Satoshi Gazette
The recordDefinitions

Glossary

The terms the Gazette uses, each defined in one sentence and then explained, with the primary record it comes from and the piece it was first used in. A definition here is the one every Story links to.

Terms on file

31

Last updated ·

C7

  1. Citizen voting-age populationalso CVAP · adult citizensThe Census Bureau's count of U.S. citizens aged 18 and over, 245,275,126 in the 2024 American Community Survey.
  2. Claim statusalso verdict · claim verdictThe verdict a claim in Claims Under Review carries: verified, true but imprecisely stated, oversimplified, contested, unsupported, false or unresolved.
  3. Commodity-based trust sharesalso spot bitcoin ETP · commodity trust sharesThe exchange-rule category that spot bitcoin exchange-traded products fall into: shares of a trust holding a commodity, redeemable in kind or in cash.
  4. Control boundaryThe line between what a holder's own keys control and what a company, federation or bank controls; the first thing to draw before judging any custody arrangement.
  5. Correction kindsalso corrections policyThe five categories the Gazette uses when it corrects a published piece: factual error, imprecision, missing context, attribution and retraction.
  6. Custodianalso custodial · custodyA company that holds the private keys to bitcoin on someone else's behalf and owes them a balance, under whatever terms and supervision apply to it.
  7. Customs dutiesalso tariff revenue · tariff receiptsTariff revenue as the Treasury books it: gross collections less refunds equals net receipts, reported monthly in Table 4 of the Monthly Treasury Statement.

D3

  1. Debt subject to limitalso debt ceiling · statutory debt limit · debt limit headroomThe portion of federal debt counted against the statutory debt ceiling, published daily alongside the ceiling itself in the Daily Treasury Statement.
  2. Debt to the Pennyalso total public debt outstandingThe Treasury's daily statement of total public debt outstanding, published to the cent for every business day.
  3. Difficulty adjustmentalso retarget · difficulty epochBitcoin's automatic recalibration, every 2,016 blocks, of how hard a block is to find, so blocks keep arriving about every ten minutes whatever the hashrate does.

F2

  1. Federationalso Liquid federation · functionaries · multisig federationA fixed group of parties who jointly sign transactions for a sidechain or custody scheme; the holders' exit depends on their cooperation.
  2. Fiduciary powersalso trust powersThe legal authority, granted under 12 U.S.C. § 92a, for a national bank to act as trustee or custodian for others.

G2

  1. Generic listing standardsalso GLS · Rule 5711(d)Exchange rules, approved by the SEC, under which an exchange may list a class of products, such as commodity-based trust shares, without a separate rule filing for each one.
  2. GENIUS Actalso Guiding and Establishing National Innovation for U.S. Stablecoins ActPublic Law 119-27, signed 18 July 2025, the federal framework for payment stablecoins that fixes what their reserves may hold.

H2

  1. Hashpricealso USD/PH/s/dayExpected miner revenue per unit of hashing, typically dollars per petahash per second per day; a model, not a payout.
  2. Hashratealso network hashrate · EH/sAn estimate of the total computing work the Bitcoin network is doing, inferred from how fast blocks arrive against the current difficulty.

I1

  1. IEEPAalso International Emergency Economic Powers Act · Learning Resources v. TrumpThe International Emergency Economic Powers Act, the 1977 statute the Supreme Court held in February 2026 does not authorise a president to impose tariffs.

M2

  1. Money transmitter licencealso MTL · virtual currency licence · BitLicenseA state-issued licence to move money or virtual currency for others; the usual legal footing for U.S. crypto custody before a bank charter.
  2. Monthly Treasury Statementalso MTSThe Treasury's monthly account of receipts, outlays and the deficit, with tables by source, function and agency, published about eight business days after month end.

N2

  1. National trust bankalso uninsured trust bank · national trust company · OCC trust charterA federally chartered bank, supervised by the OCC, that exercises fiduciary powers such as custody but does not take deposits or make loans.
  2. Net interestalso interest on the public debtWhat the federal government pays on its debt after interest received by trust funds is netted out; the fastest-growing major line in the budget.

O2

  1. OCC digital-asset applications listalso OCC pending applicationsThe Office of the Comptroller of the Currency's public table of pending charter and licensing applications from firms planning digital-asset products.
  2. Official vs private holdersalso foreign official holders · private foreign holdersIn Treasury data, official holders are foreign central banks and governments; private holders are everyone else abroad, from funds to stablecoin issuers.

P3

  1. Peg-outalso peg out · redemptionRedeeming a sidechain or wrapped bitcoin, such as Liquid's L-BTC, for bitcoin on the main chain; the moment a holder finds out who controls the exit.
  2. Pool labelalso mining pool attribution · coinbase tagThe name attributed to a block from the coinbase transaction's tag or payout address; a label of who assembled the block, not proof of who owns the hashrate.
  3. Private keyalso signing key · seed phraseThe secret number that authorises spending from a bitcoin address; whoever holds it controls the coins, whatever any account statement says.

R1

  1. Riskless principalExecuting a customer's order by buying or selling for the firm's own account and immediately passing the asset through, so the firm never holds market risk.

S2

  1. Self-custodyalso self-custodial · non-custodialHolding bitcoin under keys that only you control, so no company, bank or exchange can move, freeze or lend it.
  2. Stablecoin reservealso reserve backing · 1:1 backingThe assets a dollar stablecoin issuer holds against the tokens it has issued; under the GENIUS Act, cash, insured deposits and Treasuries of 93 days or less, at least one to one.

T2

  1. TIC dataalso Treasury International Capital · foreign holders of TreasuriesThe Treasury International Capital system: monthly data on foreign holdings of U.S. securities, split between official institutions and private holders.
  2. Treasury billalso T-bill · billsShort-dated U.S. government debt, issued at a discount and maturing in a year or less; the asset the GENIUS Act requires stablecoin issuers to hold.

How the glossary works

A term is added when a published piece needs it. Each entry carries a one-sentence definition that can be quoted whole, a longer explanation, the primary record the definition rests on, and a link to the piece where the Gazette first used it. When a Story links a term, the link carries the definition. Definitions are dated and revised in the open; a change that alters a meaning is logged in Corrections.