Back To The Drawing Board

The crypto bill is not dead, it’s merely resting but it does look a tad ‘back to the drawing board’ after COIN began a process which has for now stymied a new law as the banks are antsy about crypto encroachment without the banking capital requirements et al.

Well here’s a surprise, with the most incredibly pliant president around, somehow the crypto industry got all the way to markup and suddenly realised they didn’t like their own bill which mostly does their bidding and the whole thing is now a heap on the floor. After all that money spent on buying the Hill, it appears some politicians have their own opinions (or just advanced Trump Derangement Syndrome - I’ll report, you decide).

Anyway a mix of reporting all the way to woe, alas, alack is linked here:
Senators Vow To Revive Crypto Bill
Politico
House Democrats Slam SEC For Dropping Crypto Cases With Trump Ties
CoinDesk
Warren Calls Out Former Rep. Maloney’s Renewed Ties To Crypto
Politico
After Coinbase Reversal Forces Delay On Crypto Bill, Is There A Path Forward?
Decrypt
Coinbase CEO Says Key Crypto Vote Can Be Rescheduled After 11th Hour Cancellation
CNBC
Coinbase CEO: Big Banks Are Trying To ‘Kill The Competition’ Through Crypto Regulation
Fox Business
Coinbase CEO On Failed Crypto Bill: Some Things In Bill We Were Surprised By And Had Issues With
CNBC

As I said Friday, COIN may have played a really dangerous card here… The banks have some sound arguments against crypto rewards on stablecoins AND I fear for the world’s financial order because let’s face it. COIN themselves are not exactly unknown bedfellows to fines for the sorts of entry level paperwork violations which, to put it mildly, do not become a sound steward of client cash? Or so it seems to me.

Elsewhere from the COIN CEO, Coinbase Is Late To Stocks—But CEO Brian Armstrong Says It Will Win In The Long Run (Fortune).

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