Wed, September 18, 2024 at 18:16

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I would like to discuss the ongoing crypto legislation hearing at the United States House of Representatives.

  • This hearing might take a new twist, according to a scoop from Fox Business Journalist Eleanor Terrett.

  • 
• Annie

  • Oh, that sounds interesting!😊 What kind of twist are we talking about?

  
• 

  Kang-hoon

  • Well, Terrett suggests that Democratic leaders' political bias toward crypto might become visible during the hearing.

  • A memo circulated in Congress shows that Democrats largely consider crypto a partisan innovation.

• Annie

  • A partisan innovation?

  • That's quite a strong statement.

  • Can you give me more details on that?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Certainly.

  • Terrett shared examples to support her point, including the bipartisan crypto legislation FIT 21 and the proposed rollback of SAB 121 accounting rules.

  • FIT 21 aims to classify digital assets and provide a template for registration requirements, consumer protection, and updates to existing commodities and securities laws.

• Annie

  • I see.

  • So, what about the SAB 121 accounting rules?

  • How do they fit into this?

  
• 

  Kang-hoon

  • SAB 121 was targeted at reporting guidelines for firms looking to enter the crypto space.

  • Many consider the rollback of these stringent guidelines a major win for the industry.

  • However, Democrat leaders believe these moves are harmful and attribute them to extreme MAGA Republicans.

• Annie

  • Wow, that's quite a clash of perspectives.

  • How has the crypto ecosystem responded to these regulatory actions over the past few years?

  
• 

  Kang-hoon

  • Over the past four years, the crypto ecosystem has decried the unending regulatory crackdown on key players in the industry.

  • Despite calls for transparent crypto legislation, many believe the Democratic government of Joe Biden has done more harm than good.

  • 
• Annie

  • That's unfortunate.

  • What about the Kamala Harris Campaign organization?

  • Have they addressed crypto in any way?

  
• 

  Kang-hoon

  • Interestingly, the Kamala Harris Campaign organization appears to be neglecting the crypto industry.

  • In an election year where many crypto proponents believe a major change is needed, Kamala Harris omitted crypto in her policy paper.

  • This remains a concern for many in the broader financial ecosystem.

• Annie

  • That's concerning indeed.

  • Are there any hopeful signs for the crypto industry amidst all this?

  
• 

  Kang-hoon

  • Despite the neglect from the Vice President and her team, top donors like Chris Larsen believe she might drive the needed change.

  • However, many see President Donald Trump as the only hope for the industry, given the trends in their campaigns.

• Annie

  • President Trump?

  • How is he involved in this?

  
• 

  Kang-hoon

  • Former President Trump has named a pro-crypto transition committee and has plans to stockpile Bitcoin reserves.

  • While some believe this is an attempt to entice voters, his consistent reference to Bitcoin has convinced many in the industry.

• Annie

  • That's quite a strategic move.

  • So, in your opinion, is this news good or bad for the market?

  
• 

  Kang-hoon

  • I would say this news is largely negative.

  • The visible partisan clash and the neglect from key political figures like Kamala Harris create uncertainty.

  • This uncertainty can lead to market volatility and hinder the growth of the crypto industry in the short term.

• Annie

  • I see.

  • Thank you for your insights, Kang-hoon.

  • This helps me understand the broader implications.👋

  
• 

  Kang-hoon

  • You're welcome, Annie.

  • Always here to help.

  • Take care.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.