US Crack Down, EU Wallet Rules, River Raise - Week 37

To catch the weekly synopsis, consider subscribing to The Bitcoin Minimalist!


US Cracks Down on Crypto

A recent article by the Financial Times reported that the head of the U.S. Department of Justice's (DOJ) cryptocurrency division has pledged to crack down on crypto-related crimes.

This initiative aims to tackle the rising concerns surrounding illicit cryptocurrency-related activities. The DOJ's commitment to combating crypto-related crimes highlights the growing importance of regulatory measures to ensure the integrity of the cryptocurrency ecosystem. The article suggests that this crackdown could have significant implications for the future of regulation and the overall perception of digital currencies.

EU New Rules on Wallets

The EU's Council has unanimously approved the Markets in Crypto Assets Regulation (MiCA), establishing the bloc as the first major jurisdiction with a crypto licensing regime.

MiCA requires crypto firms to obtain licenses for wallets, while stablecoin issuers must hold suitable reserves.

The rules will be implemented in 2024. The ministers also agreed on measures to disclose customer holdings to tax authorities and enforce the collection of sender and beneficiary names for crypto transfers starting in 2026. Additionally, they will amend taxation rules and exchange information on advanced tax rulings for wealthy individuals. These actions aim to regulate the crypto industry, enhance transparency, and prevent tax evasion.

River Announces $35 Million Series B

A recent press release announced that River, a Bitcoin-focused financial institution, has raised $35 million in a Series B funding round.

The funding round was led by Polychain Capital, with participation from other investors, including Fidelity, Coinbase Ventures, and Digital Currency Group.

River offers financial services tailored to Bitcoin investors, including self-custody solutions, real-time trading, and hosted mining. The funds will be used to develop River's product offerings further and expand its team.

The successful funding round demonstrates the growing interest and confidence in Bitcoin-focused financial services, highlighting the increasing mainstream adoption and recognition of the cryptocurrency industry.

ARK’s New Projections on Bitcoin Price

A new report by ARK Invest lays out the projection of the Bitcoin price based on other assets and its penetration into those markets. By 2030 they suggested that a bull case would lead to a $1.48 million USD bitcoin Price.

The idea is based on Gresham’s law that people save good money and spend bad money. Because Bitcoin is an asset that is the best store of value, other “store of value” assets will degrade, leaving Bitcoin as the major savings device.



Bitcoin has recently dropped from $28,000 to $26,700 over the past week. It seems we have been stuck in this range for a while, but considering the uncertainty in the general financial markets, Bitcoin has performed very well this year. It is up 61% YTD and one of the best-performing assets of 2023.

Zooming out on the topic of traditional financial markets:

The projected Debt Ceiling is on a logarithmic path to infinity.

The debt ceiling is the legal limit on the amount of debt that the U.S. government can borrow. It is set by Congress and failure to raise it can lead to a government shutdown or default.

This means that raising the debt ceiling allows more printing of money, thus inflating the monetary supply even further.



We have recently launched! Looking for a job in the Bitcoin space? Visit for more job openings.

What to read

Bitcoin's Full Potential Valuation - Jesse Myers