Row 34986

Row ID: 34986 | Dataset Entry | Axioma AXP Content Repository

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From my seat, there has been a significant change in tone in Washington around crypto and crypto-related issues in the past week.

First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Then, we had surprise progress on spot Ethereum ETFs. We have also seen a bipartisan consensus begin to emerge around stablecoin legislation. Finally, we saw Democrats retreat this week from protecting the head of the FDIC, who was both 1) under fire for the toxic work culture at the FDIC, and 2) notably hostile to crypto. Add these together and it feels like a real political shift. I think it reflects both the politics of crypto—there are a lot of voters who care about crypto—and Wall Street’s embrace of the economic opportunities crypto presents. But it’s a very important shift. It creates a tailwind behind crypto that could drive us to new all-time highs.

1 in 5 voters in swing states report that crypto is a factor in who they will vote for in the next election. It will become increasingly important for both campaigns to consider this issue carefully, and we may see Biden taking a friendlier approach to crypto than we have been seeing.

-K

FieldValue
text From my seat, there has been a significant change in tone in Washington around crypto and crypto-related issues in the past week. First, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Then, we had surprise progress on spot Ethereum ETFs. We have also seen a bipartisan consensus begin to emerge around stablecoin legislation. Finally, we saw Democrats retreat this week from protecting the hea…
label r/cryptocurrency
dataType comment
communityName r/CryptoCurrency
datetime 2024-05-21
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Raw Record

{
  "text": "From my seat, there has been a significant change in tone in Washington around crypto and crypto-related issues in the past week.\n\nFirst, we saw both houses of Congress vote to overturn SAB 121, a bill that made it virtually impossible for banks to participate in the crypto custody market. Then, we had surprise progress on spot Ethereum ETFs. We have also seen a bipartisan consensus begin to emerge around stablecoin legislation. Finally, we saw Democrats retreat this week from protecting the head of the FDIC, who was both 1) under fire for the toxic work culture at the FDIC, and 2) notably hostile to crypto. Add these together and it feels like a real political shift. I think it reflects both the politics of crypto—there are a lot of voters who care about crypto—and Wall Street’s embrace of the economic opportunities crypto presents. But it’s a very important shift. It creates a tailwind behind crypto that could drive us to new all-time highs.\n\n1 in 5 voters in swing states report that crypto is a factor in who they will vote for in the next election. It will become increasingly important for both campaigns to consider this issue carefully, and we may see Biden taking a friendlier approach to crypto than we have been seeing. \n\n-K",
  "label": "r/cryptocurrency",
  "dataType": "comment",
  "communityName": "r/CryptoCurrency",
  "datetime": "2024-05-21",
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