Justin Slaughter
@JBSDC
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Policy Director @paradigm . Prev. Senior Adviser @secgov & Chief Policy Adviser @cftc . Alum of @NRDems , & @SenMarkey . Carbon-based.
Maryland, USA
Joined October 2008
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Happy Monday. To kick off the week before the DNC, we’ve got new polling of Democratic voters for you on crypto and general politics. This data is all from the days immediately following Pres. Joe Biden’s decision to withdraw from the race.
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A good rule of thumb: if someone ever tells you that they’re the only person on the planet who can lead a country or an organization, that’s a sign their judgment has become clouded and they shouldn’t be in charge.
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There’s been lots of news in the last 24 hours, but it’s possible that the most consequential event amidst all this will be the Supreme Court’s decision in a case known as Loper Bright.
Basically, it will trigger a sea change in all regulations.
Thread.
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This Manchin deal is probably the best kept secret I’ve ever seen in politics. Even pretty senior Hill and Admin staffers didn’t have an inkling of this deal being live and no one knows details.
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It's Friday night, the kids are in bed, the biggest piece of crypto legislation for this year has dropped—the McHenry-Thompson bill on market structure— so let's get this party started.
Here’s a deep dive into the bill’s contents. Thread
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This is the most positive statement by this or any White House on crypto, ever.
The key phrase is “The Administration is eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets” & also states importance of developing them in US.
White House Statement of Administration Policy on FIT21 vs. the SAP other day (which had explicit veto threat), a HUGE course correction.
What happened between then & now? Trump endorsed crypto, Dem allies called the WH, and 700,000 crypto voters made their voices heard. 🚀
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For all our bluster, nobody in politics, D or R, actually knows why Biden is unpopular. The likeliest theory is it’s related to inflation in some way, but the degree of public anger at it has been surprising.
That’s why everybody is fighting - there’s no clear agreed-upon cause.
Biden is reportedly frustrated with his low poll number (like this), and I don't blame him.
Serious question: What could he do to turn this around? Everyone's answers always strike me as ideologically self-serving. I really don't know!
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If this poll is right (and it's a big if), Biden is probably down at least 3-5 in Wisconsin and is therefore a heavy underdog.
Every pollster gets things wrong from time to time, but the worst place to be in politics is assuming Ann Selzer's data is wrong about Iowa.
NEW Iowa poll by Des Moines Register/Ann Selzer (A+)
🟥 Donald Trump 50%
🟦 Joe Biden 32%
🟨 RFK Jr. 9%
Biden net approval at -39 in Iowa
Last poll: Trump 48-33 in February
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Ages of the six Democrats that voted for the bill:
35, 41, 47, 48, 50, 57 (average: 46)
Average age of the rest of the HFSC Democrats: 61
More than anything else, age dictates Democratic Members’ views on crypto and whether legislation on crypto is needed.
This is a historic day for crypto policy.
@FinancialCmte
just advanced the FIT for the 21st Century Act by a vote of 35 to 15, including significant support from Democratic members.
This sends a strong bipartisan message in favor of reasonable regulation for digital assets.
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I do think the core point here - that Sen. Warren lost the official primary but won the staffing and ideas primary - continues to be under appreciated.
@jtstj_
Elizabeth Warren didn't catch populist fire, but she got all her ideas implemented by the Biden administration, because unlike Bernie, she did not surround herself with the worst people in left-of-center U.S. politics.
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This is the number one feature of US politics this decade. In five months, Dems won’t be able to approve any nominees for Senate confirmed posts without GOP votes for another 10+ years, and maybe for 15-20.
Much of the political world is underestimating the disaster that lies ahead for Democrats in the Senate over the medium-term—even if they win national majorities—due to education polarization, rural over-representation and a hardening electoral realignment.
Good primer here >>
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If Biden loses to Trump, there’s going to be a real divide in the party about whether to go back towards Obama-era politics or try and build something new.
But the Biden Admin approach of focusing relentlessly on juicing manufacturing in Midwest will probably go to the dustbin.
Industrial policy/Midwest manufacturing unions felt like a “one last job” for Dems in 2020. They were also the product of ZIRP, low inflation, and correcting the perceived sins of 2008-12. Pretty skeptical that’s where Dems are in 2028.
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In all seriousness, the thing that should terrify every one of us on the left & center-left is that the inflation of the last few years has been so psychologically shocking that long-time committed socialists are expressing dissatisfaction with the current full employment economy
Funny to listen to all the screams from Democrats when you mention inflation or the high cost of living. No wonder you look to litigation to beat Trump, because you've got nothing else except snobbish dismissal.
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CFTC Chair Behnam tripling down on Ether being a commodity and stablecoins also being commodities, contra SEC Chair Gensler's interview in NY Mag. Rare to see this level of interagency disagreement in public.
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Much of Chair Gensler's pitch to other policymakers is that he understands crypto because he taught a course on it. But how was he competent to teach a course about something he's never actually touched?
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@TylerDinucci
Sinema assumed 2022 was going to be a wipeout for Dems and never updated her plans when it wasn’t.
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Another big crypto bill has dropped, the Lummis Gillibrand Responsible Financial Innovation Act.
It’s the biggest Senate crypto bill this year, but it’s going to be especially important for how it influences the House’s McHenry Thompson bill.
Thread
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Impressive, especially given the strong statement of total opposition from SEC Chair Gensler this am.
In most countries, a minister who so ferociously opposed legislation publicly and privately lobbied against it - but still lost 1/3 of his party - would step down from his post.
FIT21 passes the House 279 - 136 🎉
House Democrats voting in favor of this bill: 71.
That is a *huge* number of elected Democrats voting "no confidence" in the current SEC, and sending a message to the Biden administration that "anti-crypto" is a losing platform this year.
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Long piece on why Biden dropped out confirms what had been rumored:
- Biden inner circle had stopped polling for weeks
- Pelosi was critical to pushing him to drop, as was his sister Val
- Failure to endorse Kamala in letter was an error made in haste.
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Now for something surprising: crypto voters leaned to Biden in 2020 but now lean Trump.
Among crypto owners, 43% recall voting for Biden in 2020 and 39% recall voting for Trump. Now crypto owners support Trump 48-39.
In a close election, this swing could be decisive.
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Clarifying point: using crypto is not limited to trade it - if you’re writing code, spinning up a node, that’s using crypto too. You don’t need to be a trading degen to be crypto native even.
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The trade Biden made was giving progressives a lot of power of domestic staffing and regulation (especially at the independent agencies and inside the White House) in exchange for a free hand on foreign policy staffing and decisions.
Both sides got what they wanted until now.
Biden put a lot of emphasis on trying to avoid factional fighting after winning the primary, treating the progressive wing he beat with a level of indulgence that I know has frustrated a lot of his actual 2020 supporters.
That bargain’s now fraying.
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The judge in this case, Judge Failla, was appointed by President Obama with the recommendation of Senators Schumer and Gillibrand in 2013. She’s a former prosecutor, so her issuing this is notable.
She’s also the judge presiding over the SEC’s suit against Coinbase.
Another huge victory for the crypto world & software devs. SDNY court tossed out a class action against us, deciding that the “self-driving” Uniswap protocol has primarily *lawful* use & protocol devs aren’t liable when others misuse it. The trend in courts is obvious.
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You know it’s bad when people in the Admin are privately saying “Coinbase is making really good points here.”
Ultimately, Biden Admin is divided on all things crypto: has been, is, and probably will be for the rest of this term. So to the courts we all go.
It is hard to throw the rulebook at an entire economic sector when there is no rulebook and the people responsible for the rulebook can't even agree themselves what the rulebook should say – even as we have asked for a rulebook. 13/15
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One name that keeps popping up in DC tonight as a possible Harris VP pick:
Mark Cuban.
VP Harris is considering moderate governors and business people as her Vice President?
Ok, this is a campaign that clearly wants to win. Also confirms a Harris Admin won’t be a straight continuation of Biden Admin on policy.
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@AstorAaron
@roddreher
With the number of troops they have (and in a VERY hostile countryside), this map suggests about 1 Russian soldier per square kilometer can “hold” the territory they’ve passed through.
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Ok, having gone through the Ripple decision, here’s my takeaway:
Big loss for the SEC’s approach to crypto via focusing solely on enforcement, and this measurably increases the odds of crypto legislation passing this year.
Thread
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Earlier this month, Paradigm went back into the field for a new national poll on Americans’ ownership of crypto, their views on how the government is approaching crypto, and other key political topics.
Today, we’re sharing those findings with the community.
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It takes real skill to so mismanage a situation that you have serious institutionalists like Professors Macey and Hamermesh filing amici briefs AGAINST the SEC in an enforcement case.
SEC v. Coinbase, Big Update:
Six Securities Law Scholars File Devastating Amicus Brief in Support of
@Coinbase
.
Law Professors from Yale, Univ. of Chicago, UCLA, Fordham, Boston University and Widener filed an amicus brief last night that Absolutely Shreds the SEC's
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So, California is about to pass a law analogized to New York's controversial BitLicense law
Curious about what the law does and its implications for crypto in the Golden State, especially if you're a small biz? We've got you covered: long thread.
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This case was a 3-0 decision, where two judges appointed by Presidents Obama and Carter were so turned off by the SEC’s arguments that they not only ruled against the SEC, they agreed to join Trump-appointed conservative judge Rao’s opinion.
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Good piece. But on the “why is this assault happening” questions, I’d say there are two underlying reasons.
1) Techlash has progressed to where you couldn’t pass the Telecommunications Act of 1996 today
2) Idea of a decentralized internet isn’t that appealing to many in DC.
When President Biden issued a balanced, forward-looking executive order on digital assets last year, it looked like the U.S. could take leadership of the crypto industry. That chance is now lost.
Opinion by CoinDesk Chief Content Officer
@mikejcasey
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Last year, on vacation with a friend who is very against crypto & senior in government, I asked him why the SEC wouldn’t just do regulations on crypto instead of enforcement. He said “it’s much easier for this Supreme Court to strike down regulations than enforcement actions.”
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Yeah, this is an example of a game of telephone going wild. Gary’s odds of being Treasury Secretary are lower than mine of starting this week for the Braves on the mound.
Ignore this.
they hate us, they hate freedom, they want to re-intermediate everything and regulate every money-freedom tool into oblivion
Trump/Vance it's that simple . . .
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Why does every country do this? Well, the short answer is that modern life is very complicated. No legislature has the time to deal with every granular part of policymaking, and technical expertise is often important.
Congress doesn’t want to dictate jet engine specs.
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It’s a joy and a privilege to announce that I’m joining the fantastic team at
@paradigm
to assist them with policy. I’m incredibly grateful to
@alanapalmedo
,
@matthuang
, and
@FEhrsam
for the opportunity. Thread.
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So, the modern administrative state (which exists in basically every major economy) is built on a pretty basic system: the legislature passes laws and then agencies issue regulations to implement those laws.
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Over the weekend,
@sheila_warren
and I published an op-ed on how many of my fellow progressives are making an analytical mistake when it comes to crypto.
This is probably the most personal work I've done in a long time.
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The more interesting point is that Chevron was originally a means to stop a liberal judiciary from messing with conservative rules, and now it’s being taken away so a conservative judiciary can stop liberal rules. The ongoing multi-round of politics will continue.
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I think a lot of people are struggling with how inflation is different than other economic metrics.
When unemployment goes down, things are getting objectively better.
When inflation goes down, prices are still rising albeit less quickly. So things are getting worse, slower.
Sorry but everyone saying the polling on the economy is grounded in material reality cannot explain the *decline* in polling as the single biggest issue (inflation) has gotten better.
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There was a belief in 2021 that these added benefits for even a year would be incredibly popular, so popular that it would be impossible for them to not be renewed.
The theory didn’t work, in part because unlike with the ACA, opponents didn’t need to do anything to undo them.
