Thank you @coincenter and @valkenburgh for fighting for crypto before anyone did. This below is an oversimplification of what is happening (the full episode is more thoughtful but this excerpt is an oversimplification too). The latest draft of Clarity threatens tokenized equity exemption flexibility, it has also been reasonably read by many, including Treasury staff, to expand front end obligations (not saying Peter is wrong about existing sanctions authority. I’m saying there are two reasonable ways to read these sections on sanctions and AML and even Treasury staff have said they interpret it as an expansion.) The yield fight also matters to everyone, not just Coinbase, the banks won’t stop there and will try to stop DeFi stable yield too. There are principled reasons for the pushback here. Peter cares about getting BRCA through, I do too and I believe everyone working on this does. But the draft still needs work and the Dems were given too much in this draft. We can still get this done the right way.
