The Breakdown With SAB121 Overturned, A New Era of Crypto Politics Begins
May 18, 2024
The Senate's vote to repeal SAB121 defies the White House; changes crypto politics. SEC's guidance on crypto assets and Elizabeth Warren's critique discussed. Challenges in crypto policy making highlighted, with emphasis on grassroots involvement. Implications of potential veto on SAB121 and shifts in political dynamics explored.
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SAB121 Repeal: A Shift in Crypto Politics
- The Senate voted 60-32 to repeal SAB 121, defying the Biden White House.
- This represents a significant shift in crypto politics and congressional oversight of regulatory agencies.
Warren's Misleading Defense of SAB 121
- Elizabeth Warren's arguments defending SAB 121 were misleading and filled with half-truths.
- She claimed it merely enhanced disclosures, contradicting the GAO's findings and echoing "choke point 2.0" tactics.
Schumer's Break from Party Lines
- Twelve Democrats, including Majority Leader Chuck Schumer, defied party lines to vote for the repeal.
- Schumer's vote signals a potential shift in Democratic views on crypto regulation and federal overreach.