It's been genuinely remarkable to watch as the covid safety net expansions get taken apart bit by bit by bit by bit
Unemployment insurance, rental aid/moratorium, then the student debt freeze ... now soon 2 be $ for 6M poor mothers on WIC, per
@TonyRomm
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It may be seen that moderate inflation (3-4% annually) even outpaced by wage gains is more politically toxic than many of us on the center-left expected in 2011-2020.
If that’s the lesson from all this, it would be very bad for large scale progressive policymaking going forward.
Hard to overstate how much damage short-sighted progressives are doing to the larger progressive project by insisting that any inflation is too much, REGARDLESS of whether incomes keep pace. It’s a brainless retreat to crankdom and despair and it empowers your enemies.
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SEC Chair Gensler just testified that "both" of his official email addresses are on the SEC's website. Anyone able to find them? Asking for 300 million Americans.
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Personally, I was pretty sympathetic to the SEC’s position five years ago (the questions posed by crypto are hard! Learning about a new space takes time), but have gotten less sympathetic since there’s been no progress on regulations over that time.
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I agree with Paul.
If there was a denial of the ETH spot ETFs, there would again be a lawsuit at the DC Circuit. Not only would the facts be similar to the Grayscale case, but the plaintiffs will be able to cite the Grayscale case as precedent.
But it’ll take some time.
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Time for another SEC Investor Advisory Committee report on the dangers of crypto.
INTEL: It has now been 90 minutes since the market opened, and users at Schwab, Vanguard, Fidelity, Ameritrade, and E-Trade still cannot access their accounts
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At long last, the truth about the last 10 years of Democratic Party history is being told: the party lost its faith in itself after Trump won, threw away the Obama-era approach to politics in the face of a well-funded pressure campaign by foundations, and nearly destroyed itself.
There was a campaign to persuade Democrats that Obama failed. The campaign succeeded. But it was wrong. It is now up to Harris to recover. I think she can do it.
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Probably more cases coming before election. I think Chair Gensler has decided to try to make himself harder to replace by starting so many cases so he can say any effort to replace him is trying to stop these cases.
But he’s just out of control and giving Trump political ammo.
OpenSea has received a Wells notice from the SEC threatening to sue us because they believe NFTs on our platform are securities.
We're shocked the SEC would make such a sweeping move against creators and artists. But we're ready to stand up and fight.
Cryptocurrencies have long
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In the U.S., we were slow to build a modern administrative state, but it really got underway with the New Deal.
Congress was making many new programs (social security) and regulatory regimes (securities laws, telecommunications laws, etc.), & you need agencies to run them.
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Most things you hear about if you ever deal with an agency rulemaking - the comment period, recordkeeping, and the idea that rules cannot be “arbitrary or capricious” comes from this law.
It’s a super statute that is critical to how the government works.
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Wait, you have had a material undisclosed short position, which was underwater, and have been telling people to get out of the crypto space?
Why haven’t you declared this before? Was the position live when you testified?
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One thing that’s been consistently true of the Biden White House: they always seem surprised when, after making concessions in negotiations, the other party just asks for more.
House Republicans are signaling they now want to include border legislation in their list of demands for a debt ceiling deal.
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One of the worst kept secrets in DC is a lot of the SEC attorneys working on crypto enforcement don’t actually want to be doing a total war ballistic attack against the biggest crypto firms, when they instead could be doing more targeted enforcement. So this isn’t surprising.
SCOOP:
@SECGov
bracing for major exodus among senior enforcement lawyers in its crypto assets and cyber unit, according to officials at major law firms who have seen several of the resumes.
@FoxBusiness
is withholding names to protect privacy; the moves suggest that the bleed of
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But a pretty clear problem emerged almost immediately: how do you keep the new regulatory agencies within their ambit? Who regulates the regulators? .
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But this decision puts an end to what was a cornerstone of administrative law and regulation.
Where agencies before could be confident that they could try and apply an old law to a new subject and a court would allow any reasonable effort, now that path is less clear.
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To be crystal clear, the Court is not saying that Congress cannot delegate agencies rulemaking powers (that would utterly annihilate the administrative state). But the Court hints that such delegations have to be “expressly delegated.” This will be the subject of future cases.
