In a crypto landscape marked by political battles and regulatory uncertainty, former Massachusetts Senate candidate John Deaton sees a pivotal shift. “The anti-crypto army lost. We can officially say that,” Deaton recently declared. Reflecting on the evolving regulatory climate, he noted, “We’ve got a president of the United States who has said they’re going to make America the crypto capital of the world.”
Deaton pointed to the establishment of an executive order to create a strategic Bitcoin reserve, a policy that goes beyond mere asset holding. “It’s not just HODLing the 200,000 Bitcoin that America has, but actually saying to the Secretary of Treasury, who is a bitcoiner, and the Secretary of Commerce, who is a bitcoiner, and also involved with tether: I want you to find budget neutral ways to acquire Bitcoin.” Deaton emphasized the improbability of such a development just a few years ago, signaling the dramatic shift in Washington’s stance toward crypto.
The transformation isn’t limited to presidential policies. The SEC, once an aggressive enforcer under Gary Gensler, has seen its grip loosen. “We’ve seen them end investigations against not dozens, but hundreds of companies that got Wells Notices,” Deaton said, referencing firms like Gemini and Robinhood.
Even as Ripple remains entangled in legal proceedings, Deaton expressed optimism that a resolution is near. “There’s a lot of talk that SEC and Ripple are close to coming up with a resolution that is going to end all of that litigation.”
Despite the optimism, the market has seen turbulence. Deaton acknowledged the current downturn but framed it within the context of macroeconomic forces and regulatory transition. “I think we’re just seeing a shakeout,” he said. “There could be never a more bullish time in my opinion, for this industry.”
Eleanor Terrett, former Fox Business producer, and host of the newly launched “Crypto in America,” recently echoed this sentiment, tracing the momentum shift back to the approval of Bitcoin ETFs. “That was sort of the shift that we saw,” she remarked. “Institutional investors coming in, Wall Street, Larry Fink [the CEO of investment management firm BlackRock] started loving on Bitcoin.” Terrett emphasized how the political narrative has evolved, with figures like Trump vocally embracing crypto. “All of a sudden, it’s the crypto. They’ve taken up the crypto calls in Washington DC.”
The momentum has legislative implications. With Senator Tim Scott prioritizing stablecoin legislation, Deaton highlighted the urgency. “There’s a sense of exigency, just in case the midterms don’t go the administration’s way and the House might flip. Well, we need to get this done.”
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