In this conversation, Renee Sorchik sits down with Dr. Joshua Hendrickson and Dr. Craig Warmke to discuss their new paper, Sanctions and Sanction-Resistant Money. They explore the concept of “Hash Handcuffs” — the idea of enforcing U.S. sanctions on the Bitcoin network — and whether such attempts are technically feasible or economically effective. The discussion examines potential pressure points such as miners, nodes, and developers; the role of Marathon Digital’s OFAC-compliant mining experiment; and the theoretical concept of “feather forking.” The guests also consider the geopolitical implications of sanctions enforcement, the importance of maintaining a strong domestic mining industry, and how Bitcoin’s censorship resistance challenges traditional financial control mechanisms.

Connect with the Bitcoin Policy Institute: https://x.com/btcpolicyorg
Connect with Craig Warmke:

https://x.com/craigwarmke
Connect with Josh Hendrickson:

https://x.com/RebelEconProf
Connect with Renee Sorchik:

https://x.com/Renee_C_S

Chapters:00:00 – Intro & Guest Bios01:00 – Why the U.S. dollar dominates global sanctions03:00 – Bitcoin’s censorship resistance vs. OFAC compliance07:00 – Miners, nodes & developers as sanction targets12:00 – The Marathon Digital “clean block” experiment17:00 – Why compliant mining isn’t impossible22:00 – Fees, incentives & global mining competition25:00 – The “Feather Fork” strategy explained30:00 – How chain rewrites could change miner incentives38:00 – Game theory of mining compliance44:00 – Why domestic mining is a matter of national security47:00 – Bitcoin’s resilience against censorship52:00 – Closing thoughts: freedom, policy, and the future of mining

Hash Handcuffs: How Sanctions Collide with Censorship-Resistant Money