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Pretty clear SEC Chair Gensler wants a public fight with crypto at this point. Rare to see a regulator basically publicly call a whole industry he says he wants to regulate a bunch of lawbreakers. Makes it tough for courts to accept claims the regulator is acting impartially.
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So, I respectfully disagree with Noelle on this one. I think BlackRock is doing this on the merits (seeking to get a bitcoin ETF approved) rather than trying to send a political message.
Bear with me, because this is complicated in terms of Democratic politics.
My take on the BlackRock BTC ETF filing:
- **BIG** news - BlackRock is the world's largest asset manager
- It’s not going to happen
- BlackRock knows this
- Rather, it is sending a political message
- Larry Fink is a prominent Democrat
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It’s hard to think of someone more universally admired in crypto than Vitalik Buterin.
That he’s arguing against people determining their political support only based on candidates’ crypto issues is important and underscores that crypto owners are not yet definitively pro-Trump.
Against choosing your political allegiances based on who is "pro-crypto"
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A lot is being made today of the idea that this case is a good thing for progressives, as it will allow courts to restrain a newly re-elected president Trump. But nobody really believes that this conservative court will equally apply this new doctrine to both Dem and GOP rules.
Getting rid of Chevron is nominally what ppl want: less federal diktats on everyday life
This makes Project 2025 LESS sinister
If you think a Trump admin will be some 100yr Reich (it won’t) you should be THRILLED that SOCTUS just removed a ton of power from Trump appointees!
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Harris has been the nominee for about 12 hours & she's already making clear core Biden national security advisors won't be kept around for another term.
No one in the Biden Admin should be assumed to keep their jobs in a Harris Admin. Odds of a significant reset are growing.
WSJ:
-Harris will meet 1v1 w/ Bibi, then skip his address. She's expected to tell him to stop the "war" & the "suffering of Palestinian civilians"
-She likely won't keep Sullivan, Blinken, or Austin
-Jim Zogby says she's shown "'far greater empathy' for Palestinians than Biden"
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By the same token, the idea that this means the death of policymaking overwrought. Yes, it’s going to be harder to have agencies just act on novel problems without going to Congress first. That just means all roads lead back to Congress and winning elections.
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The result was ultimately the Administrative Procedure Act, which set the guidelines and guardrails for agency’s to use their congressionally granted administrative powers and issue regulations.
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Shot: President's new economic report mentions "crypto" 255 times.
Chaser: President's economic report mentions "financial instability" once (and about crypto).
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Of course, some agencies have already seen this coming. You’ll notice Chevron is all about regulations not enforcement.
Some clever folks on the left have figured a way to dodge the Court cracking down on Chevron by focusing on enforcement actions.
Such as the SEC on crypto.
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In the short term, I suspect a lot of agencies will take the Court literally rather than seriously and try to shift quasi-regulatory efforts on novel topics like crypto and AI into enforcement actions.
@tphillips
has some very thoughtful ideas on this.
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Anyway, here’s a former White House speechwriter stressing the WH consistently, even constantly, acted on economic policy in ways that should make the left cheer and was obsessively focused on wages and full employment.
I worked in the White House when most of the core of Bidenomics was being conceived or implemented, & sat in 100s of meetings. I can't think of a single thing I heard — from Biden, economists, or anyone — that would've caused lefties to say anything other than "hell yeah!" (2/9)
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But even FDR, far-sighted and heterodox as he actually was, saw that an unaccountable administrative state could be misused by future men. He tasked his Attorney General (and future Justice) Robert Jackson with analyzing how to improve administrative law.
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The ably written dissent by Justice Kagan ties to argue that this approach means chaos and courts dipping into the expertise of agencies. The Roberts opinion basically says it doesn’t care and the Chevron approach is itself unworkable and shambolic.
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@Econ_Marshall
I actually think this is definitely part of it. If you promise a return to normalcy, you have to actually get there.
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Couple of points:
1) Senators deal with hundreds of issues and a fraction of their staffs deal with any one; this doesn't mean Sen. Warren has changed her mind on crypto
2) DC is Veep, & accidents like this are legion
3) Some intern or staff assistant is about to have a bad day.
