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Coin Geek
04-07-2025
- Business
- Coin Geek
Bryan Daugherty on blockchain policy, Trump's latest move
Getting your Trinity Audio player ready... On this episode of the CoinGeek Weekly Livestream, SmartLedger Solutions co-founder Bryan Daugherty joined Kurt Wuckert Jr. to discuss how things are going in Washington, what Trump administration changes mean for blockchain, and how the new rules could shape the industry going forward. title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen=""> Wuckert's latest article on CoinGeek: Bitcoin's Sons of Liberty Wuckert opens the show by reminding everyone it's almost Independence Day in America. Yes, it's the weekend when the United States celebrates its hard-won independence from Britain, and there will be lots of BBQs, beers, and parties. However, not many Americans know that the original revolutionary government only lasted until 1789 when there was a coup d'etat, Wuckert says. He invites us to check out his latest article on CoinGeek: Bitcoin's Sons of Liberty. Wuckert's article describes how the original government was overthrown and draws parallels with how BTC has been co-opted by institutions. The original protocol (BSV), on the other hand, is true to censorship resistance and an open-source world that provides real utility for all. Daugherty on the latest shenanigans in Washington DC Wuckert begins the conversation with Daugherty by discussing the Big Beautiful Bill and how it will increase deficit spending. Daugherty agrees it's sad and says he feels for future generations who will have to pay it off. Despite disagreement with the Big Beautiful Bill, Daugherty says the Trump government has provided clarity for the blockchain and digital currency markets. Whereas the previous administration took a 'regulation by enforcement' approach, Trump has provided direction, and he believes this government is sincere when it says it wants America to be the world leader in blockchain and digital currencies. Who has the most influence on how things are playing out? Daugherty says the Treasury Department has a huge influence, and its Bank Secrecy Act still influences many aspects of how new rules will turn out. Trump's Executive Orders have also created some big changes, including a robust defense of open-source development, self-custody, and more. A change in mentality across the industry Talking about governments, Daugherty highlights how the attitude and mindset of many industry participants have changed over the last decade or so. While many originally championed decentralization and the inability of governments or institutions to interfere, they're now cheering on their involvement, largely in the hopes their preferred coins will increase in value. One thing Daugherty finds particularly disturbing is the massive boom in the private stablecoin market. Now, rather than a decentralized protocol for money and the freedom that would entail, there are endless layer-two private stablecoins, and we'll all pay the corporations that generate them fees for using them. The different types of blockchain With so many different blockchains now available, Wuckert laughs fondly at how he used to categorize them by their potential use cases. Some were money, some were for data integrity, others for contract enforcement, etc. He eventually came to the conclusion that the most scalable one that can do all of these things and more should win. Is there a movement toward defining a separate category for data integrity chains as opposed to speculative assets? Daugherty says he avoids talking about speculation when dealing with policymakers. He's had conversations with many different departments in defense, education, agriculture, and other areas, and they're all very interested in how scalable blockchains can be used for data integrity. Generally speaking, the government officials Daugherty talks to have a much better understanding of blockchain post-FTX. Some are looking to fast-track it into systems, while others in the European Union and elsewhere are taking a much more cautious approach. A high-level overview of what's happening in Washington Wuckert asks Daugherty for a broad-stroke picture of what's going on right now. For example, what's happening with the GENIUS Act and what does 'Mature Blockchain' mean in law? Daugherty picks up on the second concept first. He says the term 'Mature Blockchain' has been talked about at length, and it basically comes down to a six-pronged questionnaire they must fill in within 60 days of the CLARITY Act becoming law. Upon passage of the CLARITY Act, those tasked with interacting with the Securities and Exchange Commission (SEC) on behalf of various chains must report to it, demonstrating that no person or entity controls more than 20% of coins or governance tokens, a commitment to open source development, decentralized upgrades, functional usability without permission, programmatic value creation, and the existence of a complete roadmap. Entities will have to self-report, and there will be costs associated with compliance. There will also be other jurisdictions following similar models, and there'll be costs related to compliance there, too. A lot of people involved in the industry right now will be replaced by men in suits in the coming years, Daugherty predicts. To hear more about Teranode, blockchain utility, and how the Trump administration is shaping the future of blockchain in the USA, check out the livestream episode here. Watch: Breaking down solutions to blockchain regulation hurdles title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Crypto Insight
08-06-2025
- Business
- Crypto Insight
Bitcoin core devs' joint statement sparks heated debate among Bitcoiners
A collective statement from 31 Bitcoin core developers has sparked a global debate among Bitcoiners after suggesting a hands-off approach to how the Bitcoin network is used, amid ongoing controversy over non-monetary use cases. 'This is not endorsing or condoning non-financial data usage, but accepting that as a censorship-resistant system, Bitcoin can and will be used for use cases not everyone agrees on,' the June 6 statement published on the Bitcoin Core website said. Bitcoiners are 'not in a position' to place mandates The letter argued that Bitcoin is a network 'defined by its users' and that its core contributors are 'not in a position' to mandate what software or policies they desire. It comes amid the ongoing debate over spam inscriptions on the Bitcoin network. 'Being free to run any software is the network's primary safeguard against coercion,' it added. While many Bitcoiners supported the update with an 'ACK' comment, others objected. JAN3 CEO Samson Mow criticized the tone of the letter on the same day. He said, 'It's disingenuous to just say 'it is what it is now, too bad.' 'Bitcoin Core devs have been changing the network gradually to enable spam and now seem focused on also removing barriers for spammers,' Mow said. 'This statement itself is also inappropriate,' he added. On May 8, Bitcoin Core developers decided to remove a long-standing limit on transaction data in a network upgrade to allow for larger data segments, which some Bitcoiners saw as opening the door to non-financial use cases. However, Casa founder Jameson Lopp defended the letter. Lopp said, 'Core Devs are a group saying we can't force anyone to run code they don't like; here is our thinking on relay policy and network health.' 'When there was no cohesive message, and it was just a bunch of independent developers making individual statements, Bitcoin Core was accused of having 'poor public relations,' Lopp said, adding: 'Now a joint statement is published, and people find reasons to cry about it.' The developers argued in the letter that it is better for the Bitcoin node software 'to aim to have a realistic idea of what will end up in the next block, rather than attempting to intervene between consenting transaction creators and miners to discourage activity that is largely harmless at a technical level.' It added: 'While we recognize that this view isn't held universally by all users and developers, it is our sincere belief that it is in the best interest of Bitcoin and its users, and we hope our users agree.' Bitcoiner Carl Horton said, 'It's Bit 'Coin' not Bit 'Bucket' or Bit 'Store' or whatever general purpose data store you have in mind. It's a 'peer to peer electronic cash system.' Meanwhile, Bitcoin core developer Luke Dashjr criticized the goals of the transaction relay policy outlined in the statement. 'The goals of transaction relay listed are basically all wrong,' Dashjr said. 'Predicting what will be mined is a centralizing goal. Expecting spam to be mined is defeatism. Helping spam propagate is harmful,' Dashjr said. The developers said the main goals of transaction relay are predicting what Bitcoin transactions will be mined, 'speeding up block propagation' for the transactions expected to be mined, and helping Bitcoin miners learn about fee-paying transactions. Source:
