The Breakdown First Five - Thursday, July 11, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. WTF 121

Yesterday the House was supposed to vote to overturn the President’s Veto on SAB 121. Patrick McHenry gave a rousing speech asking Democrats to put aside the chaos within the party to do the right thing and repeal these “stupid” accounting standards. The vote was postponed until today after the session was interrupted by a letter from the President. McHenry suggested the delay was caused by backroom SEC dealing. Downright bizarre. 

4. CFTC’s Benham: Regulation is Urgent

CFTC Chair Benham appeared before the Senate Ag Committee to urge Congress to “act quickly” in getting crypto regulations passed. He reiterated that Bitcoin and Ethereum are commodities, but added that recent court decision imply that 70-80% of the token market should be considered non-securities. Senate Ag leaders agree with the urgency and are rushing to get a draft bill together, but some industry figures warn of a massive CFTC power grab. 

3. Republicans Voting For Crypto

New polling commissioned by Paradigm revealed that Republican voters have warmed to Trump after his crypto pivot. The polling showed that voters were more likely to show up to vote for crypto, particular young and non-white Republicans. The survey also found that 72% of Republicans are at least somewhat concerned they will be debanked over their political or religious views. 

2. Democrat Roundtable

Ro Khanna assembled at least 26 crypto executives to discuss policy differences with the Biden Administration. Senior Biden advisor Anita Dunn was present. She reportedly took copious notes and seemed genuinely shocked at the industry’s view of SEC Chair Gary Gensler. Most attendees seemed to walk away with a positive view of the event, even if it was largely an airing of grievances. Some suggested listening was a good start, but they needed to see action. 

1. Trump Headling Bitcoin Conference

Former President Trump will speak at the Bitcoin Conference. Rumors had been swirling for weeks, but Trump has now been confirmed for a 30 minute speaking slot on the final day of the conference, to be held in Nashville at the end of July. Bitcoin Magazine called this a “significant milestone for the event.” That seems like an understatement.