BREAKING: Elizabeth Warren signs a certificate to honor
#Bitcoin
creator Satoshi Nakamoto with a ceremonial flag flying. "Americans are forever grateful." 🇺🇸
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This test probably seems pretty banal, but this case became a core pillar of all administrative regulations.
Agencies could have confidence that courts would defer to their analysis of a novel question if they showed their work. The idea was to encourage good government.
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Also, the Court suggests that agencies are self-interested - what agency isn’t going to argue its authority is maximal? And that is a fair hit to some extent (though courts could deem such self-dealing not reasonable/not worthy of deference, hard for them to suss that out).
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There are no cheat codes in politics. And the last few years have seen Dems & GOPers try clever tricks when they can’t win a majority at the ballot box. The idea that you can dodge the need for a new law with clever legal analysis was one, and now this Court is closing that road.
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Basically (I’m simplifying greatly), when courts are analyzing a challenge to how an agency interprets a law it is implementing, judges ask a two part question:
First: is the law in question unambiguous on the topic?
Second: if it is ambiguous, is the agency’s view reasonable?
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Aside from
@joshchafetz
, David Super is probably the smartest person on the planet regarding Hill process and rules. If he says doing a second standalone reconciliation for the debt ceiling works, it works.
@paulwaldman1
Georgetown law professor David Super offers a fascinating idea here:
He says Dems can use a separate, stand-alone reconciliation vote to effectively defang the debt limit once and for all.
Check it out:
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For the first few years during the 1930s and 1940s, the answer wasn’t really clear, and executive branch agencies had tremendous authority to basically do whatever they wanted. This really angered a decent number of people (especially those against the New Deal).
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This is also going to be a huge issue for us competing with any other developed or developing nation as a manufacturing exporter: our median wage is just vastly higher than every other G-7 economy, let alone the rest of the world.
In my opinion, this is an absolutely major theme in the coming years.
A massive wage arbitrage has opened between the US and its competitors. The overwhelming majority of people in the US have no idea just how much more money they make than the Japanese, French, British, etc.
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Supreme Court has declared war on the Administrative State.
It’s going to be hard to protect existing authority, let alone sell a majority of the Court on novel uses of existing authority.
If your plan for change involves aggressive use of Admin State powers, rethink it.
Today's decision in Jarkesy could kneecap enforcement by the FCC, the FTC, the NLRB, the Department of Labor, and more—it goes WAY beyond the SEC. This is a massive blow to the federal government's ability to enforce regulations against lawbreakers.
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Chair Gensler aside, the key lesson of the Hinman emails is that the SEC staff has been and is utterly lost on how to approach crypto. There’s never been a consensus in the building.
That’s a big part of why their approaches to the industry have vacillated wildly over the years.
whatever you think of Hinman emails and Ripple's chances of wining/losing, I think we can all agree SEC policy, tactics, everything on crypto has been an absolute mess--even before Gensler--inviting arbitrary application of law through nebulous 'morphing' non-guidance
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So, another day, another piece of draft legislation on crypto. This one is from NY Attorney General Letitia James and represents an effort to create a regulatory framework for crypto in NY state.
Let’s dive into what the bill actually does. Thread.
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@NathanTankus
@MIT
I think there’s a different between teaching about abstract thought/policy without doing and teaching about a technology without actually touching it.
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Team Harris moves fast. It’s surprising and heartening to see them focusing on this on (checks watch) day six of her presidential candidacy.
Shows they see the risk of letting Trump dominate this issue area so far.
Kamala Harris campaign looks for ‘reset’ with crypto companies
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Reading through the SEC’s disapproval of the Greyscale ETF in the clear light of day, the major takeaway is that the SEC will probably reject any other Bitcoin/crypto ETF absent new legislation. Short thread.
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Voters:
- slightly trust Harris more than Trump on economy (somewhat surprising - Democrats never lead on this)
- overwhelmingly want Harris to break with Biden on economic policy (actually surprising).
Voters seem to be signaling they want to turn the page on Trump & Biden.
