukrainian statements – Just yesterday on a Twitter Spaces about the Ukraine / Russian war, @abornyakov Deputy Minister of Digital Transformation for Ukraine, while talking about items purchases made with donated crypto made the following statement, “[Crypto] aligns with the values of the western world” as he calls on policymakers to continue encouraging its growth and adoption, which in turn helps [Ukraine].”
https://twitter.com/i/spaces/1lDGLLVQVdqGm
FinCen – “[L}large scale sanctions evasion using convertible virtual currency (CVC) by a government such as the Russian Federation [are] not necessarily practicable…”
@jerrybrito did an outstanding piece earlier this week specifically on the topic of exchanges refusal of blocking Russian accounts on a wholesale basis