12th June 2025 > > GENIUS, Ukraine, & Connecticut.

tl;dr

GENIUS gets an overwhelming vote, but that doesn’t mean we don’t get more debate and more votes. Ukraine is heading in the right direction, but Connecticut sure ain’t.

Market Snap

Market Wrap

$110k is proving to be a psychological barrier for now with three breaches of it to the upside yesterday afternoon, none of which proved durable. Round numbers are always a potential barrier (techies claim otherwise) and of course just above that sits the ATH from three weeks ago.

The spot BTC ETFs have taken in $980mm of funds, slightly shy of 9,000 coins, in just the last three days. Mining production is a measly 450 BTC per day, a notably obvious imbalance.

Curious Cryptos’ Commentary – GENIUS

The GENIUS Act (Guiding and Establishing National Innovation for US Stablecoins) received an overwhelming vote in the Senate yesterday with a count in favour of 68-30. Which is a good staging post, but this was a vote for cloture (I haven’t misspelled that, that’s just Americans for you) meaning the bill now continues in the Senate for what I originally believed would simply be a final vote (presumably with the same voting outcome) but I read that more debate will be allowed.

I mean, at some point, will someone make a decision? I thought that’s what politicians wanted to do when they decided to do politicking. Clearly, I am wrong on that point.

That large majority demonstrates strong bi-partisan support for the crypto industry but, much like the fictional Japanese chap in the fictional forest, there are always some hold-outs. Senator Elizabeth Warren, self-declared leader of her anti-liberty and anti-freedom army, took to the floor just before this clear vote of confidence in the crypto industry. Do you want to know what she said?

Nah, I thought not.

Nor me, it would just waste our valuable time, when we could be doing something much more interesting instead.

Curious Cryptos’ Commentary – Ukraine

Ukraine is making legislative progress towards including BTC and other cryptos in its national reserves:

Curious Cryptos’ Commentary – Connecticut

In breaking news, the fictional forest providing cover for the fictional Japanese chap has finally been found after all these years. Warren might seriously consider making it her home.

Both houses of Connecticut have passed Public Act 25-66 clunkingly named “AN ACT CONCERNING VARIOUS REVISIONS TO THE MONEY TRANSMISSION STATUTES, STATE PAYMENTS AND INVESTMENTS IN VIRTUAL CURRENCY AND MINORS' MONEY SHARING APPLICATION ACCOUNTS”:

https://www.cga.ct.gov/2025/ACT/PA/PDF/2025PA-00066-R00HB-07082-PA.PDF

This new law prohibits all state bodies from any involvement in cryptos, which is a novel approach compared to everyone else’s direction of travel.

It adds additional requirements on money transmitters who facilitate crypto transfers, presumably as stablecoins, in the form of extra disclosures to those who wish to use the service, which seems fair enough to me. However, the wording of this specific clause of the bill detailed on page 10 of the act (remember - the CCC team reads this stuff so that you don’t need to) is most interesting for it starts with:

“Each licensee that engages in the business of money transmission in this state by receiving, transmitting, storing or maintaining custody or control of virtual currency …”

Which is the clearest statement I have yet seen that cryptos should be defined as money. I am not sure that outcome is really what the great and good of Connecticut are trying to achieve with this bill, but hey-ho, a win is a win for cryptos, even an accidental one.

…

Personally, I think I would feel more at home in New Hampshire, which is probably far enough away that I won’t run the risk of bumping into Warren whilst out shopping:

https://www.curiouscryptos.com/post/8th-may-2025-zk-proofs-arizona-new-hampshire