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10 sats \ 2 replies \ @Cje95 22 May \ parent \ on: A beginner’s path: LN wallets bitcoin_beginners
With it being an election year and the House, Senate, and Presidency up for grabs esp with the polls showing how tight the races are the Dems are going to need the youth vote to show up to win and if it doesn’t happen then its going to be terrible for them.
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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.