Unchained The Chopping Block: Response to SAB-121, ETH ETF, & More - Ep. 650
May 23, 2024
The hosts dive into the anticipated approval of the Ether ETF and its potential market impact. They discuss a bipartisan push to repeal regulation SAB-121 and its implications for banks dealing with crypto assets. The discussion shifts to Biden's evolving stance on crypto as it relates to upcoming elections. The moral complexities of high FDV low float tokens are debated, alongside the legal ramifications of a $25 million MEV exploit. Insights on the contrasting performances of memecoins and VC-backed tokens also emerge, signaling the changing landscape of retail investor participation.
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SAB-121: A Targeted Attack?
- The SEC's SAB-121 guidance, classifying crypto solely as a liability for banks, is widely viewed as a targeted attack on the crypto industry.
- This move benefits unregulated custodians like Coinbase while hindering banks from entering the crypto space.
Shifting Political Tides
- The bipartisan repeal of SAB-121 signals a potential shift in the US political landscape regarding crypto.
- This marks the first standalone crypto legislation voted on, demonstrating bipartisan support for sensible crypto policy.
The Meme Coin Factor
- Tom Schmidt proposes a thought experiment: would fewer Democrats have supported repealing SAB-121 if meme coins hadn't become popular?
- He suggests meme coin traders, being personally invested, might have influenced the outcome through political action.