{"id":1502925,"date":"2024-11-18T10:45:00","date_gmt":"2024-11-18T15:45:00","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1502925"},"modified":"2024-11-18T10:45:00","modified_gmt":"2024-11-18T15:45:00","slug":"three-things-that-can-be-done-immediately-to-reverse-bidens-tremendous-damage-to-the-us-crypto-industry","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/three-things-that-can-be-done-immediately-to-reverse-bidens-tremendous-damage-to-the-us-crypto-industry\/1502925\/","title":{"rendered":"Three Things That Can Be Done Immediately To Reverse Biden’s Tremendous Damage To The US Crypto Industry"},"content":{"rendered":"

Three Things That Can Be Done Immediately To Reverse Biden’s Tremendous Damage To The US Crypto Industry<\/span><\/p>\n

\n

By Eric Peters, CIO of One River Asset Management<\/em><\/p>\n

\u201cThree key things can be done immediately, with no need for legislation,\u201d said the Chairman, election results behind us, tailwinds for crypto building.<\/p>\n

\u201cNumber one, SAB 121 can be repealed as soon as the new administration takes over,\u201d <\/strong>he continued, referring to the SEC\u2019s 2022 staff accounting bulletin no. 121, which unnecessarily slowed the industry, pushing investors and innovators offshore.<\/p>\n

\u201cNumber two, we should see the SEC and the banking regulators coordinate on stablecoin guidance, <\/strong>which will bring stablecoin into the regulatory mainstream, allowing for its adoption throughout the banking system and our capital markets.\u201d<\/p>\n

\u201cBringing dollar stablecoin into the core of the financial system, will accelerate the buildout of crypto rails across the US and global financial sector,\u201d said the Chairman. \u201cThis is in the US national interest as it will accelerate the usage of dollar stablecoin at home and abroad, which should expand the usage of the dollar internationally, extending dollar dominance.\u201d I nodded. The opposition by the Biden administration to providing sensible stablecoin guidance made no economic or geopolitical sense. But no matter, those policies will soon be behind us.<\/strong><\/p>\n

\u201cAs stablecoin is adopted by the banking system,the infrastructure necessary for the tokenization of other assets will be in place,\u201d <\/strong>explained the Chairman. \u201cThis will invite innovation in our financial markets; reducing transaction costs, increasing speeds, improving security, and providing transparency to counterparties and regulators which in turn will enhance financial stability.\u201d The path to blockchain replacing legacy financial infrastructure is opening. \u201cAnd there\u2019s one more thing that is overdue and should happen quickly,\u201d he said.<\/strong><\/p>\n

\u201cNumber three is that clear guidance from the SEC and CFTC should be given to the trading of tokens in the secondary markets,<\/strong>\u201d said the Chairman.<\/p>\n

\u201cFor example, providing guidance that tokens that have been outstanding for two years with no new issuance are presumptively good to trade, as opposed to the opposite, is the kind of thing that can be done without the need for legislation.\u201d I smiled. Common sense prevailing.<\/p>\n

\u201cWe get those things done quickly and responsibly, including addressing anti-money laundering and other illicit finance issues, and we unlock US entrepreneurial energy in this exciting new field. It\u2019s great for our innovators, for finance, and for America.\u201d<\/p>\n

* * *<\/p>\n

\u201cWe will soon see something economically unlike anything you\u2019ve experienced in your career,\u201d<\/strong> said the Oracle, seated on a hot rock, serene. \u201cA comprehensive set of policies designed to dramatically boost productivity and growth across the US economy.\u201d I had traveled far to see the Oracle, the political changes he had foreseen many months ago, now manifest. \u201cThe unlock of energy resources, the buildout of AI infrastructure to support rapid advances, the slashing of government waste and headcount to make way for private sector growth. Tax cuts.\u201d<\/strong><\/p>\n

\u201cFed rate cuts have been a mistake given what is on the horizon,\u201d said the Oracle, his gaze unfocused, taking in the infinite horizon. \u201cWith rising productivity growth, the demand for capital will rise, the economy will boom, and energy prices will remain firm even as supplies rise. Pressure on interest rates will be upward, not downward.\u201d <\/strong>And the Oracle closed his eyes. \u201cI see real GDP jumping towards a 4% rate in the coming cycle, and 25-30% late-1990s equity market gains for the next few years. I\u2019ve never seen such a bullish future.\u201d<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nMon, 11\/18\/2024 – 05:45<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/markets\/three-things-can-be-done-immediately-reverse-bidens-tremendous-damage-us-crypto-industry<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Three Things That Can Be Done Immediately To Reverse Biden’s Tremendous Damage To The US Crypto Industry By Eric Peters, CIO of One River Asset…<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1502925","post","type-post","status-publish","format-standard","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1502925","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1502925"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1502925\/revisions"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1502925"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1502925"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1502925"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}