cryptopols

Tracking crypto legislation and sentiment of US Congress members to provide the crypto-focused electorate deeper insights to make well-informed voting decisions

[cryptopols @_cryptopols]

New Milestone: We’ve collected over 4K #crypto sentiment data points from the US Congress over the past 2.5 years!

Lots of data
Lots of insights
Lots to share

🧵⬇️

[cryptopols @_cryptopols]

🏛️ CONGRESS BILL UPDATE

New Cosponsor for S.3801 - CBDC Anti-Surveillance State Act: Sen. Eric Schmitt (@SenEricSchmitt)

#Crypto Sentiment: Strongly Pro
https://t.co/GD2BpyiYPC

[cryptopols @_cryptopols]

🏛️ CONGRESS BILL UPDATE

New Cosponsors for H.R.5741 - Uniform Treatment of Custodial Assets Act:

Rep. Darren Soto (@RepDarrenSoto)
Rep. Scott Peters (@RepScottPeters)
Rep. Robert Garcia (@RepRobertGarcia)
Rep. Eric Sorensen (@RepEricSorensen)
Rep. Brendan Boyle (@CongBoyle)
Rep. Josh Gottheimer (@RepJoshG)
Rep. Yadira Caraveo (@RepCaraveoMD)

#Crypto Sentiment: Strongly Pro
https://t.co/92SEC4TSpY

[Ron Hammond @RonwHammond]

1) This week in Congress and crypto: What was supposed to be a hectic week for crypto in DC has largely been kicked to September. Presidential politics has taken over everything and crypto is caught in the middle. As the campaigning kicks into high gear, here's what to watch:

[George Leonardo @georgesleo5]

Gm. Looking forward to updates from Nashville this weekend. Here’s a quick look at updates from the Hill this week:
• The House passed a bipartisan bill to create a working group tasked with developing proposals to combat the illicit use of digital assets by voice vote
• A Senate committee (@HSGAC) advanced a bill to ban lawmakers from trading or owning investment assets - including digital assets - while serving in public office
• HFSC held a hearing on AI where @PatrickMcHenry & @GOPMajorityWhip asked about the intersection of blockchain & AI
• Senator Roger Marshall is no longer cosponsoring DAAMLA
• Senator Lummis, Rep. Khanna, & RFK Jr. consider allowing the Fed to hold bitcoin as a reserve asset...

All this and more detailed in newsletter 👇

[Jake Chervinsky @jchervinsky]

Crypto is nonpartisan.

This doesn't mean Rs and Ds are equivalent on crypto policy. Of course they're not.

It means you can't know what someone thinks about crypto based solely on the R or D next to their name.

It means the toxicity of US politics hasn't taken over yet, as it has for so many other issues where party affiliation dictates blind adherence to ignorant doctrine.

It means there's still a chance for bipartisanship to win out in Congress, which we'll need to achieve anything meaningful and durable in Washington.

It means a younger generation of Ds can and will support crypto when their time comes to lead.

To be clear: it is undeniable that Rs have been better on average for crypto than Ds. Since President Biden took office, Ds have primarily sought to destroy crypto while Rs have stood up to defend it. For three years, Biden-appointed regulators at the SEC and elsewhere have waged an unjust campaign of litigation and rulemaking against crypto. Those regulators came from the Warren wing of the party, which has pushed legislation that essentially bans the technology entirely. Meanwhile, Rs in both the House and Senate have called out administrative malfeasance, stopped "crypto ban" bills, and advanced productive ideas about stablecoin and market structure regulation.

These are the facts, but they don't tell the whole story: crypto has supporters and opponents in both parties.

For the Ds, Biden and other party leaders made the mistake of putting the Warren wing in charge of financial regulation, but there's a significant and growing (and younger) group of pro-business, pro-innovation moderates who take a totally different view on crypto. The best thing for crypto long-term is to elevate those Ds, not alienate them. No matter what happens this November, whether you like it or not, Ds will hold power again some day; that's how the pendulum swings.

For the Rs, the party's overall embrace of crypto and strong opposition to administrative overreach has covered up for R national security hawks who view crypto as merely a tool for criminals, and support exactly the same crypto ban bills (in the guise of "anti-money laundering") as the Warren camp does. Of course we should reward R allies who have fought valiantly for crypto, but their support shouldn't excuse the hostility of others who prefer big banks to bitcoin.

The point is: "Rs are currently better than Ds" doesn't mean we should abandon Ds and align entirely with Rs. The nonpartisan nature of crypto is a rare and valuable asset that we should protect at all costs.

