In what feels like a rollercoaster event of both triumph and tribulation, the ConstitutionDAO emerged as a shining example of collective action fueled by digital passion. This ragtag group of internet enthusiasts, united under a noble cause, aimed to purchase the last privately owned print copy of the United States Constitution. Imagine a bunch of passionate people armed with Ether (ETH), a whole lot of hope, and a sprinkling of audacity—all for the goal of making history accessible to the public.
The Gutsy Bid for History
Last week, the original print of the U.S. Constitution found itself on the auction block at Sotheby’s—talk about a high-stakes showdown! As if destiny had plans for them, ConstitutionDAO formed just days before the bidding commenced. With a Discord server buzzing with nearly 20,000 fervent members, they were ready to move mountains… or at least, considerable amounts of Ether!
Raising a Spectacular Sum
In less than a week, this enthusiastic initiative saw an impressive amount of over $49 million raised on Juicebox, all driven by the sheer will of the people. Unfortunately, despite their valiant effort and sizeable contribution, they fell just short of their target, missing the necessary reserve funds to keep the document safe. Close, but no cigar—this is starting to sound like every underdog movie ever.
The Infrastructure Battle Continues
Meanwhile, amidst this digital chivalry, the notorious infrastructure bill became law, and folks, it’s even worse than it sounds. A requirement that any digital asset transactions over $10,000 be reported to the IRS quickly became a point of contention for crypto users and businesses. Who knew legislation could create such a stir in the blockchain world?
Time to Fight Back
Not surprisingly, crypto-friendly lawmakers sprang into action post-signing. Spearheaded by Congresspeople Patrick McHenry and Tim Ryan, the Keep Innovation in America Act was introduced—like a hero in a cape swooping in just in the nick of time. This act proposes amending the broad definition of what constitutes a broker (because who doesn’t love a good loophole?) and aims to delay new reporting requirements until 2026.
Mining Mayhem
As the chains of innovation rattle, regulatory actions loom large over crypto miners. China is continuing its anti-crypto crusade, forcing state-owned entities to shut down Bitcoin mining operations. Meanwhile, in the United States, a mining firm has come under the watchful eye of the SEC, sending stock prices tumbling like a bad haircut in a rom-com.
A Global Ripple Effect
Across the globe, Kazakhstan’s president is playing the role of a disheartened observer, lamenting that the state is not raking in enough revenue from the booming Bitcoin mining industry. I mean, come on! With the influx of miners relocating from China, the expectation must have been to find some treasure at the end of the rainbow, but instead, they’re getting ‘taxed’—literally.
A Lesson in Collective Action
Despite the hurdles faced—from crowdfunded dreams to legislative nightmares—the attempt by ConstitutionDAO represents a noteworthy chapter in the history of decentralized initiatives. It’s a poignant reminder that even in the digital age, where pixels reign supreme, our drive to connect and save our cultural heritage remains stronger than ever.
