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Chairman’s Corner

As we navigate the complexities of the financial world, this space will serve as our platform to share insights, discuss trends, and explore the policies shaping our economic landscape.

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Money, Power, Control & Crypto

  • June 8, 2024

There’s no question about it: President Joe Biden is the ‘Stifler-in-Chief’ when it comes to crypto. But even if he can’t exactly ‘destroy’ it , he can continue to try to wound it within the United States and do everything he can to inhibit its growth. Clearly, that is Joe Biden’s agenda. His chief hatchet woman in the Senate is Massachusetts Democrat Senator Elizabeth Warren, who is crypto’s most dedicated foe and who is personally trying to raise a self-proclaimed “anti-crypto army” as part of her 2024 re-election campaign….  Fantasy at its best.

Biden’s latest attack on crypto, Web3, and the blockchain involved his recent veto of the bi-partisan H.J. Res 109 congressional resolution, which passed by overwhelming margins in both the House and Senate as a repeal of what is called SEC Staff Accounting Bulletin No. 121 (SAB 121) and dealt with an accounting rule.

Why is this significant?

Well, for one thing, potentially tens of trillions of dollars are on the line. The simplest answer is that it is all about power and control.

The “Mad Hatter” of Anti-Crypto, SEC Chairman Gary Gensler, is Biden’s enforcer. Even though major financial institutions like Blackrock have recently embraced crypto exchange-traded funds (ETFs), Biden wants to continue to force financial institutions to list any crypto assets as corresponding “liabilities” on their balance sheets. If that sounds somewhat crazy to you, then you get it.

The banking industry had reached out to Gensler to try to find some reasonable middle ground, but the SEC’s response was basically, ‘Go pound sand.’ So, the crypto industry and its growing numbers of supporters eventually turned to Congress to try to get some relief. To be sure, the crypto currency market is volatile and guardrails are needed, and the executive branch does have an interest in protecting the SEC’s authority to issue its own guidance independently of Congress. But to list assets as ‘liabilities’ is truly an Alice in Wonderland approach to the question — where ‘up’ is ‘down’ and ‘forward’ is ‘backwards…. Go figure

Responding to Biden’s veto, the Blockchain Association released a statement on X saying that, “By vetoing this repeal [of SAB 121] the Biden administration is swimming against the tide of public opinion and growing consensus in Congress that digital asset innovation should be supported — not punished.”

I believe this will be not only a major talking point in the 2024 elections. It will be the issue that will tip the balance in favor of Trump who has embraced crypto and its potential and win him the Presidency.

Come to the Financial Policy Council https://lnkd.in/eZU2UgYd, be a part of decisions that will shape your future & share your thoughts.

#crypto
#blockchain
#web3

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