An online group of randomly selected enthusiasts who have formed a decentralized autonomous organization, or DAO, and amassed an astonishing amount of Ether (ETH) for a noble cause, have come, which is amazing, to achieve amazing teamwork.
Although they failed to achieve their primary goal of giving the public access to the latest private printed copy of the first edition of the US Constitution, the speed, scope and effectiveness of decentralization efforts have been very impressive. The fact that the group’s goal was to preserve the artifact, symbolizes the most successful attempt to date to present a rationally organized, rule-based social system, also full of symbolism.
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the pursuit of the Constitution
The last of the 13 remaining privately owned copies of the US Constitution was sold at Sotheby’s last week. A few days before the bidding begins, an online initiative to purchase the document from the public to fund and publish it in the public domain under the name “DAO Constitution” is underway.
In less than a week, more than 20,000 people joined the group’s Discord server, and the amount of ETH dollars raised through Juicebox, an Ethereum-based DAO platform, exceeded $ 49 million. After the tender was announced, the group came close to obtaining the document, but ultimately failed due to inability to raise enough funds to set up the reserve fund needed to maintain it.
The infrastructure struggle continues
The infamous infrastructure law, which included several provisions believed to harm digital currency users and businesses in the United States, was enacted during an impressive signing ceremony last week. Of particular concern is the requirement to report digital asset transactions in excess of $ 10,000 to the IRS.
As expected, the adoption of the law has met with opposition from pro-cryptocurrency lawmakers. Days after President Joe Biden signed the Infrastructure Act, a group of U.S. lawmakers led by Representatives Patrick McHenry and Tim Ryan introduced America’s Innovation Preservation Act, which would change and remove the very broad definition of a broker. Reporting requirements by age from 2024 to 2026.
In the news cycle last week, there have been several unrelated stories of regulatory hostility towards crypto miners from a number of different jurisdictions, which we hope does not reflect a rising global trend. China continues to struggle with what is left of the booming crypto-mining sector, putting pressure on state-owned enterprises and companies to stop mining Bitcoin (BTC) once and for all. Meanwhile, in the United States, a mining company was investigated by the Securities and Exchange Commission, which caused stocks across the sector to plummet. The president of Kazakhstan – the country that rose to second place in the global retail race thanks to the withdrawal from China – lamented the government’s coffers, which received a very small share of mining revenues, and this announcement could be a prelude to increased regulation. review. organs. industry in rapid development.