A number of US agencies are considering redefining what constitutes “money.” Almost 75% of Bitcoin supply hasn’t moved in the past six months, according to data from Glassnode. Meanwhile, the head of crypto-friendly financial services firm Cantor Fitzgerald will lead Donald Trump’s transition team should he retake the White House this November.
US mulls applying fiat reporting mandate on crypto transfers
Top federal agencies in the United States are teaming up to revise the meaning of “money” to tighten reporting requirements on financial institutions for domestic and cross-border cryptocurrency transactions.
The US Department of the Treasury issued a semiannual regulatory agenda on Aug. 16, revealing an upcoming federal attempt to level the regulatory playing field for cryptocurrencies and traditional fiat currency.
The Board of Governors of the Federal Reserve System and the Financial Crimes Enforcement Network plan to revise the meaning of “money” used in the Bank Secrecy Act.
According to the agenda:
“The agencies (FRS and FinCEN) intend that the revised proposal will ensure that the rules apply to domestic and cross-border transactions involving convertible virtual currency, which is a medium of exchange (such as cryptocurrency) that either has an equivalent value as currency or acts as a substitute for currency, but lacks legal tender status.”
However, the proposal will also extend the reporting requirement to digital assets with legal tender status, including central bank digital currencies.
The final notice of proposed rulemaking is currently slated for September 2025, subject to clearance.
75% of all Bitcoin has been hodled for over 6 months
Around three-quarters of all circulating Bitcoin hasn’t been moved for the past six months or more, according to onchain data.
The findings come from Glassnode’s Hodl Wave chart, which uses blockchain data to give a macro view of Bitcoin BTCUSD held in wallets based on the age since they last moved.
It’s a significant jump from only a week ago, on Aug. 11, when onchain analytics platform Glassnode data showed that almost half the BTC supply, around 45%, had been dormant for at least six months.
However, the data now shows around 74% has been stationary for most of this year despite the asset falling 21% from its all-time high.
Cantor Fitzgerald head joins Trump’s campaign
Howard Lutnick, the head of financial services company Cantor Fitzgerald, will lead Donald Trump’s transition into the White House should he be elected president this November.
Trump’s campaign confirmed the news on Aug. 16, adding that World Wrestling Entertainment co-founder Linda McMahon will also be part of the transition team. Both Lutnick and McMahon have donated heavily to Trump’s 2024 presidential campaign.
Cantor Fitzgerald is no stranger to digital assets. Since 2021, the company has managed stablecoin issuer Tether’s treasury portfolio. Earlier this month, a filing with the Securities and Exchange Commission also confirmed that the company held more than $18 million worth of shares of BlackRock’s Bitcoin exchange-traded fund.
Lutnick himself is a Bitcoin proponent, having announced the launch of a $2 billion lending program at the recent Bitcoin conference in Nashville, Tennessee.
