TL; DR
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The president just vetoed a proposed accounting rule change that would allow TradFi institutions to hold crypto on behalf of their customers, making America more crypto-friendly — which is a strange move during an election year.
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There is an analogy that Mike Novogratz (CEO of Galaxy Investment Partners) has used to describe the support for anti-crypto regulation.
He likens it to “anti-dog” – in that there are more crypto owners in the US than dog owners.
We reasoned it out in our own heads as more of a misconception…
Some political figures assume that most people are hate crypto, while a few Love It.
But from our experience we’d say it’s more a case of most people apathetic towards crypto, while a few Love It.
And they’re not so much apathetic about crypto as they are apathetic about having their one crypto-obsessed friend lectured on how to:
“BitCOin is a hard currency, and smart contracts are the future, BrO.”
(Which is fair enough).
That’s why—with all this in mind—we were surprised to learn that the President had just vetoed the proposed SAB21 amendment, which would change the SEC’s accounting guidelines and allow traditional financial institutions crypto on behalf of their customers.
(making America more crypto-friendly).
Because pursuing a change in accounting rules that will impact a sector that won’t affect most people either feverish love or I don’t care – in an election year?
That just feels like a self-imposed handicap.