U.S. States Move to Exclude CBDCs from Money Definition!

Donald Trump and a number of states like Florida, South Carolina and Utah are dead set against CBDCs in the U.S.

Author

Danielle du Toit
January 18, 2024

Here's what we've got for you today:

  • U.S. States Take Action Against Central Bank Digital Currencies

  • Ripple CTO Unravels XRP, ETH Origins as MetaMask Ushers in New Era

  • Bitcoin ETF AP Jamie Dimon Bashes BTC Yet Again: “A Pet Rock”

  • Bitcoin Miners in “Selling Mode”, Dumping $450M BTC in a Day

Several states including Tennessee, Utah, and South Carolina, are trying to legally redefine money to exclude Central Bank Digital Currencies (CBDCs).

  • Several U.S. states, including Tennessee, Utah, South Carolina, South Dakota, and Florida, are introducing legislation to legally redefine money, specifically excluding Central Bank Digital Currencies (CBDCs).

  • The topic of CBDCs has gained some attention in the 2024 presidential race, with candidates like Donald Trump expressing strong opposition to the adoption and use of CBDCs.

  • A legal battle is also underway between Coinbase and the SEC, centered on the SEC's broad interpretation of what constitutes securities. This case is specifically challenging the vague definitions applied by the SEC on cryptocurrencies.

💭 Ripple CTO Unravels XRP, ETH Origins as MetaMask Ushers in New Era

David Schwartz, Ripple's Chief Technology Officer, recently revealed some of the long-held secrets about the origin blocks of XRP and Ethereum (ETH).

  • David Schwartz, Ripple's CTO, addressed an anomaly in XRPL, where the first 32,569 ledgers are missing, suggesting the choice of a genesis block is arbitrary. He compared this to Ethereum, noting undisclosed transactions in its genesis block.

  • Schwartz pointed out a transaction from August 2016, moving 2,622.1 ETH (worth $6.68 million), questioning its origin due to Ethereum's genesis block containing unpublicized transactions that influenced initial fund distribution.

  • The conversation also touched on XRPL's missing transactions in its genesis block, with 534 transactions from the first 32,570 ledgers presumed lost.

📣 Bitcoin ETF AP Jamie Dimon Bashes BTC Yet Again: “A Pet Rock”

Jamie Dimon once again lashed out at Bitcoin in a recent interview despite JP Morgan’s role as one of the authorized participants for BlackRock’s iShares Bitcoin ETF.

  • Although Dimon recognizes the right to invest in Bitcoin, he advises against it because of its potential use in illegal activities like money laundering, fraud, sex trafficking, and tax evasion.

  • Dimon compared Bitcoin to a "pet rock," referring to its lack of intrinsic functionality or practical use.

  • Despite his personal skepticism about Bitcoin, JPMorgan, where Dimon is CEO, is actively involved as an authorized participant in BlackRock's iShares Bitcoin ETF (IBIT).

On Jan. 17th, miners sold over 10,000 Bitcoin, marking the biggest one-day reduction in miner reserves in more than a year.

  • Miners typically alternate between phases of accumulating and selling Bitcoin; a 2023 Bitfinex report noted miners started hoarding Bitcoin around mid-2023 during a period of lower prices and profitability.

  • As prices and profitability rose in recent months, miners shifted to a selling phase, often selling their coins to maintain cash flow or capitalize on higher prices during market rallies.

  • Currently, Bitcoin miner reserves have dropped to their lowest since July of 2021, with 1.83 million coins in reserve, amounting to a value of about $78 billion.

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