ChainCatcher news, according to Jinshi reports, former New York Fed Chairman Bill Dudley stated that since Trump won the U.S. presidential election, the price of Bitcoin has risen by over 40%, partly because people hope he will support the establishment of a government reserve for this cryptocurrency. He supported this idea during his campaign, and legislators who back cryptocurrencies have also proposed ways to achieve this goal. It is hard to imagine what benefits this would bring to most Americans.However, what benefits would establishing a Bitcoin reserve have for the government or for those who do not hold Bitcoin? None. There is no exit strategy, so its purpose is to drive up inflation rather than create value for the government— the government would be forced to hold volatile tokens that generate no income. To provide purchasing funds, the Treasury must either borrow (thereby increasing debt service costs) or the Federal Reserve must create money (thereby exacerbating inflation). The latter is almost indistinguishable from the Federal Reserve monetizing U.S. government debt (similarly, directing the Federal Reserve to use the government's gold reserves according to congressional legislative proposals would be the same).

ChainCatcher news, Coinbase Chief Legal Officer Paul Grewal posted on X: "Just days before the Fifth Circuit Court ruled that the OFAC sanctions on the code were illegal, some in Congress raised a series of questions about how the code was being used despite the sanctions. Now they will turn around and ask an obvious question: How many Americans can legally use Tornado Cash but are deprived of their privacy rights because their own government is violating the law?"Previous news, the U.S. Fifth Circuit Court ruled that the Treasury's sanctions on the Tornado Cash smart contract were illegal.

ChainCatcher news, according to Jinshi reports, data from the University of Florida's Election Lab shows that 51 million people have voted in the U.S. presidential election, accounting for 32% of all ballots in the 2020 U.S. election.

ChainCatcher news, Coinbase Chief Legal Officer Paulgrewal.eth posted on X that, according to data from the Federal Reserve Bank of Philadelphia, at least 17.1% of Americans owned cryptocurrency in 2023.

ChainCatcher news, according to Jinshi Data reports, the number of people continuing to claim unemployment benefits in the United States rose to the highest level since the end of 2021 last week, indicating that unemployed individuals are taking longer to find jobs. Data from the U.S. Department of Labor shows that for the week ending June 15, the number of people continuing to claim unemployment benefits increased to about 1.84 million. Meanwhile, the number of initial unemployment claims fell to 233,000 last week.

ChainCatcher news, Coinbase stated on social media that in 2023, 52 million Americans (20% of the adult population in the U.S.) own cryptocurrency.

ChainCatcher news, a16z partner Chris Dixon posted on social media, "In the next two weeks, the House will vote on the most important cryptocurrency legislation to date, the Financial Innovation and Technology for the 21st Century Act (FIT21). We have long called for clear regulations to protect consumers and innovation, and the FIT21 bill will do just that.Americans have embraced digital assets, but the current regulatory approach often stifles innovation and privacy without truly addressing the solutions needed to protect consumers or combat illegal activities. FIT21 will help eliminate fraud, ensure oversight of cryptocurrency exchanges, and protect American consumers by implementing strict rules on cryptocurrency transactions. FIT21 has bipartisan support because it addresses these issues. I encourage everyone who believes in the power of blockchain technology to support this legislation. The best way to do this is to contact your local representatives and tell them to support FIT21."

ChainCatcher news, according to The Block, Robinhood co-founder and CEO Vlad Tenev stated in an interview with CNBC that his company is taking a stand for its customers, saying it is "unacceptable" for Americans to be unable to use cryptocurrency. As crypto assets become "increasingly important," Americans should be able to use them.Tenev also noted that his company had 16 meetings with the U.S. Securities and Exchange Commission before receiving a Wells notice from regulators. "Unfortunately, this did not yield any results."

ChainCatcher news, according to The Block, the Federal Bureau of Investigation (FBI) stated on Thursday that Americans should not use cryptocurrency transfer services provided by companies that are not registered as Money Services Businesses (MSB) under federal law. At the same time, the FBI also provided FinCEN's official tool that allows users to check whether a company is registered as an MSB. Additionally, the FBI warned users not to use cryptocurrency services that do not require KYC information before allowing the sending or receiving of cryptocurrency.The statement said, "The FBI has recently taken enforcement action against cryptocurrency services that are not licensed under federal law. Individuals using unlicensed cryptocurrency transfer services may encounter financial disruptions during enforcement actions, especially when their cryptocurrency is mixed with funds obtained through illegal means." "Cryptocurrency transfer services that intentionally violate the law or knowingly assist in illegal transactions will be investigated by law enforcement. Using services that have not fulfilled their legal obligations may result in losing access to funds after law enforcement takes action against these businesses."

ChainCatcher message, the RESTRICT Act proposed by Senators Warner and Thune aims to prevent or disrupt transactions and financial assets involving foreign adversaries that pose a risk to national security. Although the primary target of this legislation is companies like TikTok, the wording of the bill could be used to prevent or disrupt cryptocurrency transactions, and in extreme cases, could also block Americans' access to open-source tools or protocols like Bitcoin.The RESTRICT Act is conceptually similar to the International Emergency Economic Powers Act (IEEPA), which authorizes OFAC to block transactions between U.S. persons and sanctioned foreign entities. (source link)

ChainCatcher news, a national survey commissioned by Coinbase and conducted by Morning Consult in February this year with over 2,000 respondents from the general population, indicates that the vast majority of Americans want to see the financial system updated, and they believe that cryptocurrency can be an important part of the solution.It is reported that currently about 20% of American adults own cryptocurrency. Additionally, 29% of American adults plan to buy or trade cryptocurrency in the next 12 months. (source link)

ChainCatcher news, according to a study by Charles Schwab earlier this year cited by CNN, found that Black Americans are more likely to invest in cryptocurrency than White Americans, and Black Americans are one of the groups most severely affected by the cryptocurrency crash.The research indicates that Black Americans are far less likely to invest in stocks compared to White Americans, and cryptocurrency appears to provide an attractive alternative for them. Due to a lack of generational wealth, this group of investors is particularly vulnerable to the sharp fluctuations in cryptocurrency values. According to a 2021 survey by the University of Chicago's NORC, nearly 44% of Americans who hold and trade cryptocurrency are people of color. (source link)