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Trump Confirmed to Speak at Bitcoin Conference
Plus Crypto Execs Voice Concerns to Biden Advisor
The Breakdown First Five - Thursday, July 11, 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.
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5. WTF 121
Yesterday the House was supposed to vote to overturn the President’s Veto on SAB 121. Patrick McHenry gave a rousing speech asking Democrats to put aside the chaos within the party to do the right thing and repeal these “stupid” accounting standards. The vote was postponed until today after the session was interrupted by a letter from the President. McHenry suggested the delay was caused by backroom SEC dealing. Downright bizarre.
NEW: The House vote to override President Biden's veto to repeal the SEC's anti-crypto rule SAB 121 was postponed after a dramatic letter sent was sent from President Biden to the House 📧
Rep. @PatrickMcHenry responds "We should not be doing business this way."
— Coinage (@coinage_media)
5:48 PM • Jul 10, 2024
4. CFTC’s Benham: Regulation is Urgent
CFTC Chair Benham appeared before the Senate Ag Committee to urge Congress to “act quickly” in getting crypto regulations passed. He reiterated that Bitcoin and Ethereum are commodities, but added that recent court decision imply that 70-80% of the token market should be considered non-securities. Senate Ag leaders agree with the urgency and are rushing to get a draft bill together, but some industry figures warn of a massive CFTC power grab.
Don't get too pumped about Trump speaking at this year's @TheBitcoinConf, there are forces in motion that could severely impact the bitcoin industry if people don't begin to make noise.
Earlier today there was a Senate Agriculture Committee hearing on Oversight of Digital… x.com/i/web/status/1…
— Marty Bent (@MartyBent)
12:45 AM • Jul 11, 2024
3. Republicans Voting For Crypto
New polling commissioned by Paradigm revealed that Republican voters have warmed to Trump after his crypto pivot. The polling showed that voters were more likely to show up to vote for crypto, particular young and non-white Republicans. The survey also found that 72% of Republicans are at least somewhat concerned they will be debanked over their political or religious views.
3/ That *any* Americans fear personal retribution by financial regulators should shock & shame those federal financial regulators. But maybe it’s actually their goal? Get in line, or lose your bank account.
— Katie Biber (@katiebiber)
1:01 PM • Jul 10, 2024
2. Democrat Roundtable
Ro Khanna assembled at least 26 crypto executives to discuss policy differences with the Biden Administration. Senior Biden advisor Anita Dunn was present. She reportedly took copious notes and seemed genuinely shocked at the industry’s view of SEC Chair Gary Gensler. Most attendees seemed to walk away with a positive view of the event, even if it was largely an airing of grievances. Some suggested listening was a good start, but they needed to see action.
Thank you to @RoKhanna for being an exceptional leader and engaging with the crypto industry. This morning’s crypto roundtable, bringing together folks like @mcuban, @iampaulgrewal, @ddisparte, etc with the White House and key congressional leaders such as @SenGillibrand and… x.com/i/web/status/1…
— Brad Garlinghouse (@bgarlinghouse)
3:58 PM • Jul 10, 2024
1. Trump Headling Bitcoin Conference
Former President Trump will speak at the Bitcoin Conference. Rumors had been swirling for weeks, but Trump has now been confirmed for a 30 minute speaking slot on the final day of the conference, to be held in Nashville at the end of July. Bitcoin Magazine called this a “significant milestone for the event.” That seems like an understatement.
DONALD TRUMP TO SPEAK AT BITCOIN 2024 CONFERENCE IN NASHVILLE
— Dylan LeClair 🟠 (@DylanLeClair_)
11:30 PM • Jul 10, 2024