Bitcoin Forum

https://coinmarketcap.com/community/articles/651d60a08cbbdd308ef0f24c/

'A crypto friendly lawmaker takes interim house speaker position'

I Don't what this means to you but I think we're moving forward.

Is this really an Economics thread? More like Politics...

This is not a huge win, since McCarthy wasn't against bitcoin. Here's one of the things he had to say about it:
"Senate Democrats are now targeting people who have bought cryptocurrency. They think the tax code should treat the crypto ecosystem the same as it had been treating stockbrokers since 1954. That's not what I'd call 'progressive."

Of course his successor is pro bitcoin and anti SEC, but it's not like we've managed to get rid of Elizabeth Warren, or kick Gensler out of the SEC ;)

The crazy world is what we are living in now. IRS is even going to tax people who profit $600. It used to be $20k, a great leap under.

The change of speaker seems giving crypto holders hope for progress though and I think we may finally see the light at the end of the tunnel. If many lawmakers grilled GEnsler the other day on the hearing, this time there is support from this new speaker. I guess they may be able to grill Gensler on the Senate, if they also do a hearing on the Senate.

Can they fire Gensler thru senate? I think this is what they need for Spot ETF to go through.

The Speaker of the House is not a dictator. Policies must pass through the legislative process and in most cases go through a vote. So a crypto-friendly interim speaker will make little or no impact in his quest to push favourable polices.  If he tries to be too powerful he would face the same thing that Kevin McCarthy faced. This interim position will not last long so I am expecting nothing from this post occupied by Patrick McHenry. There are also indications that the interim speaker might be removed from the House Financial Services Committee which might not be good to the crypto sector. Being the chairman of this powerful committee gave McHenry the best platform to introduce and pursue pro-crypto bills.

The head of the SEC is an appointee of the President and confirmed by the Senate. The President is the person who has the right to sack the SEC chairman under some circumstances. The Senate can only recommend a sack to the president because they lack the power to do so. But the sack process can be very complicated.

Wasn't the SEC guy dubbed as "pro crypto" before he took over? A lot of people were happy at that time because of his favorable stance on blockchain but look at how that turned out hehe. The same could be the case with these "pro" politicians. They say what people want to hear a lot of the times but what have they really done so far?

He is a puppet and puppets do what the puppet master commands them to do, this is why it is useless to listen to what they say as this has no meaningful impact on our lives, what matters is what they do and the kind of laws they want to pass.

And anyone that thinks about this topic should know this is simply one more step on their attempt to try to regulate this market and subdue it, as they want to know what do you do with each satoshi you have in your wallet.

He can be sacked by the senate.
Check out the proposal by Warren Davidson called the SEC Stabilization Act. They were trying to do just that.
The bill was aimed at removing Gensler and introducing some changes to the SEC.

https://www.congress.gov/bill/118th-congress/house-bill/4019/all-actions?s=1&r=12&overview=closed
Looks like it's waiting until December.

Nah! I don't take it as  a big win,cause it will be more or less a political game of self interest.
He might be a crypto friendly lawmaker at a point and at some point loose his value cause he has been involve with the  dirty game of politics.

And another thing is sure it might be a moment of rejoicing but we should put on our headlights of optimism that we're driving somewhere  with this news.

The cryptocurrency now was get into the eyes of lot of the politician,this was the reason for the law creation for the cryptocurrency all around the world.If the country like the growth of the cryptocurrency in deep,such country had launch their own country digital cryptocurrency using their central bank.The bitcoin going to get into next half in 2024,every five to ten years.Their was huge change in the price of the bitcoin.So after the adoption in many countries,we can expect the price of bitcoin to next level.

I wanna see it on paper, not on media. Even if he said he is pro-crypto, it is useless to just say it feeding people in crpyto space hope, when he doesn't do that much. Besides he's a house speaker, so I don't think there is going to be a huge changes with laws on crypto. Another factor is that 1 vs 99 is a hard discussion, given just as an example. It is politics, there is a lot of influence around, money works well on this ground. But I like the optimism, well this is a good news to have a voice in an old house however I might not take is a big win.

I don't also know what it means to you by saying moving forward with this article because it's just like reporting and anyone in the politics is friendly with everyone and everything. I don't see any reason for it to make something sort of positive.

Because these politicians can be crypto friendly as they today but not anymore tomorrow. But then, let's give him time for how he's going to serve while being in that position because maybe from there he'll fix somethings that's getting wrapped up with the SEC.

With or without politicians like him, the halving will still occur and Bitcoin's effect through that will still be seen.

