Crypto Super PACs Having Election Effect; Rep. Flood On Digital Assets And CODELs

Super PACs are 33-2

CNBC follows the money of recent House and Senate elections and says that crypto Super PACs are 33-2 in primaries.

As a result, several incumbents have been steadily changing their minds – such as Sen. Jon Tester (D, MT), who had previously been anti-crypto.

According to CNBC, Tester recently told reporters that he is open to digital assets legislation bubbling in Congress saying on June 12: “It’s 21st century stuff.” In another sign of reversal, Tester voted for the resolution rescinding SAB 121, too.

Read more on CNBC.

on PACs and outcomes

In a feature article, CoinDesk’s Jesse Hamilton tries to unearth the seeds of strategy as crypto funds are put to use via political action committees [PACs] in 2024 political campaigns.

Lots of insights in this piece – for example, Hamilton observes, “A consistent strategy of Fairshake [PAC] is to focus on districts that lean strongly toward one party and to support crypto-friendly candidates in those primary elections, because the winners are also likely to take the general election. If that seems a familiar gambit to elevate crypto candidates, it may be because….” Read more.

Hamilton also connects the primary loss by Rep. Jamaal Bowman (D, NY) to crypto funds influence.

what you should know: With so many other funds and factors involved in each election campaign, it remains very hard to divine whether 1) crypto PAC funds are really having any influence and 2) single-issue crypto voters can/will be impactful in the election.

oh the irony

Erik Voorhees, whose own company Shapeshift, had been ensnarled in an enforcement action by the Securities and Exchange Commission (SEC), noted the movement of 4,000 Bitcoin yesterday by the U.S. government to Coinbase – presumably for an imminent sale.

Voorhees commented on X, “US govt declared Coinbase an illegal brokerage, and then proceeded to use Coinbase as its brokerage.”

Coinbase has been battling an SEC enforcement action of its own which began in June 2023.

Meanwhile, Arkham Intelligence provides more detail on the government’s transfer of the 4,000 BTC here which are believed to be illicit funds “seized from narcotics trafficker Banmeet Singh, and forfeited at trial in January 2024.”

Rep. Mike Flood interview

In an interview published on Tuesday, Rep. Mike Flood (R, NE) talks to Cointelegraph regarding recent digital asset developments in Congress.

“Well, if you would have told me we would have received 71 votes from House Democrats to pass FIT21, I would never have believed it,” says the Congressman regarding the House vote last month on the Financial Innovation and Technology in the 21st Century Act [H.R.4763].

Rep. Flood is also sponsor of the House Joint Resolution 109 which rescinds the Securities and Exchange Commission’s Staff Accounting Bulletin 121 (SAB 121) which made it through both houses of Congress last month only to be vetoed by the President.

Flood also addresses member education in the interview: “A lot of members are going on CODELs [congressional delegations] to countries like Singapore and the UAE and the European Union and they’re hearing about digital asset frameworks that are being set up there, and they’re coming back to Congress, saying, ‘Why are we — the world’s superpower when it comes to financial services — not even in the game?'”

Read more on Cointelegraph.

Sen. Warren + Rep. Casten

Senator Elizabeth Warren (D, MA) and Rep. Sean Casten (D, IL) are continuing their bicameral alliance beyond the reported previous efforts over the Digital Asset Anti-Money Laundering Act (DAAMLA) [S.2669].

Yesterday, the two lawmakers led 17 other Democrats and 1 Independent in a Congressional letter telling “U.S. financial regulators to do more to address financial risks posed by the changing climate,” reports The Hill.

Read more.

what you should know: Assuming both are re-elected in November, the Warren-Casten alliance will likely remain a key anti-crypto voice in the next Congress.

stablecoins in the EU

The Block reports that the stablecoin regulatory framework stemming from the European Union’s Markets in Crypto Assets regulations may prevent Europeans from holding U.S. Dollar-backed stablecoins.

The stablecoin framework is effective June 30.

An analyst at Outlier Ventures, Jasper De Maere, tells the Block: “The consequences of this after MiCA [stablecoin framework] is implemented is that European citizens might face limited trading access, poor liquidity and no access to more exotic crypto-native investment opportunities.” Read more.

more tips:

    • Crypto exchange Bitstamp (acquired by Robinhood) delists Tether’s euro stablecoin as MiCA laws kick in – DL News

tonight’s debate schedule

The schedule on CSPAN for tonight’s presidential debate between President Joseph Biden (D) and former President Donald Trump (R) is:

    • 8:00 PM ET – Preview of CNN Presidential Debate
    • 9:00 PM ET – Simulcast – CNN Presidential Debate
    • 10:40 PM ET – Reaction to CNN Presidential Debate

See more on CSPAN.

still more tips

Animoca Brands Looks to Crypto-Friendly Markets for Potential 2025 Listing (subscription) – The Information

Nigeria SEC Gives Crypto Firms 30 Days to Register—Or Face Enforcement Action – Decrypt

Crypto Market Maker GSR Names Rosenblum, Song as Co-CEOs – Bloomberg