“Calling Bitcoin money is degrading to Bitcoin." -Knut Svanholm

Happy Friday, Bitcoiners!

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

In today’s newsletter:

• SEC Gets Schooled: U.S. Chamber of Commerce Slams Regulatory Circus over ‘Crypto’ Rules

• Texas Rides Bitcoin Wave: Bitcoin and ‘Crypto’ Wrangled into State's Bill of Rights

⚖️ SEC Gets Schooled: U.S. Chamber of Commerce Slams Regulatory Circus over ‘Crypto’ Rules

Well. If it isn't our dear old friend, the Securities and Exchange Commission (SEC), getting a little taste of their own medicine. The US Chamber of Commerce is laying the smackdown on them for their frankly laughable handling of ‘cryptocurrency’ regulation. You know you've messed up when even the business folks are calling you out. Apparently, the SEC's favorite pastime is creating a cloud of confusion around which shitcoins are securities under federal law. And it's not just a couple of folks who are ticked off. We're talking about an impact on every player in the trillion-dollar Bitcoin economy.

This mess could have been avoided if the SEC had simply given a straightforward answer to a straightforward question: "which shitcoins are securities?" But no, the SEC would rather play coy, dodging the question and stirring up more uncertainty. Coinbase tried to push for a clear answer, backed by over 1,700 commenters, but the SEC pretty much shrugged it off. The result? Coinbase suing the SEC, and the US Chamber of Commerce stepping in to call out the SEC's damage to the economy and innovation. It's a regulatory circus, with the SEC as the clueless ringmaster. The Chamber rightly points out that this chaotic approach is hurting not only Coinbase but the broader business community. So here's a toast to the SEC, for proving once again that they're masters of making things unnecessarily complicated. Keep up the good work, guys.

Source: BM

📜 Texas Rides Bitcoin Wave: Bitcoin and ‘Crypto’ Wrangled into State's Bill of Rights

Texas is doing something right. They've decided that people should be allowed to use whatever they want as money, and they've got the guts to put it in their Bill of Rights. Yep, you heard that right. Texas lawmakers just said yes to Bitcoin and Crypto. This isn't just some fly-by-night decision. The vote was 139 to 2, pretty much a slam dunk. Just goes to show that not everyone in politics is as dense as a brick.

Now here's the kicker. This ain't just about letting people use Bitcoin to buy their boots and BBQ. The folks behind this decision are aiming to take this all the way up to the federal level. They want to use this to make a point about the ninth amendment, which is all about natural rights not explicitly listed in the Constitution. They're saying that financial privacy and the right to protect your hard-earned wealth from being swallowed by the money-printing monster that is the U.S. dollar are natural rights. And you know what? They might be onto something. Because why should we have to rely on the whims of the global financial elites and risk having our savings turned to dust?

So, hats off to Texas.

Source: Cointelegraph

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