11th January 2025 > > Oklahoma, & US regulations.

tl;dr

Oklahoma takes another step to promote the crypto revolution. The new US administration is already hard at work developing crypto-friendly policy.

Market Snap

Market Wrap

Well-grounded fears that Jerome Powell, Chair of the Fed, will once again make the wrong call when manipulating the short end of the yield curve during 2025 has resulted in speculative outflows from the spot BTC ETFs. This will only be temporary, and is healthier for the market than otherwise.

Curious Cryptos’ Commentary – Oklahoma

Senator Dusty Deevers (I kid you not) has filed SB325, the Bitcoin Freedom Act, with the Oklahoma senate:

https://oksenate.gov/press-releases/deevers-introduces-bitcoin-freedom-act-bring-oklahomas-economy-future

This bill proposes that Oklahoma employees can receive salary and wages in BTC, and that vendors can accept BTC as payment for goods and services. Dusty (whose real name probably begins with a “B”) explains the thinking behind this ground-breaking piece of legislation:

“In a time when inflation is eroding the purchasing power of hard-working Oklahomans, Bitcoin provides a unique opportunity to protect earnings and investments. As Bitcoin continues to rise and the value of the dollar continues to be printed away in Washington D.C., Oklahoma must act to protect our people.”

Oklahoma is one of the ever-increasing number of states to have adopted laws that protect crypto rights from interference at the Federal level:

“The bill guarantees the right to self-custody, allowing individuals to securely hold their digital assets. It permits using bitcoin and other digital currencies for transactions without additional taxes, aligning digital assets with traditional legal tender regarding tax treatment. This aims to streamline the use of cryptocurrencies in everyday transactions and foster a more inclusive financial environment.”

And who isn’t all-in on inclusivity these days?

Curious Cryptos’ Commentary – U.S. Senate Banking Committee

Now led by pro-crypto Chairman Tim Scott, the U.S. Senate Banking Committee wields a great deal of power with its oversight of the financial regulators including two that have been at the forefront of Operation Choke Point 2.0 – the SEC and FDIC.

Tim is already hard at work in his new role after replacing crypto-antagonist Sherrod Brown who was ousted by Bernie Moreno at the last election. One of Tim’s first acts has been to set up a crypto sub-committee which is being staffed by pro-crypto advocates including one of our heroines Cynthia Lummis, and Bernie himself, subject to congressional approval, which is surely a given.

It has been suggested that the villain in the set-up will be none other than Elizabeth Warren herself, which would be a delightful piece of irony. Watching her being continually overruled and outvoted will be fabulous entertainment. Four years of that purgatory is surely enough to persuade even her that she is so in the wrong on this issue.

I am becoming increasingly confident that in the coming weeks and months we will be faced with a total regulatory pivot in the US towards being crypto-friendly. The repeal of SAB 121 which prevents regulated banks from providing crypto custodial services to their clients, is surely top of the list, but it won’t stop there.

The explosion of innovation that is about to be unleashed in the US promises to make 2025 a very exciting year crypto-wise.