18th May 2024 > > Oklahoma!

tl;dr

Oklahoma becomes the third state to guarantee financial freedom for the individual.

Market Snap

Market Wrap

I think there will be disappointment all round if we don’t see a 7-handle again soon.

The stars are aligned. Rate cuts – deeper and faster than expected – will be accompanied by dollar liquidity in the form of disguised QE, to bail out the smaller banks whose balance sheets have been destroyed by being forced by regulation into holding toxic debt in the form of US Treasuries. Joe Biden will likely back down on his threat to veto the bi-partisan bill to remove SAB 121, opening the doors for the big banks to become custodial agents of cryptos for their clients, a juicy no-risk business. Spot BTC ETF flows are gathering steam again, with close to $1bn net inflow this last week, a trend that will accelerate as the 13F forms galvanise the slow adopters to look anew. Alts will likely take a more central role as risk appetite grows, the success of which will encourage more capital flows to BTC.

I have long looked forward to the very first CCC report of three figures for BTC. That eventful day might just be spied on the horizon.

Curious Cryptos’ Commentary – Oklahoma

Oklahoma’s governor has signed into State law HB3594, dubbed the “Bitcoin Rights” bill:

https://www.billtrack50.com/billdetail/1679126

The Bill Summary states:

“An Act relating to blockchains; defining terms; directing that the government of Oklahoma not take certain actions; prohibiting subjecting payment with digital assets to additional tax, withholding, assessment, or charge; clarifying scope of section; authorizing certain home digital asset mining; authorizing certain digital asset mining businesses; limiting certain actions by political subdivisions; permitting certain appeals of certain zoning changes; directing the Oklahoma Corporation Commission to not create certain discriminatory rates; clarifying that certain persons are not required to obtain a money transmitter license; permitting certain operations; limiting certain liability; requiring adherence to the jurisdiction of the Oklahoma Department of Securities; providing for noncodification; providing for codification; and providing an effective date.”

Dennis Porter of the Satoshi Action fund explains in normal language:

“Oklahoma will now defend your:

Right to self-custody

Right to spend BTC and digital assets

Right to mine BTC

Right to run a node

It will also:

Ban additional taxes when BTC and digital assets are used as a form of payment

Protect the ability to mine BTC at home

Eliminate the need for BTC mining and digital asset validators to obtain a money transmitter license”

This is now the third state to pass bills substantially similar to this. Dennis explains his motivation for pursuing this agenda of financial freedom for the individual:

“Elizabeth Warren is a major figure in the Biden administration. It’s really like Elizabeth Warren and her banking henchmen friends that are influencing federal policy.”

Everyone remembers just how unpopular banks and bankers (that was me at the time) had become following the GFC. Who now wants to be on the same side as banking henchmen?

…

The Satoshi Action Fund, a not-for-profit organisation, has been at the heart of these developments:

https://www.satoshiaction.io/

The web design team at SAF have quite clearly drawn inspiration from the Curious Cryptos’ website, designed and created by our in-house Head of Production, Janey.