TL;DR
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The President just vetoed a proposed accounting rule change which would allow TradFi institutions to hold crypto on behalf of their clients, making America more crypto-friendly – which is a strange move during an election year.
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There’s an analogy that Mike Novogratz (CEO of Galaxy Investment Partners) has been using to describe the support of anti-crypto regulation.
He likens it to being ‘anti-dog’ — in that there’re more crypto owners in the US than there are dog owners.
We’ve been reasoning it in our own heads as more of a misconception…
There’s an assumption by some political figures that most people hate crypto, while a few love it.
But from our experience, we’d say it’s more a case of most people being apathetic towards crypto, while a few love it.
And they’re not so much apathetic towards crypto, as much as they are apathetic towards having to be lectured by their one crypto-obsessed friend about how:
“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 the President just vetoed the proposed SAB21 change, which would change the SEC’s accounting guidance and allow traditional financial institutions to hold crypto on behalf of their clients.
(Making America more crypto-friendly in the process).
Cause going after an accounting rule change that will affect an industry that most people either feverishly love or couldn’t give two damns about — in an election year?
That just feels like a self-imposed handicap.
