FIT21 Crypto Bill Faces House Vote Today

The Breakdown First Five - Wednesday, May 22, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

5. Uniswap: SEC is “weak and wrong”

Uniswap Labs didn’t pull any punches with their response to a Wells notice from the SEC. They said the agency’s “legal theories are weak, and wrong.” The response explained the allegation. The SEC claim that Uniswap is an unregistered exchange and the UNI token an unregistered securities. Further, they claim that LP tokens are themselves unregistered securities. Uniswap claimed that LP tokens are closer to “bookkeeping devices.”

4. Turbo Bulls are Back

Standard Chartered wasted no time in releasing their latest bullish report. The Investment bank thinks that Bitcoin will break all time highs by the end of the week and reach $150,000 by the end of the year. Their year end Ethereum call is $8000 on the back of $15-45B worth of ETF inflows over the first 12 months. Sky high price targets are nothing new for the permabulls at Standard Chartered, but after a month of dulled enthusiasm it’s still nice to see. 

3. SEC Getting Political?

Monday’s shock rumor that ETH ETFs would be approved sparked a wave of speculation around Whitehouse intervention. Some merely hinted that the SEC is taking political direction, but Mike Novogratz said it felt like “someone at the Biden White House made a call.” Coinbase COO Emilie Choi said it was probably the “administration sensing some panic.” Regardless of the reason, updated filings are flooding in and it seems like a Thursday approval is assured. 

2. Trump Accepts Crypto

The Trump campaign has followed through on a promise to accept crypto donations. Eight tokens are being accepted through the Coinbase commerce platform, including Bitcoin, Ethereum and USDC. Memelords can also donate in Doge and Shiba. The campaign called out the failures of Elizabeth Warren’s anti crypto army, stating that MAGA supporters will “build a crypto army moving the campaign to victory.”

1. FIT21 Goes To House Vote

Today’s the day. The crypto market structure bill, FIT21 will see a House vote. While whipping from Maxine Waters was a little limp, a group of 8 pro-crypto Democrats have urged their colleagues to vote yes. Wiley Nickel led the charge, stating that the “common sense” legislation would protect investors and prevent another catastrophe. The sentiment may have struck a chord with Democrat powerbroker Nancy Pelosi, who is believed to be voting yes.