Tue, July 02, 2024 at 10:33

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some interesting news about the cryptocurrency industry and its ongoing conflict with the U.S. Securities and Exchange Commission (SEC).

  • 
• Annie

  • Oh, that sounds intriguing!😊 What's the main issue here?

  
• 

  Kang-hoon

  • The cryptocurrency industry is frustrated with SEC Chairman Gary Gensler's regulatory policies.

  • This frustration has led to political actions, with investors trying to gain more influence in Washington.

• Annie

  • Interesting.

  • How has this frustration manifested politically?

  
• ADward

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• 

  Kang-hoon

  • Former President Trump has capitalized on this frustration by rebranding himself as a crypto supporter.

  • He promised to deregulate the industry if elected, which has been well-received within the crypto community.

• Annie

  • Wow, that's quite a move!😮 What about President Biden's stance?

  
• 

  Kang-hoon

  • President Biden is perceived as anti-crypto, which is causing concern among his supporters.

  • 

  • They worry that Gensler's hardline stance on crypto could boost Trump's support among crypto investors.

• Annie

  • I see.

  • Did Trump make any specific promises recently?

  
• 

  Kang-hoon

  • Yes, last month at a high-profile Republican fundraiser in San Francisco, Trump promised to deregulate cryptocurrencies.

  • He emphasized that he would not allow regulations to stifle innovation.

• Annie

  • That must have been a significant event.

  • Who else was involved?

  
• 

  Kang-hoon

  • Key industry figures like Ripple's Chief Legal Officer Stuart Alderotti and Coinbase's Chief Legal Officer Paul Grewal were present.

  • They spoke about the challenges posed by the SEC's regulatory actions.

• Annie

  • Ripple and Coinbase have had their own legal battles with the SEC, right?

  
• 

  Kang-hoon

  • Correct.

  • Ripple was accused in 2020 and Coinbase in 2023 of violating securities laws as unregistered brokers.

  • Both companies deny the allegations and continue to fight the charges.

• Annie

  • That must be costly.

  • How much has Ripple spent on legal fees?

  
• 

  Kang-hoon

  • Alderotti mentioned that Ripple has spent more than $100 million on legal fees due to the SEC's actions.

• Annie

  • That's a huge amount!😲 How has the crypto community reacted to Trump's stance?

  
• 

  Kang-hoon

  • The crypto community has responded positively.

  • They expect Trump to appoint a pro-crypto person as SEC chairman if he is re-elected.

• Annie

  • And what about Biden's supporters?

  • How are they dealing with this?

  
• 

  Kang-hoon

  • Biden's supporters are concerned and have met with senior White House officials to discuss the issue.

  • They argue that Gensler should not be the sole face of the administration's crypto policy.

• Annie

  • Did the White House respond to these concerns?

  
• 

  Kang-hoon

  • White House spokesperson Robin Patterson stated that President Biden was the first to introduce a comprehensive approach to protect consumers and investors while supporting digital asset innovation.

  • However, she avoided specific mention of the meeting.

• Annie

  • It seems like the crypto industry is becoming more politically active.

  • What do you think will be the impact on the upcoming presidential election?

  
• 

  Kang-hoon

  • The conflict with the SEC is likely to be a major issue in the election.

  • Former President Trump's strengthened stance as a crypto advocate is gaining support from the industry, and the Biden administration is wary of this trend.

• Annie

  • So, would you say this news is a positive development for the crypto market?

  
• 

  Kang-hoon

  • Yes, Annie.

  • This is a positive development.

  • The industry's growing political influence and support from a prominent figure like Trump could lead to more favorable regulations, which would benefit the market in the short term.

  • Upon comprehensive consideration, this news is perceived as a 😍Bullish.