Slow Week in DC

L . Thomas Block

With both the House and Senate home for the Memorial Day Congressional break, it was rather a slow news week in DC.  Crypto world awaits a Presidential decision on what to do with H.J. Res. 109, which passed Congress with large bipartisan votes in both the House and Senate and seeks to reverse SEC Staff Accounting Bulletin 121 (SAB 121).

Prior to the House vote, the White House issued a veto threat, but it still got 71 Democratic votes, and then it easily passed the Senate.  The President has 10 days, excluding Sundays, to veto the bill.  However, the bill can become law without the President’s signature after 10 days.  There is growing pressure on the Administration to be more friendly to crypto to keep the Democrats’ strong lead among younger voters. The Administration’s answer on this issue is coming next week.

Trump trial

It’s hard to write a DC policy note today without some comment on the conviction yesterday of former President Trump in New York City.  At this point in the election cycle, polls have little value, but it seems unlikely that the conviction will have much impact on core Trump supporters.  Interestingly, the Trump campaign announced a large one-day inflow of campaign contributions of $35M after the verdict. We can expect an interesting five months ahead.

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