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Last week, in an unusual move, President Biden said he would veto a bill related to bank custody of digital assets. A sign that Progressives are warming to crypto, 21 Democrats joined Republicans to pass the legislation in the U.S. House. Among them were U.S. Representatives Darren Soto (FL-9), Henry Cuellar (TX-28), Ruben Gallego (AZ-3), Don Davis (NC-1), Marc Veasy (TX-33), Yadira Caraveo, MD, (CO-8). The bill, H.J.R. 109, is intended to reverse a recent SEC action, Staff Accounting Bulletin (SAB) 121, that discourages banks that may want to custody digital assets. Read White House statement. Read legislation. 

Congressman Henry Cuellar (TX-28) was added as a co-sponsor of the Financial Innovation and Technology for the 21st Century Act (HR 4763). Opposition to the bill by Ranking Member Maxine Waters and the Minority is outlined in the HFSC report.

Crypto Congress

Professor Tonya Evans, who serves on the Board of Directors of DCG, was in Washington D.C. last week during a fly-in and met with House Majority Whip Tom Emmer, a Member of the Congressional Blockchain Caucus

The emerging Web3, DeFi, Crypto sector is bipartisan. The industry’s growing footprint in Washington is to advance a policy and regulatory framework that fosters innovation here in America. This will only be achieved through bipartisanship. As I continue to point out, crypto is not a monolith. There are loud conservative and progressive voices with strong views across Web3 and DeFi. 

It’s a Presidential election year and some may be tempted to associate the sector with their preferred candidate. The industry will suffer the consequences if some succumb to this trap. 

Good policy is a long play, but can be derailed if party politics is allowed to cloud the vision. Worst even, it can fracture the industry, making it even more divided.

Communities of color are the earliest, and continue to be the largest adopters of crypto. But we are not single issue voters. And while we are historically progressive, we did not embrace bitcoin on the basis of party affiliation.

It will take champions on both sides of the aisle to promote necessary legislation and advance rules to foster the financial and economic equity those who have been locked out of the traditional financial system require. 

From where I seat, both sides have a long way to go.

Washington is cyclical and has a rhythm. We will do this dance again in four years with a new set of candidates. And the hard work to develop a policy and regulatory framework will still be in play. So, let’s keep our eyes on the prize...and keep party preferences at bay.

- Commentary by Cleve Mesidor, Managing Editor of butterscotch Media

FTX says that nearly all of its customers will receive the money back that they are owed, two years after the cryptocurrency exchange imploded.

Puerto Rico Blockchain Trade Association Executive Director Keiko Yoshino recently signed an agreement with Financial Titans to promote education and increase awareness.

Unchained podcast host Laura Shin interviews memecoin traders Ansem and Kelxyz.

A new stablecoin report is sparking debate. Read about Visa's dashboard from Cuy Sheffield, Head of Crypto at Visa.

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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 $2 trillion crypto industry.

Cleve Mesidor, CEO & Managing Editor, butterscotch Media