Category: News

Stabenow, Warren on policy

In Politico yesterday, Jasper Goodman and Eleanor Mueller looked at efforts to sway the opinion of VP Kamala Harris, the presumed Democratic presidential nominee, into the “pro-crypto” or – put another way – the”pro-innovation” camp.

Senate Agriculture Chair Debbie Stabenow (D, MI) chimes in regarding her unofficially-titled “Digital Commodities Consumer Protection Act 2.0” bill (which appears to be stymied by Republicans) and says that she “feels ‘very good’ about Harris’ approach” to digital assets. Stabenow adds about VP Harris’s views on crypto: “She knows what we’re doing, and she’s very interested in seeing what happens.” Read more in Politico.

Politico captures some spicy quotes from Senator Elizabeth Warren (D, MA), too. Thus far, Sen. Warren is providing no space for a change in views on digital assets policy in a potential Harris Administration in comparison to the Biden era.

more tips:

• • Rep. Khanna (D, CA) crypto roundtable #2 is Monday – Eleanor Terrett, Fox Business on X

what you should know: The Harris campaign may view “ambiguity” as the ultimate positioning for digital assets which may allow some digital asset voters to side with the VP in November. Post-election, they can return to a the Biden Administration’s aggressive digital policy policy with voting in the rear-view mirror.

Also, some Democrats privately maintain that Sen. Warren won’t have the same power in a Harris Administration, but that remains to be seen. Continue reading “Senators Stabenow, Warren Offer Digital Assets Policy Spectrum For Dems”

tech donation dollars

Not all Silicon Valley entrepreneurs and investors are turning Republican.

So says a group of over 100 Silicon Valley investors who have pledged their support to VP Kamala Harris in the upcoming election according to The New York Times

The NYT reports that the group includes Reid Hoffman, a founder of LinkedIn; Mark Cuban, who recently helped arrange Rep. Ro Khanna’s (D, CA) blockchain roundtable with the White House in July; and venture investors Ron Conway and Chris Sacca.

According to a statement on the website, VCsForKamala.org, the group says, “We are pro-business, pro-American dream, pro-entrepreneurship and pro-technological progress.”

Separately, a group of “tech investors and workers” have launched an effort called “Tech 4 Kamala” which supports the VP and is accepting donations.

what you should know: How will these group’s donation levels to the Democratic presidential candidate (if it is tracked) compare to donations of the crypto community to (PACs and) “pro-crypto” candidates? “Pro-crypto” does not necessarily mean Republican, but it certainly tilts that way. Continue reading “Tech Donation Dollars Mingle With Harris Reset; Bitcoin Reserve Bill Released”

WSJ board on crypto prez

The Wall Street Journal’s Editorial Board offered its opinion late Monday on the new affinity former President Donald Trump has for crypto.

The Board isn’t so sure about the former President’s idea for stockpiling Bitcoin by the U.S. government – unveiled over the weekend at Bitcoin 2024 – but it sees opportunity for differentiation among the major party Presidential candidates.

“If Mr. Trump wants to strike a contrast with Kamala Harris, he might instead call for government getting out of the business of picking winners and losers—crypto and bitcoin included. It never ends well,” writes the right-leaning Editorial Board. Read more.

if SEC Chairman change

Yesterday, SEC Commissioner Mark Uyeda (R) appeared at Capitol Account event in Washington, D.C. titled, “Regulatory Onslaught? A Look at Investment Advisers and the SEC Agenda.” Just prior to Uyeda’s appearance on stage, a panel discussion of advisers expressed their unhappiness with all the new rules being promulgated by the Commission. Continue reading “WSJ Editorial Board Weighs In On Crypto President; SEC Commissioner Uyeda Opines On Chair Powers”

markup machinations – 1 of 3

Regarding the scuttled markup of Senate Agriculture Chair Debbie Stabenow’s (D, MI) unofficially titled, “Digital Commodities Consumer Protection Act 2.0” (DCCPA 2.0), Politico’s Morning Money noted yesterday that – aside from the fact some Dem Senators weren’t available for the crypto regulation framework’s markup – Senate Ag Ranking Member John Boozman (R, AR) was not on board with the bill, yet.

