14th July 2026
tl;dr
New Hampshire shows how it should be done. The maxis do not.
Market Snap
Market Wrap
With CPI figures due later today, interest rate futures now imply a 50% probability of a Fed rate hike this month, up from just 10% a few days ago. Soon after the release, Kevin Warsh, Chairman of the Fed, will give testimony. There will be intense focus on exactly what he says but note that his very sensible decision to jettison the ridiculous notion of “forward guidance” means he is unlikely to give much away.
Curious Cryptos’ Commentary – New Hampshire
New Hampshire was the first US state to legislate for a strategic BTC reserve, so we know its legislature is packed with politicians wiser than most.
Governor Kelly Ayotte has signed into law HB 639:
https://gc.nh.gov/bill_status/legacy/bs2016/billText.aspx?sy=2025&txtFormat=html&v=HA&id=722
Known as “The Blockchain Basic Laws”, the bill opens with an introductory bit of self-back-slapping is fully deserved:
“New Hampshire is a unique state. Our citizen legislature has proven itself to have the unique capacity to undertake prompt and regular modernization of legal systems that often take other states decades. New Hampshire should play a leading role now, as Blockchain technology continues to develop its place within our global economic system.”
The bill provides protection to users, miners, and cryptocurrency innovators. Representative Keith Ammon, the key sponsor, explains his ambitions:
“Today, with the signing of HB 639, we have taken another major step by enacting one of the most comprehensive blockchain rights laws in the country. Entrepreneurs, investors, developers, and innovators across America should know that New Hampshire is open for blockchain business."
They are made of strong stock, those who hail from New England.
Curious Cryptos’ Commentary – BONK and the maxis
The CCC puts great store on good folks like those of New Hampshire who take a principled, yet practical, stance that allows for the regulated adoption of the blockchain revolution.
There is another group of people whose enthusiasm is no less strong, but whose approach to crypto issues is impractical and ultimately destructive. Yep, the maxis. A recent incident involving BonkDAO is a vivid illustration of the problem at hand.
…
As with most DOAs, governance proposals can be submitted by any holder of the coin, to be voted on by all holders. In the case of the BonkDAO treasury, if at least 1% of the total supply votes in favour, and those votes form the majority opinion, then the relevant governance proposal is adopted and implemented.
That quorum threshold sounds suspiciously low to me, but there it is.
A malicious actor decided to try to take advantage with this proposal submitted on June 30th:
Ignoring the guff about ‘Sowellian governance’, the only issue of substance is the proposed transfer of more than 4.4 trillion BONK from the treasury to a specific wallet controlled by the proposer, with a value today of over $16mm. A few days later, the attacker bought just over 1% of the total supply at a cost of around $3mm and voted in favour with that entire amount of BONK, making the vote quorate.
There were six other votes, two in favour for reasons that escape me, and four against. I suspect that the two “yes” voters didn’t read the proposal in too much detail (“Oh yes, Sowellian governance, we’ll have some of that”). The vote wasn’t even close:
The impact on BONK has been a near 20% drawdown in its price since the exploit was revealed.
…
A typical maxi reaction, posted on CoinMarketCap, is this:
A self-outed maxi and an advisor to World Liberty Financial, a firm that has attracted criticism about its practices, makes the same point:
The problem maxis have is that, though they yearn for a world of cryptos, blockchain, and the law of code, such a world can never exist in isolation. The centralised world is measurably improved by the adoption and growth of the decentralised world. The decentralised world cannot exist without the centralised world.
The maxis are taking a very simplistic approach, one that is not helpful to cryptos