Coinbase’s Post

21 Democrats joined House Republicans in voting to repeal the SEC's Bulletin 121, which has had the practical effect of preventing banks from serving as crypto custodians. This bulletin mandates that banks reflect custodied crypto assets as liabilities on their balance sheets, which would result in significant additional capital requirements. Although it's unlikely the repeal will be signed into law—Biden has already stated his intention to veto—it's noteworthy that many Democrats broke ranks on this issue. Perhaps this suggests a potential shift in the politics of crypto, with some issues becoming less partisan?

Crypto industry becomes BIG Bloomberg reports that #crypto titans have pooled a $160M war chest to back Republican candidates in the upcoming US Senate races. With the 2024 presidential election coming up, the influence of this $160M could have significant implications. https://lnkd.in/e95djdYP In simpler terms, Bloomberg says the whales and their vast capital have now openly entered the game. This makes me even more confident we'll see a real #bullrun in 2024-25 after the US presidential election. However, I still need to figure out what exactly this bull run will look like. For example, can altcoins overcome the dominance of #BitcoinETFs and (possibly) #EthereumETFs in this cycle? And how will the crypto industry's political influence change?

A big week in Crypto, US Bill and Vote. While I don't follow politics too much, when it comes to the US gov't, anything is possible. This coming Wed is a big day for Crypto and a vote on a Bill for how banks can hold crypto assets. Expect a volatile week, as BTC is now around $70K. If the vote passes, Biden said he would Veto it, yet many democrats are breaking rank and are pro-crypto... Biden may change his tune as the Cryto community vote is growing. Here is the description from the Video. House Republicans said the full chamber will vote on the Financial Innovation and Technology for the 21st Century (FIT21) Act “this week,” giving the bill a chance to become law. The legislation would clarify how the U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) regulate digital assets. Expect volatility this week as political divides heat up. This video explains this topic much better than I can. https://lnkd.in/ec39yStX Regardless of what happens in US politics, the Crypto space is here to stay and only continues to grow... But expect volatility with the pricing of BTC and many other Crypto over the coming month, up and down.

🧊🍿 Crypto Politics: The Real Iceberg Challenge 🍿🧊 Following regular politics is tough enough, but crypto politics? That's a whole other iceberg! Try keeping up with 7 years of it! The latest drama: The Senate just voted to overturn SAB 121 of the SEC, echoing the House's decision last week. Here’s the quick rundown: - Rep. Flood: Pushes for the SEC to rethink its crypto stance. - Sen. Lummis: Claims this could’ve been avoided if Gensler was more flexible. - Sen. Warren: Opposes the vote, advocating for enhanced transparency. The resolution passed with 60 senators in favor and 38 against, urging President Biden to sign off and steer the country towards a brighter digital financial future. But Biden might just veto it. So, if you thought keeping track of regular politics was a headache, welcome to the wild world of crypto politics! 🍿🚀 #CryptoPolitics #NeverABoringDay #RegulatoryRollercoaster #DigitalAssetsDrama

Brian Armstrong's recent blog post highlights the urgency for the crypto community to actively engage in the political process by supporting pro-crypto candidates and removing those opposed to the industry's growth. This call to action is crucial for several reasons: Regulatory Clarity: Voting for pro-crypto politicians can drive the creation of clear and favorable regulations. This clarity is essential for the continued innovation and growth of the crypto industry, providing a stable environment for businesses and investors alike. Economic Stability: With the current instability of the dollar, investing in and supporting digital assets offers an alternative that can hedge against economic uncertainties. Pro-crypto politicians are more likely to understand and advocate for the benefits of a diversified financial system that includes digital assets. Representation of Interests: The 52 million Americans invested in digital assets represent a significant voting bloc. By supporting candidates who align with their interests, this community can ensure their concerns and priorities are addressed in Congress, leading to legislation that supports the growth and adoption of cryptocurrency. Bipartisan Support: Armstrong emphasizes the importance of bipartisan efforts. This broad support can help pass legislation that benefits the crypto industry, regardless of which party is in power, ensuring consistent progress. By voting for pro-crypto politicians is vital for achieving regulatory clarity, promoting economic stability, and ensuring that the interests of the growing crypto community are represented in the political arena. #political #economicstability #voting #procrypto

🚨 Big news for the #Bitcoin community! 🇺🇸 Donald Trump has selected Matt Gaetz as U.S. Attorney General—a powerful advocate for #crypto and supporter of industry deregulation. Gaetz has shown strong opposition to federal overreach by agencies like the SEC and, just this past June, introduced a bill to allow federal income tax payments in Bitcoin! A few months back, Gaetz was in El Salvador meeting with President Nayib Bukele, a trailblazer in adopting Bitcoin as legal tender. This momentum is a huge bullish sign for the crypto space as we see more leaders embracing digital assets and pushing for innovation. 🌍💥 #BitcoinNews #CryptoRegulation #Bullish

This next cycle will be supercharged by financial institution adoption, and not only via the ETF's but direct exposure, once the SEC chair is replaced and we are provided with regulatory clarity instead of regulation by enforcement.

Vote Out Anti-Crypto Politicians #Coinbase CEO Brian Armstrong has called on the #crypto community to drive regulatory clarity by advocating for pro-crypto political candidates and ousting anti-crypto incumbents. In a blog post titled “How to get regulatory clarity for crypto” on June 3, Armstrong underscored #Coinbase’s significant policy investments and its ongoing commitment as global crypto regulations evolve. He outlined two primary strategies: establishing new legal precedents through courts and enacting new legislation via Congress, acknowledging the challenges posed by the current political landscape. Armstrong emphasized the importance of bipartisan efforts to support candidates aligned with crypto interests, citing the 52 million Americans invested in digital assets as a potent force capable of influencing elections and shaping future #crypto legislation. #Coinbase #CryptoRegulation #VoteCrypto #Armstrong #ProCrypto #RegulatoryClarity #DigitalAssets #CryptoElections #PolicyAdvocacy #StandWithCrypto Full Article:https://lnkd.in/gjj6bx4w

New Crypto Rules: Democrats Let Members Decide #bipartisanlegislation #cryptobill #cryptocurrencyindustry #cryptocurrencyregulation #DemocraticHouseleadership #Democraticleaders #digitalassets #legislativeimplications #legislativenegotiations #legislativeprocess #politicalenvironment #regulatorychallenges #regulatoryframework #USpoliticallandscape

Crypto Industry Tries to Tally Final Wins As U.S. Congressional Primaries Wind Down ➡️ Read All : https://lnkd.in/evVKJYPu In the final stretch of several U.S. congressional primaries, crypto-backed campaign-finance efforts are trying to add to their lists of friendly members of Congress. The... [...] #CryptoPolitics #CampaignFinance #CongressionalPrimaries #CryptoAdvocacy #DigitalAssets #Crypto #Legal #NBTC