Thu, September 19, 2024 at 22:53

• 

  Kang-hoon

  • Hello, Annie.

  • Today, I have some interesting news about the final event of the America Loves Crypto tour, which took place yesterday in Washington, D.C.

  • 
• Annie

  • Oh, that sounds exciting!😊 What was the main focus of the event?

  
• 

  Kang-hoon

  • The event centered around the importance of supporting cryptocurrency in America through a concerted bi-partisan effort.

  • Notable speakers included Coinbase CEO Brian Armstrong, ConSensys CEO Joseph Lubin, and Congressman Wiley Nickel.

• Annie

  • Wow, those are some big names!

  • What did they discuss specifically?

  
• ADward

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

  
• 

  Kang-hoon

  • They emphasized the need to foster cryptocurrency innovation in America.

  • Congressman Nickel highlighted that 20% of American adults own some form of cryptocurrency, making it a significant voting block that could influence elections.

• Annie

  • That's a huge percentage!

  • Did they talk about any specific challenges?

  
• 

  Kang-hoon

  • Yes, they did.

  • Since Biden took office in 2020, his administration's SEC, DOJ, and DOE officials have introduced several regulatory hurdles.

  • Nickel mentioned the importance of a bi-partisan approach to avoid politicizing the issue.

• Annie

  • Interesting.

  • So, has there been a shift in the Democratic Party's stance on crypto?

  
• 

  Kang-hoon

  • Indeed.

  • Nickel's support signals a change in the historically hostile stance of the Democratic Party towards cryptocurrency.

  • Armstrong noted that the conversation in Washington has shifted significantly over the past five years.

• Annie

  • That's good to hear.

  • But were there any criticisms at the event?

  
• 

  Kang-hoon

  • Yes, an anonymous executive from a prominent financial institution criticized the Biden administration's veto of legislation that would have allowed highly regulated financial institutions to custody digital assets.

  • They felt the crypto industry still carries a strong stigma.

• Annie

  • That's unfortunate.

  • How did the event try to address this stigma?

  
• 

  Kang-hoon

  • The America Loves Crypto tour aimed to address the stigma through a mix of live music and grassroots community building.

  • The Chainsmokers, who are also involved in the crypto space, closed out the event with a performance.

• Annie

  • The Chainsmokers?

  • That's awesome!

  • Did they say anything noteworthy?

  
• 

  Kang-hoon

  • Yes, they did.

  • They even made a bold statement against SEC Chairman Gary Gensler.

  • The Chainsmokers have been active in the crypto space since founding the Mantis Venture Capital fund in 2020.

• Annie

  • Wow, they really are involved!

  • So, what do you think?

  • Is this news good or bad for the market?

  
• 

  Kang-hoon

  • In the short term, I see this as a negative development.

  • 

  • Despite the positive rhetoric, the regulatory environment remains challenging.

  • The stigma and lack of respect from policymakers could hinder market growth.

• Annie

  • That's disappointing to hear.

  • Thank you for the detailed explanation, Kang-hoon.

  
• 

  Kang-hoon

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