“If you're not obsessed with Bitcoin then you don't understand what Bitcoin is." - John Vallis

Happy Sunday, Bitcoiners!

It's The Bitcoin Dispatch, here with your daily dose of Bitcoin news!

In today’s newsletter:

• Binance Closes Down in Canada 

• U.S. Senators Scramble to 'Rein In' El Salvador's Bitcoin Revolution

🇨🇦 Binance Closes Down in Canada 

So, Binance is the latest ‘crypto’ exchange to pack up and leave Canada, and they've got new regulations to thank for it. They made this "proactive" announcement on Twitter, probably hoping to come off as forward-thinking or something. Just the usual corporate jargon.

The new rules, dropped by the Canadian Securities Administrators (CSA) on Feb. 22, were the party pooper here. They asked crypto companies to file new preregistration undertakings and follow some extra restrictions. Binance did file, but then they tweeted that the new guidance on stablecoins and investor limits has made Canada a no-go zone for them.

But wait, there's hope for the Bitcoin fanatics in Canada. Beaver Bitcoin is the knight in shining armour and is sticking around. So, not all heroes wear capes, some stick around despite the red tape.

Source: Cointelegraph

📜 U.S. Senators Scramble to 'Rein In' El Salvador's Bitcoin Revolution

Oh, boy, here we go again. The U.S. Senate is at it, folks, trying to bring some "order" to the wild west of Bitcoin in El Salvador. Senators Risch, Menendez, and Cassidy are on a mission, pushing out this bill called the "Accountability for Cryptocurrency in El Salvador Act."

So, what's their game? They're calling on the Secretary of State, and whoever else they can drag into this, to compile a report on El Salvador's daring move of making Bitcoin legal tender. They're desperate to assess everything from the regulatory set-up in El Salvador to the potential effects on macroeconomic stability and remittances flowing from the good ol' U.S. to El Salvador.

Now, here's the cherry on top: they also want a plan to safeguard the U.S. financial system from the "risks" of countries adopting cryptocurrencies like Bitcoin. The plan should land on Congress' desks within 90 days after the report. Remember, folks; this is all because of El Salvador's Bitcoin Law, which gave Bitcoin the green light back in June 2021. Some naysayers were all doom and gloom, crying about potential instability.

Others saw it as a possible game-changer for wider Bitcoin adoption in the region. And despite all the noise and drama, El Salvador didn't waver. They're sticking to their Bitcoin guns, Senate report or not. Stay tuned, folks; this is just getting interesting!

Source: Bitcoin Magazine

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