so many of you will remember my reporting around "operation choke point 2.0" from the spring of 2023; TLDR, Biden's financial regulators, namely the Fed, FDIC, and OCC launched a crackdown on banks covering the crypto space...
Breaking: #Solana $SOL is no longer defined as a security by the SEC - July 29th - The @SECGov#SEC moves to amend complaint against @binance - seeks to no longer prove tokens such as @solana are securities.
The SEC informed Defendants that it intends to seek to amend its Complaint, including with respect to the “Third Party Crypto Asset Securities” as defined in the SEC’s Omnibus Opposition to Defendants’ Motion to Dismiss, Dkt. No. 172, obviating the need for the Court to issue a ruling as to the sufficiency of the allegations as to those tokens at this time.
https://t.co/C9vuQoqAdp
$ADA, $SOL, $MATIC, $Sand, $Fil, and $Mana are no longer securities according to the SEC “ at this moment in time”
BREAKING: Democrat politicians have written a letter to the DNC, asking the party to pivot away from the anti-bitcoin policies of Elizabeth Warren.
This is likely in response to polling data, the GOP pro-bitcoin policies, and President Trump speaking at @TheBitcoinConf
According to Reuters, the US SEC may approve the launch of a spot Ethereum ETF by July 4. Negotiations between asset management companies and regulators have entered the final stage, and only the final minor revisions are left. Approval may take no more than a week or two.
https://t.co/hLi7JP4SIo
Financial regulators have used multiple tools at their disposal to try to cripple the digital-asset industry. @SECGov has claimed sweeping authority, but refuses to provide any rules, let alone consistent or coherent ones. While @FDICgov pressured financial institutions to cut off the industry from the banking system. Today we filed lawsuits under the Freedom of Information Act for requests we made over a year ago seeking important information to which we, and the public, are entitled. 1/5
1/ The US House is voting on FIT 21 today.
Biden just said he wants comprehensive crypto regulations.
Time for another explainer thread.
+ What is FIT21?
+ Why is this bill important?
+ What does FIT21 tell us about shifting political alliances and power in the US?
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This would mean a "pro crypto bill" will pass congress and go to Biden's desk for signature.
If Biden vetos he's "anti-crypto".
Biden already said he would veto in support of Gary Gensler's SEC.
If Biden votes then Trump & R's will double down on pro-crypto rhetoric and use it as a wedge issue to win independents.
They'll get money and votes from single issue crypto voters - D's are vastly underestimating this cohort - especially in swing states.
And just like that Gary Gensler and Elizabeth Warren could cost Biden the white house.