With nonpartisan issues, substance wins out. Crypto is a revolutionary technology that should and does appeal to both sides of the aisle. This means crypto can succeed in Washington no matter who's in charge, as long as we do our jobs well.

With partisan issues, substance is irrelevant. One party is in favor, the other party is against, end of discussion. If crypto becomes partisan, its fate will turn on who wins elections and nothing else, a terrible outcome for any industry that seeks clarity and stability under law.

Also to be clear: I'm not telling anyone how to vote. I'm not predicting that Kamala Harris would be any better on crypto than Joe Biden. I'm not diminishing the good work of Rs or making excuses for the antagonism of Ds over the last few years.

I'm just saying crypto is nonpartisan, and it should stay that way.

[George Leonardo @georgesleo5]

Gm. The House is slated to consider Rep. Zach Nunn's Financial Technology Protection Act this week “under suspension of the rules” (i.e., needs a 2/3 vote to pass, no amdts. to bill allowed on floor, and will likely pass – especially considering House Financial Services passed the bill out of committee 50-0).

The bill would create a "Working Group" to develop legislative and regulatory proposals to improve AML/CFT efforts relating to new financial technologies, including digital assets. § 2.

It would also direct Treasury and agency heads included as part of the Working Group to submit a report to Congress describing potential “illicit uses” of digital assets and a strategy for mitigating those uses. § 3.

Full text and key snips below.

[Laura Shin @laurashin]

Can crypto PACs change the game in Washington? Find out in this episode of @_choppingblock with @kristinsmith as we cover:

💰 Trump’s Pro-Crypto Stance
🏛 Crypto PACs Impact
🧑‍⚖️ Gensler’s SEC Fate
https://t.co/LOlhrwDx4N

[Blockchain Association @BlockchainAssn]

“...This active and engaged, highly communicative community is a strength for the industry and something that will ultimately appeal to a broad cross-section of policymakers." @kristinsmith joined @Marketplace to discuss crypto as a key election issue.

https://t.co/YQQIAIY30U

[George Leonardo @georgesleo5]

In what some might describe as a “big boy” week for crypto policy, here’s a quick look at what’s covered in this week’s newsletter:
• Crypto highlights from a Senate Ag hearing, two HFS hearings, & a Senate Banking hearing
• House floor vote on overriding Pres. Biden’s veto of a SAB 121 repeal res.
• Amendments to a House approps bill re illicit finance and RWA tokenization
• GOP’s 2024 party platform embraces crypto and opposes a CBDC
• EIA restarted process of conducting a Bitcoin mining survey w/ a listening session
• Updates on crypto litigation front.

And more 👇

[Ron Hammond @RonwHammond]

1) This week in Congress and crypto: Congress is back, but not for long. Typically, this is the time for campaign rhetoric and positioning, but crypto has now found itself to be a campaign issue. This week, it means a possible veto override on SAB 121 and multiple big hearings...

[cryptopols @_cryptopols]

🏛️ CONGRESS BILL UPDATE

New Cosponsor for H.R.5741 - Uniform Treatment of Custodial Assets Act: Rep. Donald Davis (@RepDonDavis )

#Crypto Sentiment: Strongly Pro
https://t.co/1TYGerNALb

[cryptopols @_cryptopols]

📜 NEW LEGISLATION PROPOSAL

New bill introduced by Rep. Matt Gaetz (@RepMattGaetz) to allow payment of certain federal taxes with Bitcoin: H.R.8822

Cosponsors: @RepLuna and @RepDonaldsPress

Crypto Sentiment: Strongly Pro
https://t.co/gei6Ao7H3Y

[MN Blockchain Initiative @MNblockchain]

Last night the creators of @_cryptopols, the crypto-politics tracking platform, demoed their website to a full house at our Spotlight Meetup.

This time, though, creators @OliverZerhusen and @estiewoo shared the spotlight with the politicians they track on their website...

[cryptopols @_cryptopols]

8⃣ Crypto sentiment trends & engagement levels in Congress are key metrics that we continue to monitor as key leading indicators for the future regulatory framework

We’ll publish the charts on https://t.co/FIqXXZ3hFs in the coming weeks and update the data on an ongoing basis 🫡

[cryptopols @_cryptopols]

New Milestone: We’ve collected over 4K #crypto sentiment data points from the US Congress over the past 2.5 years!

Lots of data
Lots of insights
Lots to share

🧵⬇️

[cryptopols @_cryptopols]

7⃣ Going back to the beginning of 2022, overall Congress sentiment on crypto has mirrored BTC price movement fairly closely

Outside of the Oct/Nov 2023 Hamas dip in crypto sentiment, the price of BTC and Congress crypto sentiment moved in the same overall direction

Coincidence?