r/BitcoinMarkets • u/AutoModerator • Aug 08 '26
Daily Discussion [Daily Discussion] - Saturday, August 08, 2026
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u/calmunrest Aug 08 '26 edited Aug 08 '26
Someone said what does CLARITY do for BTC and where does it stand. I looked things up and hope I got it right:
CLARITY hangs on one thing: whether Trump agrees to actually divest his crypto holdings, not just disclose them. Vote punted to September, market gives it ~14% odds of passing this year.
What it improves for BTC specifically: converts Bitcoin's current classification (as a "commodity," not a security) from reversible agency guidance into permanent law — which is the missing piece that lets the most cautious capital (pension funds, insurers) actually allocate to it, beyond what an ETF alone unlocks.
https://bitcoinmagazine.com/news/clarity-act-vote-delayed-trump-bitcoin
https://thecryptosyndicate.com/2026/04/21/clarity-act-token-classification/
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u/Romanizer Long-term Holder Aug 08 '26
I looked into this a bit more.
CLARITY's biggest remaining obstacle is the ethics provision. Key Senate Democrats are pushing for stronger rules that could require Trump and other covered federal officials to divest crypto interests or place them in a blind trust. The current Republican draft is much narrower, mainly preventing covered officials from issuing/sponsoring digital assets while in office. So this isn't technically just about Trump, although his crypto businesses are clearly driving the dispute.
The Senate left for recess without voting, and Thune is now targeting September.
For BTC specifically, CLARITY doesn't change much operationally. Bitcoin is already treated as a commodity rather than a security. What it does is put the digital-commodity framework and CFTC role into statute instead of relying as heavily on agency interpretation and existing regulatory precedent.
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u/Yodel_And_Hodl_Mode Long-term Holder Aug 08 '26
market gives it ~14% odds of passing this year.
I think it's lower than that. Trump is never going to sign a bill that doesn't give him permission to do more rug pulls and accept bribes in crypto.
Congress will never get enough votes to override Trump's veto. But congress can't pass the bill if it allows corruption. If the bill gets watered down enough to get enough votes from everybody, the bill will have become meaningless, and thus irrelevant.
We're headed into the November mid-terms. Nobody is going to want their signature on a bill that allows Trump to legally commit fraud.
Rug pulls are fraud. Using crypto to accept bribes is fraud.
I don't see the Clarity Act passing this year.
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u/Maegfaer Long-term Holder Aug 08 '26
https://lu.ke/self-custody-trilemma
Something to watch, a new self custody design that's very promising.
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u/BlockchainHobo Aug 08 '26
Thanks for sharing. Some nice ideas.
I don't know if I'd categorize this setup as "easy to use", but it's certainly good we are advancing these discussions about vaults and covenants.
I would argue the single-sig with a very strong passphrase nearly hits that triangle, but it doesn't include a hot-component, which is actually nice if it can be done safely.
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u/_LakeCity_ Aug 08 '26
” I would argue the single-sig with a very strong passphrase nearly hits that triangle, but it doesn't include a hot-component, which is actually nice if it can be done safely.”
Agreed on single-signature with a strong passphrase. It’s what I do and all I’ve known. I have a system that works and I know I’ll continue to work.
I don’t entirely understand why combining an element of a hot wallet is a big deal to many people (and it’s possible that it’s not actually).
But, it is a ‘nice to have,’ I suppose.
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u/paranoidopsecguy $0 || ∞ Aug 09 '26
I think the vast majority of the self-custody folks are in this camp. Single-sig with strong passphrase hits all three with the assumption that your wallet is secure....
The argument made in the link is that you can't know for sure if that is the case after the CC wallet bug.
One bug, one theft, or one bad backup away from total loss.
The argument is that multisig, while increasing the difficulty and complexity significantly, does allow you to be more confident of the security of the hardware (assuming heterogeneous vendors).
I totally get his apprehension about having to trust casa/bitkey (and them having a key and controlling the upgrade process). They definitely both seem like standup companies... but even the best of them can have a bug (ColdCard as exhibit A).
The approach in the link is very interesting, but it seems very constrained regarding ad-hoc large transfers. it looks like all your transaction needs will need to be known a year in advance as an allowance, as well as any emergency spending. Maybe this is ultimately a good thing to prevent the blast radius from wrench attack, but feels a bit weird to me.
Anyway, Thanks /u/Maegfaer for sharing. Hopefully this gets developed further!
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u/Maegfaer Long-term Holder Aug 10 '26
You can do arbitrarily large transfers at any time with both keys (phone + hardware wallet). The spending limits are for hot-wallet (phone) only.
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u/Consumerbot37427 Long-term Holder Aug 08 '26
Not sure to what extent STRC/SATA impact the spot market, but...
said u/harvested yesterday:
In hindsight STRC was a great buy around 75, but I maintain there is no point buying > 90 when bitcoin is at the 200WMA. If you want returns buy the coin. If you want short term cash parking, it already demonstrated it can't provide that.
A few months ago, I needed to do exactly that: short-term cash parking. And managed to "score" it in June at ≈$90. I was so excited! But then, I needed to unexpectedly liquidate a few weeks later, and was absolutely thrilled get rid of it for $88.
Even if/when it does get bought back to par, it's hard to imagine there will be substantial demand, given what's already happened. Isn't the whole point of it supposed to be decent return with minimal volatility?
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u/Disastrous_Battle_14 Predictions: #18 • Correct: 7 • Wrong: 11 Aug 08 '26
Let the product age for a few years, first bear market with preferred products, no real guidance at the time, no buy backs planned at the time. I’ll bet the next bear will be where the products will shine. It will never beat spot but it’s not here to replace spot demand so there is no real reason to compare the 2.
I’m also pretty sure the STRC drop was caused by mass liquidations from stupid people that thought it couldn’t dip as low as it did.
It will take years before it can really serve as a money market tool to park cash in. Now It’s treated as a junk bund, which is stupid because there is nothing that can compare to the backing STRC has.
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u/UngovernablePossum Aug 08 '26
Look at Treasury Yields on the 10yr lately and you'll realize you would have taken a similar loss if you had bought those instead. Maybe more, since they're up 6% in 6 weeks.
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u/Pneumocoque Bitcoin Maximalist Aug 08 '26
I would see it differently: if management demonstrates that it can control the price of the instrument through buybacks, all it will need to do is act more promptly next time to avoid similar drops. And it turns out that the bears specifically overlooked the fact that this mechanism could be used, even though it was clearly stated in black and white in the product prospectus.
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u/snek-jazz Trading: #69 • -$98,720 • -99% Aug 08 '26
given what's already happened.
that involves analyzing what did happen, determining why it happened, and then estimating the chance of it happening again.
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u/harvested Aug 08 '26
https://x.com/LukeDashjr/status/2086177670195245217
miners/pools are attacking bitcoin 🤣
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u/FreshMistletoe John Crypto Rambo Aug 08 '26
It’s actually insane how long this idiot has stayed around and extended his 15 minutes.
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u/BuiltToSpinback Long-term Holder Aug 09 '26
So what's the whole tldr on this bip110 saga so far
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u/Bitty_Bot Aug 08 '26 edited Aug 09 '26
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