26th May 2024 > > Spot SOL ETFs & US politics.

tl;dr

Spot SOL ETFs would be a mighty fine thing. Cryptos are becoming ever more influential in the US Presidential election this year.

Market Snap

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I was convinced I would wake up with another 7-handle headline today, but I guess we might have to wait for further evidence of growing support for the ETFs.

Curious Cryptos’ Commentary – Spot SOL ETFs

There is a lot of chatter about spot SOL ETFs.

Solana will likely be one of the big success stories in the crypto world over the next few years, in my opinion. The CC Treasury started a not immaterial pivot towards SOL out of other cryptos about a year ago. Indeed, one of the sub-accounts in the Treasury is allocated 100% to SOL, which is a ballsy call.

This background probably means I am somewhat more susceptible than I would otherwise be to the rumours of a spot SOL ETF. But boy, that would be one very happy day for the CC Treasury team, who are all paid on results, and results only.

Curious Cryptos’ Commentary – US politics

US lawmakers are sending a very strong signal to the executive that the current regulatory approach to cryptos in the US is wrong.

First up, we had bi-partisan support in both houses for the repeal of SAB 121 (aka Operation Choke Point 3.0). Joe Biden had promised to veto it but the internal pressure he is facing from senior Democrat leaders probably means he will back down, an unfortunate position entirely of his own making.

FIT 21 is now headed to the Senate after bi-partisan support in the House. All eyes are on Majority Leader Chuck Schummer, whose stance on FIT 21 will determine whether Joe Biden will once again be faced with a veto decision or not.

Then on Thursday another fine piece of legislation was agreed by the House – the CBDC Anti-Surveillance State Act which prevents the Fed from doing any more work on the prospect of issuing a US dollar CBDC. CBDCs have only one objective, and that is as a means of financial coercion and control, which is the reason why Russia and China have so enthusiastically embraced this dangerous concept.

Unfortunately, in this case, the split in the vote was once again along party political lines suggesting Chuck still has work to do convincing some of his colleagues to tread the path of financial liberty and freedom.

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Joe Biden’s challenger, Donald Trump, has spotted the gaping opportunity to take advantage of this schism amongst senior Democrats:

“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry … Joe Biden … wants it (the crypto industry) to die a slow and painful death. That will never happen with me.”

Cryptos are taking centre stage in this election. Support for cryptos is a vote-winner, especially amongst the more youthful elements of the population. Joe Biden would be well-advised to take his cue from Chuck.

I thoroughly look forward to both parties trying to out-compete each other in being as crypto-friendly as possible.