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.
Towards the end of the the fireside chat with Capitol Account’s Rob Schmidt which followed, Commissioner Uyeda readily admitted that crypto policy was “far behind the curve” at the SEC and pointed to numerous examples currently framing the policies of Chair Gary Gensler (D) and the Commission’s Democratic majority.
Still, Uyeda tried to end on a hopeful note, “But, the good news is whoever is Chairman, should there be a change, has the ability to do [the building up of a whole ecosystem] through making accommodations on how you register with us. We can provide exemptive relief via ‘No Action’ relief. We can do things if you register when it’s non-S-1 and we can agree that certain parts are not necessary. That’s what we’ve done on insurance products for a long, long time.”
“So, there’s no reason why we can’t effectively address crypto…. [and when] they do fall within the SEC jurisdiction, [have] a very rational approach. One that – going back to those core principles – is effectively dealing with it.” See more of the transcript.
more tips:
-
- “Why Gary Gensler Will Likely Be Out as SEC Chair No Matter Who Wins” – Unchained podcast with Paradigm’s Justin Slaughter and Crypto Council of Innovation’s Sheila Warren
new Harris hire
Axios reported yesterday that Brian Nelson, under-secretary for terrorism and financial intelligence at U.S. Treasury’s FinCEN, “is preparing to leave the Biden administration and join Vice President Kamala Harris’ presidential campaign.” Read more. It’s not clear what role he’ll have.
Nelson appeared at a House Financial Services Committee hearing in February where defended his agency’s digital assets strategy.
Alexander Grieve of crypto venture firm Paradigm singled out Nelson last night for Treasury’s proposed CVC mixing rulemaking announced last October.
Grieve warned his followers on X, “Personnel is policy” and suggested that the “reset” between the Kamala Harris campaign and the crypto community is not off to a great start.
international
Russia to allow crypto payments in international trade to counter sanctions – Reuters
staff moves
According to Politico, former House Financial Services (HFS) Committee Staff Director Matthew Hoffman has joined NYC-based Digital Asset as Director of Regulatory and Government Affairs.
HFS Chair Patrick McHenry says of Mr. Hoffman in the Digital Asset press release, “From bank runs to crypto, he has served as both confidant and strategist. He has helped Committee Republicans achieve our objectives while maintaining the bipartisanship necessary to secure lasting results. The skills that made us successful here will translate well to his next venture.” Read the release.
donations
According to Fox Business’ Eleanor Terrett, former President Donald Trump raised $25 million for his campaign at a fundraiser at last weekend’s Bitcoin 2024 conference in Nashville, Tennessee.
Among the participants in the fundraiser were the Winkelvoss twins, Kid Rock, Billy Ray Cyrus and Jake Paul. Read more on X.
updating the reserve record
Yesterday, Cato Institute’s George Selgin retraced his critical remarks first posted on X and then picked up in a Decrypt article on Senator Cynthia Lummis (R, WY) legislation for a new Bitcoin reserve held by U.S. Treasury.
After apparently connecting with Sen. Lummis’ office, Selgin tweeted yesterday, “I now understand that Senator Lummis’s plan will only create enough new gold certificates, and corresponding [Treasury General Account] deposits, to finance the purchase of 1 million Bitcoin. So bank reserves will increase only by the amount of the purchase.” Read more on X.
He now says his previous concerns are “not valid.”
Selgin is director emeritus of Cato Institute’s Center for Monetary & Financial Alternatives.
more tips:
-
- U.S. Strategic Bitcoin Reserve to Be Funded Partly by Revaluing Fed’s Gold, Draft Bill Shows – CoinDesk
enforcement & courts
SEC Might Shelve Allegation That Solana Is a Security in Binance Lawsuit – Decrypt
Ripple execs denounce SEC over its plan to amend its complaint against Binance, says it adds to confusion – The Block
SEC Charges Nader Al-Naji with Fraud and Unregistered Offering of Crypto Asset Securities – SEC.gov
Feds arrest Princeton grad ‘Diamondhands’ who raised $257 million for fake crypto social media site (subscription) – Fortune
still more tips
Circle Said to Be Trading Around $5B Valuation Ahead of Planned IPO: Sources – CoinDesk
Digital euro to be ‘most private electronic payment option’ – Cointelegraph