SEC departure
David Hirsch, who was in charge of the Securities and Exchange Commission’s (SEC) Crypto Asset and Cyber Unit in the Division of Enforcement, announced on LinkedIn yesterday he’s leaving the agency. Among his stops at the SEC, Mr. Hirsch served from 2020-2022 as Counsel to SEC Commissioner Caroline Crenshaw (D). No word on where he’s going next, as he concludes on LinkedIn, “While it is hard to leave an agency that has given me so much, I am very excited for the next set of challenges. I look forward to sharing more about that soon…” Read more on The Block.
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- Mr. Hirsch did not leave for memecoin company pump[.]fun even though a tweet on X fooled some.
what you should know: This marks another recent, high profile departure from the SEC. On May 17, the SEC announced the departure of its policy director Heather Slavkin Corzo. Is there more going on at the SEC than the unending ebb and flow of movement between the public and private sector at the securities regulator?
Trump donations
In a new article on crypto campaign interests titled, “How Crypto Money Is Poised to Influence the Election,” New York Times’ journalists explore the bounds of election influence with crypto funds. There’s special focus on former President Donald Trump and his growing support from the crypto community beginning with Messari CEO Ryan Selkis speaking at an event for the former President last month.
Reiterating themes of a report by The Block at the end of May, the New York Times says that the Biden campaign has been trying to connect with crypto industry figures thanks, in part, to entrepreneur Mark Cuban‘s efforts. The Times reports, “The campaign has been receptive to the message, Mr. Cuban said in an email. In recent weeks, Biden officials have reached out to Coinbase and Ripple, asking to discuss crypto policy, four people familiar with those discussions said.”
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CBDCs worldwide
Results from a new Bank of International Settlements (BIS) survey shows both momentum and deceleration for Central Bank Digital Currencies (CBDCs) worldwide. Ledger Insights covers the news and sees a precipitous decline in forecast retail CBDC issuance, but a sharp increase in wholesale CBDC pilots among the world’s central bankers. Read the summary from Ledger Insights.
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- BIS Paper 147: Embracing diversity, advancing together – results of the 2023 BIS survey on central bank digital currencies and crypto (PDF) – BIS
use case: compliance
How blockchain delivers compliance assurances for AI projects – The Street
PAC endorsing
The Stand With Crypto PAC started by Coinbase has added 18 endorsements across party lines for candidates in the House and Senate according to Politico’s Morning Money yesterday.
“The latest set of endorsements includes 15 incumbents and is split evenly between Democrats and Republicans. Among the candidates include: Sens. Kirsten Gillibrand (D, NY) and Rick Scott (R, FL), Reps. Dan Goldman (D, NY) and Young Kim (R, CA), and House hopefuls Blake Masters of Arizona (R) and Sarah McBride of Delaware (D),” writes Politico’s Zach Warmbrodt.
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- Stand With Crypto PAC 2024 House and Senate Endorsements – StandWithCrypto.org
- Coinbase-initiated Stand With Crypto outlines policy recommendations ahead of UK election (June 14) – The Block
tokenized gold
Tether Debuts New ‘Synthetic’ Dollar Backed by Tokenized Gold in Tokenization Push – CoinDesk
McHenry talking points
A clip posted from a June 6 Manhattan Institute event featuring a fireside chat with House Financial Services Chair Patrick McHenry (R, NC) identifies why the Chair thinks the time is right for a new regulatory framework for crypto.
He says that due to the wide margin at which the Financial Innovation and Technology Act for the 21st Century [H.R.4763] (a.k.a. FIT 21) passed in the House, two things were established: “1) Post-financial crisis, politics are not the same: this is not big bank, little bank policy. Those politics are gone. 2) Crypto is here to stay, and it is bipartisan.”
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- Video: “The State of the U.S. Financial System, Promoting Innovation – A New Supply-Side” (full event) – YouTube
still more tips
CFTC to Hold a Commission Open Meeting June 24 – CFTC.gov
Elon Musk’s Twitter to Debut ‘Financial Ecosystem’ in US—Will It Use Dogecoin? – Decrypt
New Twist on Old Bond-Market Strategy Lures Billions Into Crypto Project – Bloomberg on Yahoo
SEC Commissioner Mark Uyeda (R) discusses innovation and tokenization in a speech for the SEC’s International Institute for Securities Market Growth and Development – SEC.gov
The Supreme Court is hearing Nvidia’s bid to stop a shareholder crypto suit against it – Quartz