In a world where the absurd often masquerades as policy, the illustrious President Donald Trump has wielded his pen to sign an executive order, ostensibly to liberate Web3 companies from the shackles of banking tribulations. Ah, the sweet scent of regulation wafting through the air, promising clarity for digital assets! One can almost hear the collective sigh of relief from the crypto enthusiasts, as if they had just discovered a long-lost sock in the dryer.
This executive decree has birthed a working group, tasked with the noble pursuit of elevating the United States to the zenith of the crypto industry. Among its lofty goals is the evaluation of a “strategic national digital assets stockpile.” Because, of course, what better way to ensure national security than by hoarding digital coins like a squirrel hoarding acorns for winter?
However, in a twist that could only be scripted by the finest playwrights of our time, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) have been unceremoniously excluded from this crypto working group. One can only imagine the Fed’s reaction—perhaps a collective gasp, followed by a dramatic fainting spell. Caitlin Long, the founder and CEO of Custodia Bank, has remarked on this development with a flair for the theatrical:
“Trump’s crypto executive order excludes the Fed & FDIC from the digital asset working group. Both tried to kill the industry through debanking & especially targeted my company, Custodia Bank. Both belong on the outside.”
As the Biden administration took the stage, a shadowy operation dubbed “Operation Chokepoint 2.0” emerged, casting a pall over cryptocurrency firms. It was a time when more than 30 tech and crypto founders found themselves “secretly debanked,” as if they were characters in a Kafkaesque novel, navigating a bureaucratic labyrinth designed to thwart their every move. Marc Andreessen, co-founder of Andreessen Horowitz, has chronicled this saga with a tone of incredulity.
The collapse of crypto-friendly banks in 2023 ignited the first whispers of this nefarious operation, with critics like venture capitalist Nic Carter decrying it as a government conspiracy to pressure banks into severing ties with cryptocurrency firms. A veritable soap opera of financial intrigue!
US central bank “frozen out of stablecoin policy,” says Long
In a stunning turn of events, Long has proclaimed that the forthcoming US stablecoin legislation will now dance outside the jurisdiction of the central bank. One can only chuckle at the irony:
“Pretty incredible that the US central bank has been frozen out of stablecoin policy making. I believe this means Scott Bessent (as Treasury Secretary) will be firmly in charge of it.”
Ah, Scott Bessent, the billionaire investor and hedge fund manager, now tasked with steering the ship of stablecoin policy. One can only hope he has a sturdy life jacket!
SAB 122: Smoother crypto custody for US banks
In a move that could only be described as a bureaucratic ballet, the Securities and Exchange Commission has rescinded the infamous Staff Accounting Bulletin 121, which mandated that financial firms holding crypto on behalf of customers must record them as liabilities. The new bulletin, SAB 122, has arrived like a knight in shining armor, promising to make it “smoother for US banks to custody digital assets.”
Nischal Shetty, founder of WazirX, has heralded this change with a sense of triumph, as if he had just discovered the secret to eternal youth:
The cancellation of SAB 121 marks the first significant move by the SEC under the watchful eye of President Donald Trump and acting Chair Mark Uyeda. One can only wonder what other surprises await us in this grand theater of politics and finance.
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2025-01-24 14:09