Crypto Week in the USA: Drama, Comedy, and a Millionaire Future

• AI-generated image

Hold on to your hats, crypto enthusiasts! This isn't just another hot July week with half-empty offices. Oh no! This is, none other than, Crypto Week in the United States! And if you thought politics was boring, prepare for a plot worthy of a Monty Python movie, but with an outcome that could change the course of your finances.

Trump, Epstein, and Chocolate! Crypto Week Kicks Off with Drama

Donald Trump himself, in his usual all-caps style, announced the arrival of Crypto Week, promising the approval of crucial laws like the Clarity Act, the Anti-CBDC Act, and the Genius Act (the Stablecoin one). But as in any good story, drama quickly unfolded. A Democratic congressman, a certain Rana, decided to introduce an amendment to the stablecoin bill, forcing the government to release all documents related to Jeffrey Epstein! Yes, you read that right, Jeffrey Epstein. What does one have to do with the other? Questions that, I fear, will remain unanswered.

The result: the first vote failed, and the crypto sector got nervous. Imagine Coinbase employees walking around Congress, handing out free chocolates with the text "One in five Americans own crypto" to convince legislators of the importance of passing the laws. A curious anecdote, no doubt, showing the passion and effort behind this movement.

But, as always, Trump once again turned the tide. In the early hours, he published another message stating that he was meeting in the Oval Office with 11 of the 12 congressmen needed to pass the Genius Act, and after a "brief but productive talk," all of them had committed to vote in favor. What would he promise this time? More chocolates? Who knows. The important thing is that, in the end, Congress seems to have enough votes to finally celebrate Crypto Week.

Clarity Act: The Holy Grail of Bitcoin?

If the Genius Act was something we already expected, the real meat is in the Clarity Act, and more specifically, in a small clause hidden at the very end that could be the definitive push for Bitcoin.

Let's recall the old days, when the big question was whether Bitcoin would be classified as a "security" or a "commodity" by the U.S. government. If it were classified as a "security," goodbye freedom! The SEC (the securities regulator) could sanction, prohibit, or suspend assets, requiring registration that, for obvious reasons, Bitcoin never did. This would have made it impossible for institutions like MicroStrategy to custody it and would have led to legal proceedings against miners and exchanges for promoting and offering financial assets without a license. A real headache!

Fortunately, in 2015, in the case of the CFTC (another regulator) against the company Coinflip, it was declared that Bitcoin is correctly defined as a "Commodity". Victory! This effectively removed jurisdiction from the SEC and gave us a breather.

And this is where the Clarity Act comes in, which, as its name suggests, aims to definitively bring clarity to the nature of crypto assets like Bitcoin. The law establishes the rules for determining when an asset is considered a security and is supervised by the SEC, and when it is considered a commodity and must be supervised by the CFTC. In essence, being under the latter is good, and being under the former means you'll be closely scrutinized and what you can do will be greatly limited. As the currently debated text stands, any digital asset whose value is intrinsically linked to the use of the blockchain, does not restrict or favor any user, limits ownership by certain holders to less than 20% of circulating units, and "offers the appearance of maturity" (yes, quite subjective) would certainly be considered a digital commodity. Everything else would become a security and would be governed under the aforementioned Securities Act of 1933. Logically, Bitcoin would fall within what is a commodity.

But the real crown jewel, the one that makes us rub our hands together, is in a small modification to the Bank Holding Company Act. This amendment will allow bank holding companies and eligible banks to carry out activities related to digital commodities. In other words, banks will be able to custody Bitcoin!

Michael Saylor's Triplete: The Future is Here

Michael Saylor, the MicroStrategy guru, long ago gave us the three conditions that, according to him, would make Bitcoin's value explode:

1. Approval of spot ETFs in the U.S. Done! Approved in January 2024.
2. Application of fair value accounting rules for Bitcoin. Also done! They changed in January 2025.
3. Banks offering custody and lending services backed by Bitcoin. And this is where the Clarity Act comes into play!

We've achieved the triplete! Saylor himself stated that this would open the way for Bitcoin to reach $5 million.

But why is it so crucial for banks to be able to custody Bitcoin? Saylor breaks it down into technical, political, and natural reasons:

• Technical reasons: Not everyone wants or can handle private keys. Banks can abstract this complexity, making Bitcoin accessible for everyday transactions.
• Political reasons: Entities like local authorities or town councils, which are often legally required to use custodians, will now be able to turn to banks to custody Bitcoin.
• Natural considerations: There are people who, due to their condition or illness, cannot directly custody Bitcoin, and therefore, it would be safer for them to use a bank for this.

Besides these "human" reasons, banks see this as a new and lucrative business line. It opens the door for churches, large corporations, and even governments to directly enter Bitcoin, as many of them require banking assistance for legal reasons. Imagine being able to pay the church collection with Bitcoin!

The arrival of banks in Bitcoin custody represents the holy trinity in the crypto world. There will be no impediment for this asset, barely 16 years old, to become a fundamental part of our daily financial operations. It will be available in savings accounts, valid as collateral for loans, and fully accepted.

Your Financial Freedom in Your Hands

And to top it off, the Clarity Act also guarantees something fundamental for us, lovers of freedom: the right for individuals in the United States to maintain cold and hot wallets for the legitimate custody of Bitcoin and other digital assets, and also to conduct direct peer-to-peer transactions using these wallets. This means that, even as banks open the doors to mass adoption, you will always have the option to maintain full control of your cryptocurrencies.

While the fiat model traps us in a labyrinth of fees, opaque regulations, and constant surveillance, the crypto world, especially with these advancements, offers us an alternative of freedom and transparency. The apparent complexity of Bitcoin is often a mental barrier, but with the right education and tools, anyone can navigate this new financial ocean.

Therefore, if you haven't yet plunged into this fascinating universe, I invite you to research, learn, and take control of your financial future. Use platforms like Bitrefill, which allow you to spend your Bitcoin at everyday businesses, and discover that the crypto revolution is already here, in your hands. Don't let others decide for you!