GOP Platform Adds Crypto To Its Innovation Agenda; SAB 121 Veto Override Vote Tomorrow

GOP platform

The campaign website for former President Donald Trump published a Republican platform doc yesterday in advance of next week’s GOP convention in Milwaukee, Wisconsin.

See blog post on Trump campaign website.

And, get the platform doc here (PDF).

Under a chapter titled, “BUILD THE GREATEST ECONOMY IN HISTORY, ” bullet #5 (on page 9 of 16 pages) tilts toward digital assets:

5. Champion Innovation
Republicans will pave the way for future Economic Greatness by leading the World in Emerging Industries.

Republicans will end Democrats’ unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control.”

Blockchain Association’s Ron Hammond commented on X regarding the platform release:  “…the Republican convention is next week and while crypto wasn’t a ‘top 25’ policy issue, it did make its way into the party’s policy platform…”

what you should know: For the “pro-crypto” crowd, this will be more fuel to the fire of support that has increasingly burned for the former President. Will Democrats try to fight fire with their own platform in Chicago next month?

veto vote tomorrow

The SEC’s Staff Accounting Bulletin 121 is moving up the House Floor schedule.

Fox Business’ Eleanor Terrett reported yesterday afternoon on X: “The House vote to overturn [President Joe Biden’s] veto of H.J. Res 109 (bipartisan resolution to repeal [the SEC’s] SAB 121) will take place on Wednesday at 4:15PM.

Live video will be here on

The House SAB 121 resolution [H.J.R.109] sponsored by Rep. Mike Flood (R, NE) has previously been passed in the House and Senate in May and was vetoed by the President on the last day of May. Though the Senate passed the resolution by a 2/3 majority, the House did not yet it still attracted 21 Democrats and nearly all House Republicans for a simple majority.

what you should know: The big question, of course, is how many Democrats will change votes. Congressman Jonathan Jackson (D, IL) is the only known Democrat to have switched sides since the vote in May when he became a co-sponsor of Rep. Flood’s other SAB 121 killer, the “Uniform Treatment of Custodial Assets Act [H.R.5741]” in mid-June.

FDIC Chair nom

Politico reports that Commodity Futures Trading Commission (CFTC) Commissioner Christy Goldsmith Romero (D), a favorite of Senator Elizabeth Warren (D, MA) is picking up publicly-expressed support for her nomination to be Chair of the Federal Deposit Insurance Corporation (FDIC).

“Representatives of major crypto firms who have worked with Goldsmith Romero in her capacity as a CFTC commissioner are among those who have written to senators” as well as an organization called the American Fintech Council (see June release), Circle policy executive Corey Then and blockchain analytics firm TRM Labs Global head of policy Ari Redbord who expressed his support for Goldsmith’s Romero’s nomination on LinkedIn recently.

Read more from Politico.

Commissioner Goldsmith Romero’s Technology Advisory Committee (TAC) – of which Mr. Redbord is vice chair and new (and former) White House National Security Council advisor Carole House is Chair – may also yield support from opinions as diverse as policy executive Justin Slaughter of crypto venture firm Paradigm to professor Hilary Allen of American University.

what you should know: It seems hard to imagine Democrats providing any push back. Republicans approach to this hearing is what to watch: not only do Republicans approve of Goldsmith Romero (or not), but do they want to wait on any FDIC Chair nomination approval until after the election at the very least, thereby giving them leverage (if former President Trump wins, Congress shifts) on the choice including waiting until the next Congress.

HFS hearing today

House Financial Services (HFS) Committee hearing titled, “The Annual Testimony of the Secretary of the Treasury on the State of the International Financial System” with Secretary Janet Yellen takes place today.

See hearing page for live video beginning at 10 a.m.

Though the focus on the international finance, digital assets may take a bow as the Committee Memorandum for the hearing reveals a focus on “terrorism and illicit finance” as notes Financial Action Task Force’s (FATF) concerns about crypto in terrorist financing beginning in 2015.

Get the memo.

what you should know: Stablecoin legislation – and the need for it – would seem to be a logical candidate for discussion – especially from the HFS “pro-crypto” caucus. It would not be surprising for the Secretary to at least “name check” stablecoin legislation with HFS Chair Patrick McHenry’s (R, NC) “Clarity for Payment Stablecoins Act” [H.R.4766] waiting dutifully for a must-pass.  Chair McHenry’s days are dwindling in the House so time may be of the essence.

donations and partisanship

A difference between Multicoin Capital’s recently-announced crypto-matching donations to The Sentinel Action Fund and other crypto donations is that Multicoin Capital and Sentinel is explicitly supporting Republican candidates. Other donations from the crypto world to-date have been focused – at least out loud – on “pro-crypto” candidates.

From Sentinel last Friday on X: “NEW: [Multicoin Capital] has generously announced they will match $1M of $SOL to Sentinel Action Fund to help us elect pro-crypto Republicans like [DaveMcCormick (PA), Tim Sheehy (MT), Bernie Moreno (OH) and Sam Brown (NV)] to the Senate!” Read more in the Block.

what you should know: With President Joe Biden’s campaign in flux post-debate, and former President Donald Trump’s firm move into the “pro-crypto” camp, crypto interests may start picking a party rather than a candidate.


Opinion: U.S. Rivals Are Challenging the Dollar. Stablecoins Could Help Defend It. (July 4) – Corey Then, Circle, in Barron’s

Opinion: How Memes and Gamification Are Changing Finance As We Know It – Ray Chan, CEO of Memeland, CoinDesk

still more tips

How a Republican Senate would speed up stablecoin ambitions in US – DL News

China, Kazakhstan central banks to cooperate on digital currency – Ledger Insights

The German government owns around $2 billion in bitcoin – and it’s freaking out crypto investors – CNBC