what you should know: Though not explicit, Boozman has previously expressed interest in making sure any bill receives the proper industry feedback. Was there a disconnect in DCCPA 2.0 from the Ranking Member’s point-of-view? Or, do Republicans clearly see an opportunity to “make hay” in November with the digital assets crowd, (see Trump in Nashville over the weekend), so why give Democrats any kind of win?

markup machinations – 2 of 3

Yesterday afternoon, Senate Ag Chair Debbie Stabenow issued a seeming response to the “Ranking Member news” in Politico on Senate Ag Ranking Member Boozman’s reticence to come aboard with support for DCCPA 2.0.

In a statement, Chair Stabenow said: Continue reading “Digital Asset Legislation Markup Machinations; About Those Nominations”

Bitcoin 2024 – Trump

The final day of Bitcoin 2024 featuring former President Donald Trump did not disappoint the 3,000 Bitcoin faithful gathered in Nashville, Tennessee. 

Trump’s speech was unthinkable even a year ago: a major party presidential candidate spoke at length and in detail about topics that matter to even the most hardcore of the crypto community.

At one point, with the crowd already on its feet President Trump declared about the Securities and Exchange Commission (SEC) Chair Gary Gensler, “On day one, I will fire Gary Gensler….”

A deafening roar from the audience followed.

Trump ate it up and continued, “…. I didn’t know he was that unpopular. Let me say it again: on day one, I will fire Gary Gensler. … I will appoint a new SEC chairman who believes America should build the future, not block the future.

• • See the one-minute, 47-second video clip on X.
  • Watch the full, 50-minute speech on X.
  • Read the transcript in CoinDesk.

Among other statements by the former President besides firing the SEC Chair…:

• • He promised to shutdown ChokePoint 2.0.
  • Advocated for the right of self-custody.
  • Strongly supported the mining of Bitcoin in the U.S.
  • Expressed support for the expansion of the use of stablecoins.
  • Pledged to keep (“hodl“) the U.S. government’s current and future hoard of Bitcoin (for example, Bitcoin confiscated in criminal cases). He called it a “strategic national Bitcoin reserve.”
  • Announced he’d create “a bitcoin and crypto presidential advisory council.” (Editor’s note: can’t imagine the elbows that will be flying trying to get on that if Trump becomes president.)

The former President also drew partisan lines in the crypto debate saying of the presumed Democratic presidential nominee VP Kamala Harris: “She’s against crypto, by the way, and she’s against it very big. You gotta get out and vote.”

Read more in CoinDesk and The Tennesseean.

what you should know: President Trump’s flipflop from crypto skeptic during his previous administration to the “crypto president” is now well-chronicled. Even Rep. Wiley Nickel (D, NC), who made the Dem case at Bitcoin 2024, bravely noted the flipflop on stage to a round of boos at the conference. Undeniable is that Trump has staked some enviable high ground in the politically-energetic crypto community. Continue reading “Former President Trump Embraces Crypto -Even More; Dems Aim For A Digital Assets Reset”

Senator Marshall relents

With pressure likely building after former President Donald Trump’s embrace of crypto in recent weeks, Senator Roger Marshall (R, KS) quietly removed his name as a co-sponsor of Senator Elizabeth Warren’s (D, MA) “Digital Asset Anti-Money Laundering Act” [S.2669] on Wednesday according to Congress.gov.

The Warren/Marshall bill had originally been introduced (post-FTX) late in the 117th Congress and then reintroduced in February 2023 in the 118th Congress.

Previously, conservative organizations such as Club for Growth (see the March 2023 letter) challenged the Senator on his decision to co-sponsor and may have also played a part in Marshall’s change of heart.

