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During last week’s crypto policy bonanza, the House also voted to pass the CBDC Anti-Surveillance State Act (HR 5403), which blocks the creation of a government-issued central bank digital currency. Only three Democrats supported the conservative bill. The diverse trio of outliers included U.S. Representatives Marie Gluesenkamp Perez (WA-03), daughter of an immigrant; Mary Peltola (AK), former tribal judge; and Jared Golden (ME-02), a Marine Veteran.

Biden’s Dilemma: To Veto or Not To Veto: 

Blockchain Association sent a letter to President Biden urging him to sign H.J.Res. 109, which seeks to reverse SEC's Staff Accounting Bulletin 121.

SEC’s SAB-121 rule imposed very stringent accounting standards on  traditional financial institutions seeking to custody digital assets. The legislation passed the House and Senate with Democratic support and was sent to the President for his signature last week. He has until next Monday, June 3, to sign or veto the bill. Procedurally, he can also opt to do nothing, which would enable the bill to become law without his explicit action. 

Less than six months after the Securities and Exchange Commission approved several Bitcoin spot exchange-traded funds, the agency last week cleared the way for the approval of several Ethereum spot ETFs. The agency highlighted that SEC’s Trading and Markets Division made the decision. While this action makes it safer and easier for Wall Street investors to gain exposure to digital assets, the SEC continues to send a conflicting message - that crypto is too risky - to those who have been locked out of financial markets. Things that make you go hmmm…

Crypto Can’t Stop, Won’t Stop!

What a week! Web3 and DeFi are officially bipartisan issues. Why did we see so many Democratic “Yea” votes last week? Most likely because a real debate is sorely needed. Progressives used their votes to send a message to the Biden White House, SEC Chair Gary Gensler, and the Members of Congress who have declared war on crypto, that it should be through deliberation that Members  determine their positions regarding crypto. But they have been denied that opportunity in my opinion.

Fearmongering can’t stop and won’t stop the growth of blockchain and cryptocurrency. That’s evident by the fact that the SEC has greenlighted ETH spot ETFs just months after Bitcoin approval.

Washington Legislators should allow the legislative process to do what it was intended - be a vehicle for debate, analysis, and fact finding. 

As more and more Progressives leverage their vote to convey their appetite for more constructive examination of the space, a more balanced process should also emerge. This must include opening access and giving equal time to the voices of diverse leaders in Web3 and DeFi, as Democrats have been doing with wealthy Executives.

Genesis will repay $2 billion to hundreds of thousands of investors across the U.S. The settlement calls for the creation of a victims fund for investors and creditors, including at least 29,000 New Yorkers. 

Antonio Garcia Martinez

Spindl, a Web3 startup founded by Silicon Valley veteran Antonio Garcia Martinez, has launched what it bills as the first truly on-chain ad network.

In this episode, Cleve Mesidor discusses butterscotch Media's policy focus on "Tech Intersect" Podcast with host Dr. Tonya M. Evans, author of Digital Money Demystified. 

Once again, CoinDesk and Web3 Familia, in collaboration with Cryptoconexion, are convening a speciall gathering for Latinos on May 31 during Consensus in Austin. RSVP here.

Don't miss this session, which will explore how policy and technology can be designed to ensure the rights of all “digital citizens.”  

butterscotch Media @CONSENSUS

Join Us For Mimosas & Breakfast Tacos

May 30, 2024, 8:30-10AM
Austin Marriott Downtown, Room 603

Across from Convention Center. RSVP Not Required

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butterscotch is a digital news studio broadcasting stories about Black, Latino, Indigenous DeFi retail investors, Web3 consumers, founders, executives, officials. The virtual newsroom - featuring eNews, Podcast, Live Events – seeks to deepen mainstream understanding of diverse segments of the emerging $3 trillion crypto industry.

Cleve Mesidor, CEO & Managing Editor, butterscotch Media