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0 sats \ 5 replies \ @Carresan OP 22 May \ parent \ on: A beginner’s path: LN wallets bitcoin_beginners
How do you think it will end up? I am writing from Europe
So what is really really good for crypto right now is this is a bipartisan issue meaning there is support from House Republicans and Democrats. More importantly, though is the Senate which has a slight Democrat majority. They are facing several extremely tough races and don't want to make reelection for their party harder. Crypto is much more popular with the youth, a vital base for the Democrats so over the last couple of weeks have really flip-flopped in the Senate to support crypto.
The holdup will be with Sen. Brown in the Senate however he is facing a brutal race and it's 50/50 on if he keeps his seat. He has been against crypto so far but if he comes out against this bill and tanks it this could easily sink his reelection campaign and he/his team knows it.
All of this is to say we should be in good shape. This legislation has been worked on in a bipartisan fashion for roughly 2 years so as long as the Senate Dems don't blow this up which could possibly cost themselves the Senate majority it should pass pretty similar to what the House is passing. I doubt Biden would veto it because of it being bipartisan and Trump running as the procrypto candidate right now.
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Ok thanks. We will see , with politicians you never know.
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CORRECTION - The Admin did not threaten a veto on this but rather opposed passage. Again this factors in to the need to save face and attempt to be unified in the party. What is comically funny is that the admin, SEC, and Treasury have been involved in the formulation of this bill. Also when Biden threatened a veto last week against the rollback of a crypto accounting rule he had either 10 or 11 Democratic Senators buck him and vote to roll it back.
Because the Senate has been so against the Admin has to threaten a veto in hopes of stopping the momentum and giving the Senate Dems time to come up with some sort of a Plan B. Its a save face type of move to by his party time. It doesn’t change the underlying issue that there is bipartisan support in the House to execute this Act.
Ironically as well this legislation would give the SEC clear power to decide if something is a security or not. If they chose it is not then it goes under the CFTC which in the way the current law is structured is how it works. If the SEC doesn’t label it as a security then it is out of there hands anyway since that is what they have “control” over.