Big week for crypto, at least in the US.
One theme runs through all of it: Washington stopped promising this week and started shipping. The market paid up front.
Let’s get into it.
Trump hosted crypto and exchange CEOs at the White House on Wednesday and told Congress to pass a “fair version” of the Clarity Act. Bitcoin ended the week near $77K, up about 20%.
What’s happening: The rally started hours earlier, at the Treasury. On Wednesday morning the department said it will at least double its long-end bond buybacks, from a $2B cap to $4B or more per operation, one day after the 30-year yield hit 5.34%, its highest since 2007.
Why it matters: The marginal bitcoin buyer now reads the Treasury calendar, and Washington runs the liquidity desk.
Between the lines: The bigger buybacks are temporary: they run September 9 through November 4, and Treasury has yet to publish the final schedule. One Point’s Peter Boockvar: “This is NOT a debt paydown.” Meanwhile the Clarity Act is still stuck on ethics language about officials profiting from digital assets.
Punchline: A two-line Treasury notice moved bitcoin more than any halving narrative this year.
The SEC proposed “Regulation Crypto Assets” on Tuesday. It is the agency’s first rulebook written just for crypto, and it landed four days after the SEC cancelled the meeting where it was meant to vote.
