25th July 2024 > > US politics.
Updated: Jul 30
tl;dr
US politics yet again, as the sands shift ever further in cryptos’ favour.
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Market Wrap
The distribution of Mt. Gox coins to creditors of the hacked exchanged continues to weigh heavily on the market.
Occasional Series – Campo Sancho
My favourite festival since Glade sadly closed:
That’s Benzi, me ol’ mucker giving it the full Benzinga at the front of the dancefloor. Readers of this daily missive should come with us, not least because the CCC is going offline for the duration, so you probably have nothing better to do.
We have Freddy Love, Sancho Panza of course, Norman Jay, and Laurent Garnier not once, but twice!
See you there, kiddos.
Curious Cryptos’ Commentary – US politics
Three days ago, the CC reported this advice from Cinneamhain Ventures partner Adam Cochran following Joe Biden’s withdrawal as Presidential candidate:
“I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”
Ever since Kamala Harris, now the presumptive Presidential candidate in place of Joe Biden, confused Mexico with Europe (maybe she yearns for the return of the Spanish Empire), I have rarely been impressed with her public pronouncements.
However, two intriguing developments suggest that perhaps I might have underestimated her.
Firstly, and this is perhaps somewhat tenuous, a couple of high-profile members of the crypto community including Mark Cuban, have claimed that Harris’ team have reached out with pertinent questions aimed at improving her understanding of the crypto world. Given all the recent shifts towards cryptos from Democratic legislators, she might have been expected to have done her research before now, but let’s not be churlish. Always better late than never.
Regular readers already know that Trump is speaking at this year’s BTC conference in Nashville (https://www.curiouscryptos.com/post/23rd-july-2024-nashville). Of more immediate import is the possibility that Trump may not be the only one of the two candidates.
CEO of Bitcoin Magazine David Bailey, tweets:
“We’re in talks with Kamala Harris campaign for her to speak at the conference. Would be very savvy of her to reset the democrat positioning on the fastest growing voter block in the country. They’re making up their minds today.”
How exciting is that?
A crypto face-off between Harris and Trump to win the approval of crypto enthusiasts. The only losers would be Warren and Gensler. The CCC sheds no tears for either.
…
Polling by Reuters & Ipsos shows the election to be too close to call, with the margin of error greater than the gap between the two candidates.
Polymarket sees it differently:
*** Stop Press ***
Harris will not be giving a presentation at the conference. Boo.
…
But that does not mean this tale is in vain.
A crypto-friendly pivot by both parties/candidates can only be good for the world. Being selfish, and looking at this solely from a UK perspective, a pro-crypto US government would signpost the way for the UK. Given that the UK’s foreign secretary David Lammy has described Trump as a “Nazi” (the more lurid quotes involving the ingestion of children were probably not meant to be on-record), and that Prime Minister Sir Keir Starmer describes the Democratic Party as a “sister” to Labour, a Harris victory will undoubtedly carry more weight in the corridors of Westminster.
The UK is already far behind in the race to accumulate crypto tax dollars. Us British cannot afford much more of this dithering indecision.
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