9th March 2022 > > US regulation again.

tl;dr

Joe Biden’s executive order will be signed today, and it is going to be very positive for the crypto industry.

Market Snap (at time of writing)

Market Wrap

That’s a decent day’s rally for BTC as $40k is breached again to the upside. One day that will happen for the very last time, we just won’t know it there and then.

Perpetual futures rates rallied back to neutral, suggesting that some of that move was short squeeze pain by the leveraged children. Ha! Always good to see, but they will never learn.

Occasional Series – John Bercow, serial bully & liar

Good riddance to you, no workplace has room for his type of behaviour.

Curious Cryptos’ Commentary – US regulation again

Today should be the day that Joe Biden’s executive order on the subject of crypto regulation (see yesterday’s CCC) is signed and published.

A statement from the U.S. Treasury Secretary Janet Yellen - dated today but accidentally released yesterday before being hastily withdrawn - sets out her response to the executive order. One of her early comments is mightily cheering:

“… (the executive order) could result in substantial benefits for the nation, consumers, and businesses.”

That’s the spirit Janet.

Janet also explained how the Treasury Department will address its own knowledge gaps about cryptos. I couldn’t fail to point out that reading my daily missive and signing up to the Curious Cryptos’ Ltd. free training course would do the trick, but she hasn’t got back to me on that suggestion yet.

Janet also touches on a subject that rightly worries lawmakers, regulators, and all mature adults:

“It will also address risks related to illicit finance, protecting consumers and investors, and preventing threats to the financial system and broader economy.”

It is this latter point which crypto naysayers often bang on about, though the criticism is equally applicable to fiat. The difference is that processes to address these risks for fiat have been developing and improving for longer than BTC has been around, so we who are crypto supporters must recognise and address that fact.

Janet also makes it clear that the various federal regulatory bodies - Securities and Exchange Commission (SEC), the Commodities Futures Trading Commission (CFTC), the Internal Revenue Service (IRS), the Office of the Comptroller of the Currency (OCC) and the Financial Crimes Enforcement Network (FinCEN) – are already working much closer together and will continue to do so, a key improvement heartily welcomed by the CCC.

Naturally some of the vocal supporters of cryptos are out claiming that Janet’s intervention is negative, and even a claim that her sole intention is to maintain dollar hegemony in the world’s financial system.

I do agree that Janet is clearly a fan of USD, but that does not mean she is anti-cryptos, far from it.