24th September 2025 > > California & the SEC.

tl;dr

The California gubernatorial election just got a whole lot more interesting. The SEC’s pro-crypto pivot continues.

Market Snap

Market Wrap

That is one of the least interesting Market Snaps ever recorded. There is literally nothing to say about it.

Curious Cryptos’ Commentary – Central Bankers

The hapless Jerome Powell, Chair of the Fed:

"There are no risk free paths now. It’s not incredibly obvious what to do."

There are several obvious things to do, starting with:

i) Don’t let central bankers manipulate the yield curve.

ii) Don’t even think about letting Powell into the interview room for being a central banker.

That’s most of your problems solved right there and then.

Curious Cryptos’ Commentary – California

Hats off to Kamala Harris, she has potentially done us all a favour.

Gavin Newsom is stepping down as Governor of California with the gubernatorial election slated for November 3^rd, 2026. Harris was expected to stand, but has confirmed she will not, opening the race to a wide field of candidates.

California, with a $4.3 TRILLION economy, is only outmuscled by the US itself, China, and Germany for financial clout, though on current growth rates it will soon surpass Germany. The politics of California matter, and we must take notice.

Ian Calderon has announced his intention to stand in the election next year, and he is very much one of us:

"Once I’m governor, I’m going to make sure that we hold Bitcoin on our balance sheet.”

Ooh, I do like the sound of that.

e should expect non-partisan (Ian is a Democrat) super PACS in favour of cryptos to put a lot of advertising money into Ian’s campaign. Though not the front-runner yet, he has a year to build a base of support. We will be with him every step of the way.

Curious Cryptos’ Commentary – The SEC

The SEC is not slowing down in its race to embrace the crypto revolution.

We have had a slew of announcements and rule changes – all in favour of cryptos – so far this year, too numerous to list. If you have been paying attention to the CCC you know all about that anyway.

In an interview on Fox Business on the topic of quarterly reporting for US firms, Paul Atkins, Chair of the SEC, stated his intention to create an “innovation exemption” for crypto firms by the end of this year:

"We're trying to give the marketplace some kind of stable platform upon which they can introduce new products. We'll be doing rulemaking in the coming months. We're looking for an innovation exemption to try to get that in place by year end."

No doubt there will be pushback from the usual suspects who enjoy their status as blockers to progress and growth, and that timetable looks aggressive to me.

What we do know is that, once again, the direction of travel has never been as clearly signposted as today. We all need to take notice, and act accordingly.