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BITCOIN BOX SCORE

Exchange Rate: $60,950
Market Capitalization: $1.2T
Hash Rate (90 days): 602.6 EH/s
Transactions (30 days): 18,090,733
Network Fees (day): 11 sat/vB
Bitcoin Dominance: 54.53%

What do these numbers mean?

While pundits chattered about the presidential debate this week, a significant shift occurred that could ease some of the regulatory burdens faced by bitcoin companies and the broader financial technology industry. The U.S. Supreme Court overturned the Chevron doctrine, fundamentally reshaping the regulatory landscape.

Established in the 1980s, Chevron deference gave regulators the authority to interpret vague laws, often leading to overreach and uncertainty. By overturning this doctrine, the Supreme Court curbed the authority of agencies like the Securities and Exchange Commission (SEC), ensuring they act within clear statutory limits.

The Supreme Court also ruled against the SEC's use of in-house tribunals, ensuring fairer trials and greater accountability. In addition to the Court's decision, Coinbase sued the SEC and FDIC, and Custodia Bank appealed the latest Fed decision regarding their master account.

These legal developments, alongside companies suing government agencies, are driving change. After years of an arbitrary and hostile regulatory environment in the United States, courts and firms are pushing back against overreach.

NEWS

💪 Coinbase sues SEC and FDIC, Custodia Bank appeals Fed decision

Custodia

Custodia’s brief asserts that denying master accounts to state-chartered banks undermines the dual banking system and conflicts with the federal Monetary Control Act, which mandates that Federal Reserve services "shall" be available to non-member banks. The appeal highlights federalism's importance in protecting state-chartered banks from federal overreach.

Coinbase

After failed Freedom of Information Act (FOIA) requests, Coinbase is suing the SEC and FDIC to obtain withheld documents. The legal actions aim to compel the agencies to release information on the SEC’s views on Ethereum, past investigations, and FDIC "pause letters."

👨‍⚖️ Supreme Court overturns Chevron

The Supreme Court overturned the Chevron doctrine, curbing administrative agencies' power to interpret ambiguous laws.

What does it mean?

By requiring courts to defer to a federal agency's interpretation of ambiguous laws as long as the interpretation was "reasonable," Chevron allowed government agencies to run amok without explicit congressional approval. This led Congress to increasingly abdicate its lawmaking responsibilities, deferring more authority to agencies.

Now, courts have the authority to interpret ambiguities, and Congress could take a more significant role in clarifying rules. Agencies regulating environmental, financial, labor, healthcare, telecommunications and more will see significant impacts. The SEC, for example, has not been given explicit authority to regulate assets like bitcoin – presenting the agency with new challenges when it comes to regulating the industry.

📉 Bitcoin’s dollar exchange rate takes a tumble

Bitcoin's exchange rate has dropped to just above $60,000, down nearly 10% over the last month and below its all-time high of over $70,000. Some attribute the decline to a combination of factors:

1. Long-term holders selling: There's been a noticeable movement of bitcoin from long-term holders, suggesting profit-taking and resulting in increased market supply.

2. Government sales: Both the German and U.S. governments have sold substantial amounts of bitcoin, adding to the selling pressure.

3. Miners offloading holdings: Post-halving profitability challenges have led miners to sell off their reserves to cover operational costs, further adding to market pressure.

4. Mt. Gox creditors: The anticipated release of 142,000 bitcoins to Mt. Gox creditors has sparked fears of a sell-off, contributing to uncertainty.

Marty Bent provides an alternative explanation:

BITCOIN ADOPTION CONTINUES

US congressman Matt Gaetz introduced a bill allowing federal income tax payments in bitcoin.

An anonymous bitcoin donor covers over $500,000 in expenses for Julian Assange's return to Australia

OpenSats announced long-term support for developers Calle and William Casarin. Calle will continue enhancing the Cashu protocol for improved transaction privacy. Casarin will advance bitcoin integration in social networking through Nostr and Damus.

Nu Holdings, Latin America's largest fintech bank, allows 100 million customers to use the Lightning Network for low-cost transactions via Lightspark.

Strike launches in the UK, expanding its bitcoin services to over 100 countries.

HOW BITCOIN WORKS

Learn one key idea about bitcoin each week. This week:

What is a bitcoin fork?

Bitcoin forks are changes to bitcoin's source code. Forks can be broadly categorized into two types: soft forks and hard forks, each having distinct characteristics and implications for the bitcoin network and its users.

Soft Forks

A soft fork is a backward-compatible update to the protocol, meaning that the new rules can coexist with the old rules. In a soft fork, nodes that adopt the updated protocol can still communicate with nodes that haven't updated. This type of fork usually involves minor changes. One notable example of a soft fork is the Segregated Witness (SegWit) update, which aimed to improve transaction efficiency and scalability without disrupting the existing network.

Hard Forks

In contrast, a hard fork is a non-backward-compatible change that results in a permanent split from the original blockchain. Nodes that do not update to the new protocol cannot participate in the same network as those that do. A prominent example of a hard fork is Bitcoin Cash, which was created in 2017 to increase block size limits and allow for more transactions per block.

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COIN CHECK

What does the term "difficulty adjustment" refer to in the context of Bitcoin mining?

1. The process of changing the algorithm used for mining.

2. The alteration of block rewards given to miners.

3. The automatic recalibration of the network's mining difficulty every 2016 blocks.

4. The adjustment of transaction fees based on network congestion.

Check your answer at the end of the page.

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ANSWER

3. The automatic recalibration of the network's mining difficulty every 2016 blocks.

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