Sen. Marshall was seen engaging in a Senator Cynthia Lummis (R, WY) Senate Innovation Caucus meeting in April with a16z crypto investor and author Chris Dixon.

h/t @alexandergrieve

what you should know: Senator Lindsey Graham (SC), a strong Trump supporter, is the only Republican co-sponsor left. It would not be surprising to see his name drop off next.

Senate – Majority Leader

Senate Democratic leadership continued to position yesterday that they want a digital asset regulatory framework.

Politico’s Eleanor Mueller reported on X yesterday that Senate Majority Leader Chuck Schumer (D, NY) told her that “he hopes to pass a crypto bill this year. ‘We’d like to get something done,’ he said. ‘We’d like to have appropriate guardrails.'” Read more (subscription).

Ms. Mueller also confirms that Senate Agriculture Chair Debbie Stabenow (D, M) is still aiming for a markup of a new version of the “Digital Commodities Consumer Protection Act” (DCCPA 2.0) next Wednesday – while Senator Warren doesn’t approve of the bill’s illicit finance provisions on money laundering.

more tips:

• • Today, we announce that Chris Lehane, Paul Clement, and Christa Davies are joining Coinbase’s Board of Directors – Coinbase

Senate – donations

Leader Schumer’s comments speak to the fact that Dem leadership may want to call off the “donation dogs,” too.

The voluminous, crypto campaign “donation dogs” appear to be having impact on Congressional races and even the race for the White House -see former President Donald Trump at Bitcoin 2024 tomorrow. Meanwhile, Dems are led at the conference by Reps. Wiley Nickel (D, NC) and Ro Khanna (D, CA) – Khanna voted to keep SAB 121 in the initial vote and then was one of only a couple of Dems who switched to supporting an override of President Biden’s veto in the vote earlier this month. Continue reading “Majority Leader Schumer Wants Digital Asset Guardrails; Sen. Marshall No Longer Co-Sponsors DAAMA”

House leaves early

The House of Representatives are leaving early for summer break. According to Roll Call, Members are ready to campaign after a “tumultuous two weeks” which has an included the assassination attempt on former President Donald Trump, the VP Kamala Harris‘ ascension to Democratic Presidential nominee and President Joe Biden bowing out of another term.

Divisive debates within the Republican caucus over appropriations bills may have also contributed to the early exit says Roll Call.

Legislation lovers should be advised that “The outlook is similarly grim come September, the focus will shift to passing a stopgap funding measure to avoid a partial government shutdown when the new fiscal year begins Oct. 1. “

The House returns on Monday, September 9. See calendar.

House leaves early – no DeFi

The House Financial Services Committee announced yesterday that they’re postponing the hearing on Decentralized Finance (DeFi) which was scheduled for next Tuesday, July 30, is now “postponed.”

No new date has been announced. Continue reading “House Leaves For Campaign Trail Today; Senate Banking Aims For Nominations Vote Next Week”

House Floor – illicit finance

The “Financial Technology Protection Act” [H.R.2969] sponsored by Rep. Zach Nunn (R, IA) and co-sponsored by Rep. Jim Himes (D, CT) easily passed the House yesterday afternoon by voice vote.

The Senate version of this bill [S.1340], sponsored by Senator Ted Budd (R, NC) and co-sponsored by Senator Kirsten Gillibrand (D, NY), sits idly in Senate Banking currently.

what you should know: In that the bill establishes a working group within government and establishes a public-private partnership to study the use of digital asset in illicit finance, it seems likely that Senate Banking Chair Sherrod Brown (D, OH) would perceive S.1340 as an “industry bill” given its limited elements even though it’s been around since 2018. Considering Chair Brown’s past pronouncements on industry bills, it appears unlikely to ever make it to a markup in the 118th Congress.

big things

Senator Cynthia Lummis (R, WY), who is scheduled to appear at this week’s Bitcoin 2024 conference said on X yesterday, “₿ig things are in store this week. Stay tuned!” Continue reading “Illicit Finance Bill Passes The House -Again; Senator Lummis Promises Surprise For Bitcoin Audience”