Crypto’s Latest Regulatory L
TL;DR
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The President simply vetoed a proposed accounting rule change which might permit TradFi establishments to carry crypto on behalf of their purchasers, making America extra crypto-friendly – which is a wierd transfer throughout an election yr.
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There’s an analogy that Mike Novogratz (CEO of Galaxy Funding Companions) has been utilizing to explain the help of anti-crypto regulation.
He likens it to being ‘anti-dog’ — in that there’re extra crypto house owners within the US than there are canine house owners.
We’ve been reasoning it in our personal heads as extra of a false impression…
There’s an assumption by some political figures that most individuals hate crypto, whereas a couple of love it.
However from our expertise, we’d say it’s extra a case of most individuals being apathetic in direction of crypto, whereas a couple of love it.
And so they’re not a lot apathetic in direction of crypto, as a lot as they’re apathetic in direction of having to be lectured by their one crypto-obsessed pal about how:
“BitCOin iS a hArD CuRRenCy, and sMaRt COntrAcTs aRe tHe fUTure, BrO.”
(Which is truthful sufficient).
That’s why — with all this in thoughts — we have been stunned to be taught the President simply vetoed the proposed SAB21 change, which might change the SEC’s accounting steerage and permit conventional monetary establishments to carry crypto on behalf of their purchasers.
(Making America extra crypto-friendly within the course of).
Trigger going after an accounting rule change that may have an effect on an business that most individuals both feverishly love or couldn’t give two damns about — in an election yr?
That simply appears like a self-imposed handicap.
