24th May 2024 > > Spot ETH ETFs.

tl;dr

SAB 121, FIT 21, the death of Warren’s anti-crypto army. All are tied in with the approval of spot ETH ETFs. The crypto revolution is going mainstream.

Market Snap

Market Wrap

the health, or otherwise, of the regional banks’ balance sheets. Without the safety net of the BTFP, actual losses on portfolios of “safe” US Treasuries ensures many banks are insolvent if forced to sell those treasuries to cover cash needs.

Cryptos generally suffered too, though of course the momentous and sudden news of spot ETH ETF approval gave some resilience to the price of one particular crypto.

Curious Cryptos’ Commentary – SAB 121

Yesterday Gensler stated that SAB 121 was “just” an accounting bulletin.

That is a lie. SAB 121 is an attack on financial freedom and liberty. It is an abuse of bureaucratic powers in a forlorn attempt at maintaining the hegemony of centralisation that favours the technocratic elite.

Gensler’s backtracking, this attempt to belittle his own ruling designed to keep cryptos from going mainstream means that we do now know that Joe Biden will not veto the rescinding of SAB 121.

This is huge news. This is a legislative outcome that heralds TradFi acceptance of the crypto revolution.

Curious Cryptos’ Commentary – FIT 21

I don’t know how I missed this, but when the House passed FIT 21 on Wednesday it was with a two-thirds majority. If the Senate follows suit, the US constitution prohibits a Presidential veto.

After the recent rapid pivot by senior Democrat lawmakers in favour of cryptos, notably Chuck Schummer, Senate Majority Leader, Joe Biden’s appetite to veto both the rescinding of SAB 121 and the passing of FIT 21 had receded somewhat, even before Gensler’s meek and weak capitulation noted above. Still, it is good for the crypto revolution if he is prevented from even thinking about a veto.

Bye, bye, Senator Elizabeth Warren’s anti-crypto army. You will not be missed.

Curious Cryptos’ Commentary – h/t Alex 2036

Just for once, the animosity inherent in the shouty arguments of the internet is fully justified:

Curious Cryptos’ Commentary – Spot ETH ETFs

Spot ETH ETFs have been granted approval by the SEC.

Make no mistake – this is a politically driven decision.

The TradFi stampede into crypto products is about to furiously accelerate.