Law & Policy

President Biden vetoed a bill to overturn SEC Bulletin 121, which restricts financial institutions from custodying digital assets. This decision is seen as a further setback for blockchain innovation in the U.S. @cryptotaxguy.eth discusses the political implications and recent developments in crypto policy.

Tax partner & digital assets co-head @ Fried Frank. Art appreciatoor. Casts are not advice. Twit: CryptoTaxGuyETH. Deca: https://deca.art/CryptoTaxGuy

Great read. A side note I think a few people are missing: the entire carry trade regime in DeFi is completely held up because banks can't enter the market and arbitrage out the yield (Ethena eUSD).

I've basically been earning my entire salary this year because they won't allow banks to custody and engage in defi.