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🦅 The US Treasury releases a regulatory agenda saying that the term “money” will include digital assets under the BSA.
🇺🇸 Kamala Harris gives mixed signals about her support for crypto; Donald Trump says he supports crypto, but does he really?
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| Crypto Market Cap $2.24 Trillion 2.3% (24H) | |||
| Name | Price | 24H % | 7D % |
|---|---|---|---|
| Bitcoin BTC | $61,768.08 | 5.56% | 4.16% |
| Ethereum ETH | $2,686.95 | 3.92% | 0.75% |
| BNB BNB | $582.99 | 8.53% | 12.31% |
| Solana SOL | $148.15 | 3.01% | 0.67% |
| Prices as of 10:05 AM EST. Click here to see live data. |
The crypto winter shows signs of melting: the Fear & Greed Index has warmed to 30, with all top coins glowing green. This uptick may be fueled by anticipated U.S. labor data hinting at potential interest rate cuts. Also, improving global liquidity may be steering more capital into crypto markets - but we've seen this optimism before, without lasting results.
Is this the bull market we've been waiting for? Too early to say, but signs point to brighter days ahead. ☀️
You know those families who have two children, dress them the exact same, and give them names like Rick and Nick? Now imagine that the parent is the US, Rick is crypto, Nick is fiat, and the clothes are regulations.
On Friday, the US Treasury released a long, boring regulatory agenda which suggests that starting September next year, financial institutions will need to report crypto transactions similarly to fiat currency.
To do so, the Fed and the FinCEN are planning to change the definition of "money" under the Bank Secrecy Act (a law to prevent money laundering), so that it includes digital assets.
Such inclusion into the regulatory framework proves that our boy Rick is no longer being completely ignored by his parent. That being said, seems like Kamala Harris still tells him to "go to his room."
At first, she seemed to be a crypto ally: it was speculated that she'd reconnect the Dems with this industry, she reached out to crypto execs to discuss regulations, two crypto execs became her advisors. Promising, overall.
Except, I wouldn't be too sure that the so-called "war on crypto" will be completely over if she gets elected.
- Two of her new advisors previously worked for Joe Biden and contributed to his anti-crypto strategies;
- The 2024 Democratic National Convention is happening RN, the party platform was recently announced—not a single word about crypto;
- The "Crypto4Harris" movement held a Town Hall meeting last Wednesday, Harris was nowhere to be found;
- Rumor has it that if she's elected, SEC Chair Gary Gensler(the guy known for suing everybody and their mom in crypto) will be nominated as Treasury Secretary.
This might not work in her favor particularly because voters (especially the younger ones) are increasingly turning to crypto:
- Coinbase reported that 51% of young voters are likely to support crypto-friendly candidates;
- A survey by Grayscale Investments and the Harris Poll concluded that 62% of Gen Z and Millennial voters believe crypto and blockchain technology are the future of finance.
Will this hurt her campaign? I mean, Polymarket still shows that she has a 50% chance of winning, as compared to Donald Trump's 49% and Kanye West's <1%.
And speaking of, Trump understood the assignment of paying attention to crypto this election. He crowned himself as the "Crypto President", became a vocal supporter of Bitcoin mining, made promises of a Bitcoin advisory council…
…which we love, but at the same time, he did once mention that his advisors told him to "be nice" to crypto enthusiasts "at least until after the election." Do with this information as you please.
IDK about y'all, but I'm coming out of this with trust issues (welcome to politics, I guess). One positive thing to know, however, is that no matter who wins, the election will likely have a good impact on crypto. Or at least Bitcoin, which is set to jump during that time, according to VanEck Head of Digital Assets Research Matthew Sigel.
Overall, being a good parent is loving your children equally. #RickMatters
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💵 Tether expands to Aptos blockchain, cutting USDT transaction costs.
