May 28, 2024

Why Many Democrats, Including the White House, Have Come Around on Crypto - Ep. 652

1 hour 31 minutes

Sheila Warren, CEO of the Crypto Council for Innovation, joins Unchained to explore the dramatic shift by Democrats in the last few weeks on crypto. She explains why she believes the overturning of SAB 121 and the House vote for the FIT21 bill were both instrumental to the White House's changing view on crypto and may have played a role in the SEC’s surprising approval of spot ETH ETFs.

Having worked for years on passing crypto legislation and as a lifelong Democrat, Sheila describes what kinds of arguments were persuasive to Democratic members of Congress, addresses some criticisms of the FIT21 bill, and gives her perspective on the debate about single-issue voters.

Show highlights:

The overall attitude toward crypto in Washington going into the House vote on SAB 121 on May 8

The bipartisan votes in the House and Senate to overturn SAB 121

Why, by the time of the Senate vote on FIT21, the White House had had a change of heart about crypto

Why, after the Senate vote to repeal SAB 121, the SEC approved the spot ETH ETFs

Why Sheila is so proud of the passage in the House of the FIT21 bill

How Sheila and CCI approached their discussions with Democrats and what arguments they found effective

Whether the industry has survived the negative image of SBF and FTX

The sea change in the White House between the SAB 121 vote and the FIT21 vote

A high-level description of the FIT21 bill

What kind of authority the bill would give the CFTC over crypto

What the implications of the bill are for launching tokens

FIT21’s approach to regulating DeFi and how the FIT21 bill is "kicking the can" on this topic

The overall political and legislation landscape and the next likely steps for crypto

Whether the ETF approval changes anything about the SEC’s investigation into Ethereum

What Sheila thinks about the 'crypto single-issue voter’ debate

Visit our website for breaking news, analysis, op-eds, articles to learn about crypto, and much more: unchainedcrypto.com

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Guest:

Sheila Warren, CEO of the Crypto Council for Innovation

Previous appearance on Unchained: Did FTX Ruin Crypto’s Image on Capitol Hill? Two DC Insiders Discuss

Links

Previous coverage on Unchained of the recent shift in the US political landscape:

Senator Cynthia Lummis on Why Crypto Now Has Bipartisan Support in Congress

Bits + Bips: Is US Politics Driving the ETH ETF Approval?

Why Spot Ether ETFs Are Now Likely to Be Approved on Thursday

SAB 121

Bloomberg: As Bitcoin Rallies, Banks Are Pushing US Regulators to Change Crypto Guidance

FIT21

CCI: FIT21 Coalition Support Letter

Unchained: FIT21 Bill Heads to The Senate: Should We Really Be Excited?

Sheila’s op-ed on Fortune: The clock is ticking for Democrats on crypto

Spot Ether ETFs

Unchained: Analysts Up Odds of Spot Ether ETF to 75% as Prometheum Launches Product That Treats ETH as a Security

Ethereum Foundation investigation

Fortune Crypto: SEC probing crypto companies in Ethereum investigation as hopes for ETF dim

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By Laura Shin

4.6

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