11th May 2024 > > Form 13F & the US.

tl;dr

Form 13F is providing some very nice information. US crypto regulation gets another leg-up.

Market Snap

Market Wrap

Dallas Fed President Lorie Logan said yesterday “it may be too early to think about cutting rates” which put a dampener on things in the form of an almost immediate drop of $2,500 in the price of BTC. Technocrats do love a bit of press attention.

Curious Cryptos’ Commentary – Form 13F

As these declarations start to roll in for the last quarter there are some interesting additions to the list of TradFi holders of spot BTC ETFs including Wells Fargo and BNY Mellon.

The name that tickles is that of J.P. Morgan which is also now invested in BTC ETFs. Someone should tell their boss, who is a key lieutenant in Warren’s anti-crypto army. She will not have gone to bed a happy bunny last night on that news.

Curious Cryptos’ Commentary – Patrick McHenry

Flushed with the success of passing a resolution through the House to overturn the egregious provisions of SAB 121 (https://www.curiouscryptos.com/post/9th-may-2024-sab-121-hsfc-the-sec), Chair of the House Services Financial Commission, Patrick is working hard to get approval for another crypto bill.

FIT21 (Financial Innovation and Technology for the 21st Century Act) will also be put in front of the House for a vote later this month. Over to Patrick:

“For far too long, the U.S. digital asset ecosystem has been plagued by regulatory uncertainty that has stifled innovation and left consumers unprotected … I look forward to taking a monumental step to finally deliver the transparency, accountability, and consumer protections that the digital asset ecosystem desperately needs.”

FIT21 “…  provides the Commodity Futures Trading Commission (CFTC) with new jurisdiction over digital commodities and clarifies the Securities and Exchange Commission’s (SEC) jurisdiction over digital assets offered as part of an investment contract.” As we have seen previously, there is little love lost between Gensler and Patrick. Gensler is lucky the SEC even gets a look-in.

FIT21 is far from being implemented. Even if it does pass both the House and the Senate, Joe Biden has already shown a willingness to veto crypto-friendly laws. With an election looming, and cryptos becoming a political battleground with special appeal to the younger generations, he might be well-advised to reconsider his stance.