Amazing stat here: "Fully 60 per cent of those surveyed said [Harris] should either break completely from the president’s economic policies or 'make major changes' to his platform."
#Bidenomics
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In the 1960s, 1970s, and early 1980s, there were basically two views.
On the left, focusing on the importance of courts, the view was that courts should not defer to agency decisions that much.
On the right, which dominated presidential elections, the view was the opposite.
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The basic argument of the Court is that agencies are not the proper analysts of how much power they have under a statute, because that’s the explicit power and duty of courts under the APA.
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Democratic VP nom from MN, second woman POTUS nominee, convention in Chicago, major effects on courts if Democrats lose…
This campaign is either going to win and exorcise the ghosts of all Dem campaign disasters since 1968 or reconfirm them for another few decades.
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Again: most of the loss was due to vote switching, not inadequate turnout.
To be a little more exact, we had Biden at 63.2% of the advanced vote v. 59.6 for McAuliffe at the moment. So more like net-7 points
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Eventually, this debate came to a head with a Supreme Court case in 1984 called Chevron v. NRDC. The case revolved around an environmental group’s challenge to how the Reagan EPA defined the word “source” in a rule under the Clean Air Act.
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This is a core divide on crypto within DC - is this industry something we want in the US?
A significant number of people are saying “no, let it leave”.
Crypto does not need the US, but does the US need crypto? It’s easier to not do business with the US than to comply with US regs.
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People aren’t reading to the bottom. Yes, NYAG claims Ether is a security. They then ALSO claim it’s a commodity.
They’re not taking sides in SEC vs CFTC, they’re just covering their bases.
New York's attorney general files a lawsuit against the crypto exchange KuCoin, alleging that it sold securities without registering as a securities broker or dealer.
Diverging from the CFTC, the lawsuit describes tether and ether as securities:
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This is probably the biggest week in crypto policy in America so far with the Financial Innovation Technology for the 21st Century Act on the House floor for a vote.
As a curtain raiser to that,
@sheila_warren
and have a new op-ed on how the Democrats are blowing it on crypto.
Are you anti-toaster oven?
@sheila_warren
and
@JBSDC
's latest oped via
@FortuneMagazine
:
Crypto should not be a partisan issue. No technology should be. The idea of being pro or anti crypto should be as ridiculous as describing yourself as coming out in favor of computers or
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I’m actually going to call nonsense on this. If your one goal is to prevent a financial crisis, you would actually be seeking to pass legislation regulating crypto.
We’re repeating mistakes of swaps deregulation, but this time it’s going to happen bc of the courts not Congress.
Elizabeth Warren’s one goal is to not have another financial crisis and the collective response seems to be that she’s such a mean teacher for wanting to stop their completely legitimate gambling and money laundering operation.
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If I ever do write the saga of how multiple Admins failed to deal with crypto in a common sense way, Sen. Warren’s tweet from her campaign account about building an “anti crypto army” will be a major hinge point.
It was the signal this was not just about policy but politics too.
I wonder why some crypto Democrats are changing their minds. Who knows? 🤷🏾♂️
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Across the world, nearly every government in power during the heart of the pandemic (2020-2021) has gotten thumped when they stand for re-election.
Lots of political news from Australasia this weekend. Australia’s referendum but also New Zealand’s election where voters have just ended 6 years of Labour rule and returned the most conservative government for many years. Big, big losses for NZ Labour.
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Don't like a U.S. government agency's position on crypto on a given day?
Just wait a day, and another agency will take a completely different position.
YELLEN: SUPPORTS U.S. REGULATORY OVERSIGHT OVER CRYPTO TO PROTECT CONSUMERS, INVESTORS -CNBC
YELLEN: ADDITIONAL CRYPTO REGULATION WOULD BE APPROPRIATE, WILL WORK WITH CONGRESS TO SEE ADDITIONAL LEGISLATION PASSED
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It also made it possible for agencies to use older, broad grants of statutory authority to respond to new issues that were considered (or even theoretical) when the a law was enacted. Basically, it helped make the administrative state operate even without new congressional laws.
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