Daily Top 10 Tweets
Financial cycles and product cycles evolve mostly independently
In New York we always go big, so I’m going to take my first THREE paychecks in Bitcoin when I become mayor. NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!
Valkyrie w early morning filing for an Innovative Balance Sheet ETF, which will hold cos that own bitcoin or work w it a lot
EXCITING NEWS: Warm welcome to to the family as the new CEO. Also looking forward to stepping back with to focus more on our strategic initiatives. Onwards and Upwards to the next chapter of Bitfury 🚀 ft.com/content/0e2a7e…
1/ The infrastructure bill is heading for a vote in the House. Yes, the crypto provisions are just as bad as they were months ago. Yes, the impact of Section 6050I has been underexplored. No, you don't need to call your reps. The political reality is: it's out of our hands now.
2/ Importantly, nothing will happen right away. The crypto provisions don't go into effect until 2024 (for FY2023 reporting). We can try to get them repealed or amended before then. They also need rulemaking from Treasury to define their scope. We'll be active in that process.
3/ I'm as disappointed as anyone, but strategically, it's crucial we understand when to fight & when to keep our powder dry. We made a big impact in DC during the Senate vote. That was our shot & we made it count. The broader politics have taken over now:
Jake Chervinsky @jchervinsky@elliotrades Next it goes to the House, which is in recess until September 20. We'll fight for a fix there, but it's possible no amendments will be allowed (see below). We have no control over that, given the broader politics at play. It'll be months before it passes. https://t.co/uehefhMaFX
4/ There's a long road ahead, including 2022 midterm elections that could significantly reshape Congress & its attitude on crypto. So don't get me wrong: we shall fight. We shall fight in Congress, we shall fight in the courts, we shall fight in the fields & in the streets...
5/ But there's no fight to be had today that's worth spending the ammunition. Regardless, I'm as optimistic as ever that ultimately good policy will prevail. We have the best people on our side (like , a one-man army on 6050I). For now, keep calm, carry on. [end]