As a follow-up to Monday’s Ethereum-centric issue, this just in… 

“The past 10 days have been monumental for the crypto industry with major developments on the legislative and regulatory fronts,” says Paradigm’s crypto expert Chris Campbell. 

“And the Ethereum spot ETF is only one part… 

“One significant victory last week was the repeal of the SEC's Staff Accounting Bulletin 121 (SAB 121),” Chris writes. 

“This obscure accounting rule, put in place by SEC Chair Gary Gensler, made it difficult for U.S. companies to custody crypto assets.

“The repeal bill passed Congress with a 68-30 vote in the Senate, garnering support from 21 Democrats who broke ranks with the Biden administration's stance.

“The bill now awaits President Biden's decision to either let it pass or veto it,” Chris notes. “He promised to veto it. So he might veto it.

“But it doesn’t matter.

“Biden won’t veto this… 

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Your Rundown for Friday, May 24, 2024...

Is Congress Pro Crypto? 

“The most consequential event this week was the vote on the Financial Innovation and Technology for the 21st Century (FIT 21) Act,” says Chris. 

“The vote on the FIT 21 Act is seen as an acid test for whether Congress is pro or anti crypto.” And Wednesday afternoon, we got our answer…

“This bipartisan legislation, championed by crypto-friendly Rep. Patrick McHenry (R-North Carolina), aims to provide much-needed regulatory clarity for the crypto industry.

“Key provisions of the bill include…

• “Defining ‘digital assets’ under federal law for the first time
• Clarifying the jurisdictions of the SEC and the Commodity Futures Trading Commission (CFTC) over digital assets
• Establishing a decentralization test to determine whether a digital asset is a commodity or a security. (Estimates suggest 60%+ cryptocurrencies would be deemed commodities)
• Providing a path for startups to transition from centralized to decentralized networks.

“Rep. McHenry emphasized the importance of the bill for consumer protection, fostering innovation and providing regulatory clarity,” says Chris. 

To summarize, he adds: “Biggest crypto week… ever.” 

Market Rundown for Friday, May 24, 2024

The S&P 500 is up 0.35% to 3,285. 

Oil is up 0.50% to $77.25 for a barrel of WTI. 

Gold is up 0.25% to $2,343.10 per ounce. 

And Bitcoin is taking a breather at $67,375. 

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