Also, I can't stop publishing like a mf... #1417296, #1421984, #1422689, #1412952; Starting a new book club (#1416952), writing an exclusive review for ~BooksAndArticles (#1413116)
It's been a busy couple of days, losing more in bitcoin fiat value than I make from my pen at paper-burning speed! Embracing the age-old wisdom, reaching back to Austen and others (#1422896), writers shall remain poor!
Here's a TheRage report L0la asked me to do for them:
The Senate Committee on Agriculture, Nutrition, and Forestry has advanced the Digital Commodity Intermediaries Act out of committee following a markup session. The legislation, which is intended to be merged with bills from the Senate Banking Committee to form the CLARITY Act, establishes a regulatory framework for digital commodities regulated by the Commodity Futures Trading Commission (CFTC).
I was kind of impressed by the honestly quite "good" words spoken from/by most of the committee members raising comments and proposing amendments. How much that matters, and how much is genuine, in the world of politics is obvs beyond me. Can't trust shite.
The legislation now advances to the full Senate for potential consideration, though requiring reconciliation with parallel efforts in other committees such as the Senate Banking Committee
Not sure it's my comparative advantage to write up/cover detailed politics but alas we're trying. HAVE FUN STAYING POOR, YAAALLS!
Props to at least to Brooker for at least paying lip-service to self custody and developers, however the cynical side of says: The number one rule of regulators is only create rules they can actually enforce...the truth is they can't control self-custody so its an easy thing to express support for.
The larger political comedy is that the whole big fight in the CLARITY act is the incumbent banks are fighting (and looks like succeeded) in preventing stablecoin issuers from paying interest to holders. So Tethers profits are being mandated by law and this is framed as being a good thing for consumers?
The hilarity has several levels: Bankrupt legacy zombie banks fighting to stop their replacements but inadvertently making their replacements extra profitable. Only in a democracry!
I know, I liked that too... A LOT. Good stance to take
Someone please tell me whether I should support or oppose this bill.
probs neither. Grab the popcorn and enjoy the show... or at least wait until there's a more serious, merged, bill
The world trade center collapse is an interesting touch...
RIIIGHT!
(note: I did not choose pic or title, obvs)
And I wipe my ass with all these "acts"...