There is cypher surprising about Senator Cynthia Lummis, a Wyoming Republican known to be among the staunchest crypto supporters in the U.South. legislature, revealing a sizable Bitcoin (BTC) buy that she had made earlier in the summer. It is however oddly satisfying to observe the alignment between a pol's long-declared stance on an issue and corresponding budgetary behavior (Lummis had been hodling BTC since 2022). Such consistency volition be a norm in blockchain-based governance systems where individuals' interests are aligned with those of the entire community and where all data that could be of remote public involvement is transparent.

Below is the curtailed version of this newsletter. For the full breakdown of policy developments over the last calendar week, register for the full newsletter beneath.

Debt ceiling staved off

Concluding week finally saw the resolution, if temporary, of the weeks-long saga around the U.Due south. federal government's borrowing cap, and in that location is now certainty that the Treasury Department will be able to meet its fiscal obligations until early Dec at to the lowest degree. This time around, the unimaginable prospect of the nation'due south default on its debt seemed a scrap less unimaginable than usual, as Senate Republicans took a stand to protestation what they see as an irresponsible Democratic spending spree.

While opinions on the short-term effects of the debt ceiling doubt on the crypto marketplace differed, at that place was a near consensus around the notion that in the long run, the political weaponization of federal debt policy will erode trust in the greenback.

Letting the watchdogs out

It has emerged that Coinbase is not the merely major crypto industry player that is being harassed by the Securities and Commutation Commission. Circle, the house behind USD Coin (USDC), has revealed receiving an investigative subpoena from the bureau back in July, as well stating its willingness to "cooperate fully."

Over in the enforcement realm, a major declaration came from Deputy Chaser General Lisa Monaco, who has recently been prominent in the DOJ's efforts to gainsay ransomware and cyberattacks. Speaking at the Aspen Plant Cyber Summit, Monaco said that the Justice Department launched the National Cryptocurrency Enforcement Team in order to heave the government'due south capacity to disrupt financial networks facilitating cybercrime.

100+ CBDCs are coming

Kristalina Georgieva, manager of the International Budgetary Fund, spoke favorably of digital currencies last calendar week. Expectedly, she referenced central banking concern digital currencies, or CBDCs, which sit tight inside the regulatory perimeter. More interestingly, Georgieva shared some previously undisclosed numbers on how many countries are at some stage of exploring or developing CBDCs.