The Breakdown The Biden SAB121 Veto Undermines Claims of a Democrat Crypto Pivot
Jun 3, 2024
The podcast discusses Biden's veto of SAB121, impacting crypto industry's political landscape, White House concerns on SEC authority, industry frustration with administration, divide among supporters and criticism towards the Democratic Party, debate on transparency and consumer protection, implications on regulation and industry response, Coinbase's SEC legal battle, and uncertain bipartisan outlook for the crypto industry.
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Political Shift in Crypto
- Donald Trump's endorsement of crypto ignited a political shift in the industry.
- Democrats' sincerity about changing their crypto stance was questioned, leading to Biden's veto of SAB121 repeal.
Reason for Veto
- The veto of SAB121 repeal wasn't about the guidance itself.
- It was about the use of the Congressional Review Act, potentially hindering future SEC crypto custody guidance.
Banking Industry's Concerns
- Banking lobby groups urged the White House to reconsider the veto, citing SAB121's negative impact.
- They argue it hinders banks from offering crypto custody services, giving an advantage to non-bank competitors like Coinbase.