BlockProf

Crypto is on the verge of accomplishing an unprecedented act of legislative piracy — writing its own legal framework in an otherwise stalled out Congress with sweeping implications for all of American finance. I wrote about the money that brought us here and what it means:

As they say, life is sometimes like a pie-eating contest where the reward for success is more pie. Yesterday’s bipartisan markup of the Clarity Act was a major step forward, but as Senators on both sides of the dais noted, there’s more work to be done before this legislation is ready for prime time. We’ll keep working in good faith to build the support needed to pass the bill on the Senate floor. 🥧

[ ZOOMER ] CME AND NYSE ARE PUSHING THE US TO REGULATE HYPERLIQUID, DUE TO CONCERNS ABOUT MARKET MANIPULATION AND SANCTIONS EVASION: BBG

why is the Banking Committee marking-up crypto legislation if crypto assets aren't securities? Doesn't that Committee have jurisdiction over securities, not commodities? I don't get it, the industry spent years saying crypto didn't fall within the SEC's jurisdiction...?

I love that Sen. Tillis gave Chris Land on Lummis' staff a shout out. He and I have not always agreed but he works harder and suffers more than pretty much any staffer I've met.

why is the Banking Committee marking-up crypto legislation if crypto assets aren't securities? Doesn't that Committee have jurisdiction over securities, not commodities? I don't get it, the industry spent years saying crypto didn't fall within the SEC's jurisdiction...?

The digital revolution is upon us, and it has presented a clear opportunity to support small businesses, generate wealth, spur innovation, and support younger Americans who want to be part of this revolution. And this digital revolution is happening with us or without us—we have a responsibility to regulate it to create rules of the road. That is why I’ve been at the table. I’ve been in negotiations for over nine months, working toward regulating digital assets in a way that protects consumers and reduces the risks of deposit flight and deceptive marketing. I have negotiated in good faith with colleagues on both sides of the aisle willing to meet this critical moment. I’ve worked to make this bill better. Let me be very clear: my vote today is a vote to keep working in good faith. It does not mean I will be voting for the passage of the CLARITY Act on the floor. We still have work to do. We need to find a workable way to address law enforcement’s concerns about financial crimes. I am a former prosecutor and know how important that is. We also need to include an agreement on ethics—that would apply not just to the President and Vice President but to all of us. The American people—especially my constituents—expect that from us. I will keep working with my colleagues to get this done. Americans—from every background and every community—deserve to benefit financially from this digital revolution and be protected from the risks that come with it. If we don’t act, we will be left behind. I won’t let that happen.

zcash is on the wall street journal today probably nothing