Biden Admin's War on Crypto Over?🤔
With Joe Biden dropping out of the presidential race will Gary Gensler and Elizabeth Warren stop their attacks on the crypto industry?
Hey Thinkers 💡
Biden Drops Out of 2024 Presidential Race!
In a surprising turn of events, President Joe Biden has announced that he is dropping out of the 2024 presidential election race. Vice President Kamala Harris has been named as the Democratic presidential candidate, stepping into the forefront of the campaign.
What Does This Mean for the Crypto Industry?
Under Biden's administration, Elizabeth Warren's anti-crypto stance had a significant impact on the industry. Her efforts, most notably through the SEC under Gary Gensler and Operation Chokepoint 2.0, targeted the crypto sector and caused lots of confusion and legal battles.
However, recent developments indicate a shift in the political landscape:
Democrats Turning: House and Senate Democrats are distancing themselves from Elizabeth Warren and Gary Gensler. They joined their Republican colleagues to repeal the SEC’s SAB 121 in the House and Senate. Also, voted to pass the FIT 21 bill in the House.
Election Outcomes: Anti-crypto politicians have faced losses in Super Tuesday and primary elections.
Legal Battles: The SEC has faced setbacks both in court and public opinion.
Crypto Support: The industry has rallied, raising over $160 million to support pro-crypto candidates.
These changes suggest a weakening of the anti-crypto agenda, potentially marking the beginning of a new era for the industry.
Republican Support: Trump’s Crypto Campaign
Former President Donald Trump has made crypto a central theme of his campaign. His alignment with the industry is gaining substantial support and donations. Trump is set to speak at this week's Bitcoin conference in Nashville, Tennessee, where speculation is rife that he may announce plans for the US to adopt Bitcoin as a treasury reserve asset.
Today's Big Updates
The Digital Chamber: This morning, the Chamber sent a letter to Vice President Kamala Harris, urging her to support the digital asset industry. The letter emphasized that embracing this technology is in the best interest of the American people. source
SEC Leadership: Markus Thielen, founder of 10x Research, predicts that SEC Chair Gary Gensler will resign by February 2025, following the end of Biden's term.
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📰 Latest Crypto News:
The Ethereum ETFs are expected to be fully approved by the SEC and go live tomorrow. Here is what Bloomberg ETF analyst James Seyffart tweeted:
“We expect them to begin trading tomorrow. That means we should see a bunch of filings on SEC site today that say the ETFs' prospectuses have gone "effective". Likely after or around market close. Here are the race entrants:”
NYSE Arca 'certifies its approval' for listing spot Ethereum ETFs as issuers await SEC's final sign-off - source
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📈Crypto Market Metrics
Here are some key data points from Santiment
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Developer Activity
The top 10 coins with the most developer activity over the past 30 days.
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📺 Recent Interviews
Antony Welfare, CEO & Founder of the Commercializing Blockchain Research Centre (CBRC), joined me to discuss how the CBRC is helping to document and verify blockchain use cases on the XRP Ledger.
Aaron Evans of the Moonbeam Foundation joined me to talk about how Moonbeam is uniting Ethereum, Polkadot, and Cosmos for true crypto interopability.
Avichal Garg, co-founder of Electric Capital, joined me to discuss raising $2 billion and investing in crypto.
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-Tony