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⌐◪-◪ → Last night, Trump embraced crypto, vowing to end the hostility towards crypto in the U.S. — a major win for the crypto industry if he’s elected.

Trump even bashed $BODEN saying, “That’s a lotta money for a coin, I don’t like that investment”

Of course, this speech caused

• $BODEN to surge 40%

• $TREMP to surge 122%

More importantly, this speech underscores the rising political importance of crypto, which is now a core issue for Presidential candidates in the U.S. and beyond.

It’s reaching a point where deciding to be anti-crypto is merely political suicide. Proof that freedom always, eventually, wins.

Meanwhile, Biden vowed to veto any bill allowing TradFi firms to custody crypto. It’s so over (for him).

In classic Trump fashion, he ended with a cheeky CTA that he’s now accepting crypto for campaign donations.

⌐◪-◪ → The U.S. House of Representatives just voted to repeal the SEC's crypto accounting policy, SAB 121.

SAV 121, an anti-crypto policy, wants to ban financial institutions from holding Bitcoin and crypto. This is precisely the hostility towards crypto that Trump is referring to above.

If successfully repealed, it would expand the number of crypto custody options and lower costs — a net positive for the crypto industry.

Sadly, President Biden has already vowed to veto this new resolution and any others that allow financial firms to custody Bitcoin and crypto.

They can pretend all day long that they’re coming from a place of consumer protection, but it’s become increasingly obvious that the only thing they care about is control.

If you want to learn more about SAB 121, Rep. French Hill does a great job outlining its key issues and broader implications for custody in the US (and not just as it relates to crypto).

⌐◪-◪ → DWF, one of Binance’s VIP clients, was just accused of $300M in wash trading via a Wall Street Journal exclusive (shown above).

The story is still unfolding, but it already smells pretty fishy to me based on this timeline of events:

1. Binance investigators flag suspicious behavior

2. DWF denies allegations, saying they are unfounded

3. Binance fires head of internal investigations team

4. Binance denies report of DWF manipulation

5. Binance tweets zero tolerance for market abuse

This doesn’t bode well for Binance considering their already tarnished reputation from their former CEO CZ’s recent sentencing.

Furthermore, I find the Wall Street Journal’s involvement suspicious in its own regard.

It’s hard to parse whether something fishy is actually going on at Binance, and they are complicit in real market manipulation, or if the mainstream media is simply painting another anti-crypto story.

It could be either, it could be both.

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