Riding The Wave News Summary 152
Crypto bill from Republicans lays out clear roles for SEC and CFTC, Is Ron DeSantis Right? Only 16% of Americans Support a CBDC in Latest Poll, & more
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Crypto bill from Republicans lays out clear roles for SEC and CFTC
Is Ron DeSantis Right? Only 16% of Americans Support a CBDC in Latest Poll
Russia's Sanctioned Rosbank Eyes Up Crypto to Move Money Overseas
Tweets
https://twitter.com/DavidSacks/status/1664788807059660800
https://twitter.com/balajis/status/1665007599224516609
https://twitter.com/KobeissiLetter/status/1665026353136058370
https://twitter.com/WatcherGuru/status/1665059186214928387
Crypto bill from Republicans lays out clear roles for SEC and CFTC
Republican lawmakers released a draft bill on Friday that would provide crypto assets and exchanges a clearer regulatory plan, allowing digital assets to be traded on more conventional trading platforms and introducing a division of authority between the top two U.S. financial regulators.
The discussion draft was co-authored by Reps. Patrick McHenry, R-N.C., and Glenn Thompson, R-Pa., and would grant the Commodity Futures Trading Commission explicit spot market authority over crypto commodities under existing law.
The Securities and Exchange Commission would regulate digital-asset securities.
The bill would “prohibit the SEC” from preventing an alternative trading system, or ATS, from listing crypto securities and would require the SEC to “modify its rules to allow broker-dealers to custody digital assets,” according to a draft summary.
A key carve-out for DeFi — or decentralized finance — assets would allow SEC-certified assets to be exempt from registering as securities.
Is Ron DeSantis Right? Only 16% of Americans Support a CBDC in Latest Poll
Only 16% of Americans said they favored a CBDC compared to 34% that opposed the technology’s adoption, according to the latest series of polls conducted by the Cato Institute.
The libertarian think tank headquartered in Washington, D.C., took the country’s temperature on a Central Bank Digital Currency (CBDC). Only a sliver of Americans support the notion of a digital dollar, and 49% of Americans surveyed said they had not developed a strong opinion either way.
The institute noted that only 28% of the survey’s respondents were familiar with what CBDCs are. But the technology has gained growing attention within the crypto industry and on the 2024 campaign trail.
The Cato Institutes survey found that 53% of respondents who identified as Republicans opposed CBDCs compared to 22% of Democrats and 27% of independent voters. And compared to other groups, Republicans were most likely to know what CBDCs are.
The Fed has said that a CBDC for everyday purchases would “ideally” receive written approval from Congress and have board support from society. Yet, he has said a digital dollar for financial institutions is a separate issue.
In terms of the most compelling reasons to support a CBDC, the Cato Institute’s survey found that a reduced risk of money laundering and fraud was popular among Democrats. For Republicans, it was the government’s ability to ensure welfare payments were being spent according to their intended purpose.
Only 22% of Americans said they would be likely to use a CBDC if it was offered to them.
Japan’s New Stablecoin Framework Could Spur US To Act
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