No August doldrums in DC this week! It was great to join the inaugural @CFTC Innovation Advisory Committee (a group I've called "the Olympic roster of crypto.") But for a “crypto” gathering, there were a LOT of TradFi players in the room like @NASDAQ, @CMEGroup, @CBOE, @OptionsClearing, @NYSE, @The_DTCC (alphabet soup!)
Everyone was in agreement. Rules written for a different era aren’t good enough. Not for consumers. Not for business. Not for innovation.
I made this case in an open letter to Congress back in 2019. Seven years later, we STILL need clear rules…. Thanks to the Trump administration, appointees like @ChairmanSelig, and a myriad of bold leaders in Congress, we’ve never been closer.
https://t.co/PS1W516Xk5
Great to be back at the White House today alongside @realDonaldTrump, @SECPaulSAtkins, @ChairmanSelig and leaders across the crypto industry.
The big picture has never been clearer: 67 million Americans hold crypto today (that’s nearly 1 in 4!). Crypto isn't a fringe industry. And Washington DC knows the crypto voter is alive and well.
This President's incredible commitment to innovation and leadership around digital assets in the US has been profound. The future is bright.
🚨 TWO MEETINGS THIS WEEK COULD DECIDE THE FUTURE OF CRYPTO IN AMERICA.
The White House sits down with crypto leaders on Wednesday. The CFTC meets on crypto rules on Thursday.
Congress already failed.
The CLARITY Act missed its August window and gets no Senate vote until September at the earliest.
The week:
Monday: US stocks open after Iran says the Strait will not reopen, Japan Q2 GDP
Tuesday: US housing market data
Wednesday: White House meeting with crypto leaders, FOMC minutes
Thursday: CFTC meeting on crypto regulation
Friday: Japan inflation data, S&P Global manufacturing PMI
CFTC Chair Mike Selig has already said the agency will write the rules itself if Congress does not.
This week shows whether that is still the plan.
🇯🇵 NEW FORBES ARTICLE: „JAPAN‘S WOBBLING YEN COULD TRIGGER A GLOBAL FINANCIAL CRISIS!“ 🌊
IS IT COINCIDENCE THAT JAPAN IS ALL-IN ripple:native ? 🤔
PLANS WITHIN PLANS… 🐻
🚨 HUGE NEWS: 🇺🇸 President Trump has now AGREED to the new ethics provision sent to the White House.
No more roadblocks for the CLARITY Act.
Pass the bill NOW.
ALERT: 🇺🇸🇯🇵The US and Japan may be preparing a MAJOR shock for global markets.
A "joint operation" to strengthen the yen expected to be announced tomorrow.
If the US sells dollars to buy yen, the dollar weakens and USD/JPY falls. Normally, this supports Bitcoin, gold and tech stocks.
But there is a major catch:
A rapid yen rally could unwind one of the world’s largest carry trades.
Investors who borrowed cheap yen to buy stocks, crypto and other higher-yielding assets may be forced to sell.
At the same time, a stronger yen pressures Japanese exporters by reducing the value of overseas earnings.
A gradual yen recovery is bullish for risk assets.
A disorderly surge could trigger a global selloff.
The speed of this move is everything.
UPDATE: A new CLARITY Act draft has been released, merging the Senate Banking and Agriculture Committee versions and adding an ethics provision for the first time.
A motion to proceed is expected Monday or Tuesday, with a possible floor vote the week of August 3.
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