EasyA 🤳📱

just spent the past week in DC. can't share too many details about what was discussed, but here's a high level overview of what i can share: 1/ clarity act the topic du jour, nearly every meeting we had centered around the clarity act. and the battle over clarity is very much still raging, with yield being the major sticking point. right now, it's the banking lobby vs the crypto lobby. the banking lobby wants to restrict stablecoin issuers from offering yield, arguing that it'll cause a flight in deposits as consumers move their money out of their savings accounts into higher-yield stablecoins. while the crypto lobby argues that consumers should have access to yield-bearing crypto products. several high ranking officials care a lot about the clarity act getting passed. i remain optimistic that it gets passed. 2/ securities vs commodities for the first time, the SEC is classifying most crypto assets as digital commodities, not securities. this will finally give investors (both retail and institutional) confidence over what they're investing in and lead to big new inflows of capital into crypto. 3/ SEC and CFTC "pro innovation" mandate meeting with both the SEC and CFTC, it was clear that both bodies want the US to be the home of crypto innovation. paul atkins (SEC chairman) is currently advocating for an "innovation exemption", which would allow crypto startups to operate under a "safe harbor" period. this would allow them to operate without full compliance for a period of time (so long as they meet basic consumer protection standards). big change from the gensler era! 4/ parity act not often discussed by the public, but arguably one of the most important acts to make crypto payments possible in real life. the act ensures that using crypto in daily life wouldn't trigger "capital gains" and that participating in crypto lending doesn't count as an asset "sale". both would significantly further crypto adoption and make it part of everyday life. 5/ securities aren't "securities" for life a token can now start as a security (eg during a fundraise) but lose that status once its network becomes functional or sufficiently distributed. this is a big win for crypto companies, giving young projects flexibility as they evolve. 6/ innovation vs regulation in all of our meetings with the SEC and CFTC, officials made it clear that they want the US to be the home of crypto innovation. whereas in prior administrations, a lack of clear guidelines resulted in a minefield for crypto companies and stifled innovation, this admin has done a 180. big change from the prior "regulation by enforcement" era.