Bitcoin does seem to be on a winning streak lately and with a spot Bitcoin ETF expecting to be approved in the next few months it seems like the wins aren’t done piling up yet. Every four years it seems like everything aligns for Bitcoin to hit a perfect storm and inflate into a bubble. You can already see those pressures beginning to build.

Yeah it is fucking nuts. 600 is far too low of a number.  I get that 20,000 was easy to abuse. Sy a husband and a wife and 2 kids you could do 80,000 but 600 is too fucking low.

One thing I have know about politics is that it corrupts good manners, there has been many politicians that prior to them being elected into any political post they were upright people with discipline and a mind of their own but since they enter a political role all that changed and in worse cases they become puppet being controlled by those behind the masks.

Regardless this story is part of the small wins that can set up a chain of big wins in terms of crypto-currency adoption but still I don't need the government to accept Bitcoin before I adopt it.

This singular news on its own isn't a huge deal, but u an beginning to accept the impact politics has on decentralized oohects like Bitcoin. We commonly say that Bitcoin does not need government support or acceptance to thrive, it will however be accepted a lot easier if there is less agenda and policies stifling it's growth.

Hurdles like huge taxes on investors and miners can discourage people from buying it, when there is illegality around it, the number of those who will avoid it drops more significantly.

A big win? could be or not really. We've got people in politics who have been supporting crypto and even prominent people who are into it and give a lot of predictions about Bitcoin. That could give some upper hand and advantage because of their influence on their respective communities and areas but why is it that every negative news is the one that has a heavy impact on the market instead of the good ones? That can be observed many times or is it just because the community is too reactive with such false and bad news than the positive ones? As for this news, there's a little positive on it but the impact doesn't make a difference after all. And sometimes these medias are also romanticizing the titles and news that they publish.

I'm not sure how this is a big win for crypto though. Remember when Donald Trump took office, he was surrounded by supposedly pro crypto but it didn't have any significant effect to us in general.

So I would take everything with a grain of salt here, of course we are moving forward, but let's not forward how SEC is right now, Gary is a hard line anti crypto that's why the US is not moving forward as how you describe it. And with the next election just around the corner, for sure this will be a hotly contested topic on crypto and who will be pro or anti and whoever wins can stick to their initial agenda.

if nothing else, it may give positive vibes for some non-crypto users if they show positive interest to crypto market. though it is too early to speculate on this developments, we are just hoping that they will give good influence to this market in general. but as we can see, this market can survive without those politicians involved. however, they can invite some of these noncrypto users to take a look at this market one way or another.

You have summarized the fault immediately, politics has eclipsed economics and now we cannot easily separate the two as there is so much interference and obstruction.  It might be worse still in some countries but its unfortunate that it would also be true in USA that political favor wins success so often.
    Positive or not I dont see a great advance globally will come from a person coming into office in one country, I wouldnt deny the significance in this time frame but I just think BTC is bigger then the duration of that particular tune playing now in a game of musical chairs.   I hope we find better things to be honest.

It is a good move but one man can not make a law among all the number. Bitcoin is something that against by many but as a speaker he can influence it to the system gradually by lobbying the othes important of bitcoin to be accepted and used. But this is a good news in the bitcoin system. But even at that he might not sponsored a bill on that.

McHenry is indeed a person who is quite pro Bitcoin, but we know that in the House of Representatives there are still many parties who are against Bitcoin and Altcoins, and maybe that will make it difficult for McHenry and his friends in the Republic to pass laws regarding things that relating to cryptocurrencies. However, we are still grateful that someone who is pro Bitcoin can be a speaker at HoS and maybe that will bring a more positive situation to the crypto ecosystem in the US.

Did read the article, and there's nothing significant about it.

I guess let's just not overhype things just because a person is a pro-crypto. A politician that's considered crypto-friendly isn't enough to move the market upwards. We need series of positive news in order for the market to rise. On the other hand though, one single tweet, or one single positive news coming from an influential person might move the price up significantly like what Elon did to DOGE.

Overall, I don't consider this article as "big" like what the OP is saying. A bit clickbait-y thread if you will ask me. I guess the most significant part of this article is the fact that he criticized Gensler because of not disclosing his ties with FTX, and SBF, that's all.

I think this is more of a political news rather than an economic one. Although Patrick McHenry is a crypto-friendly lawmaker that's all that there is to it, I doubt one person can make such big changes in the economy and how the system works. We should really stop overhyping things and people just because the term crypto is placed before or after their names. Read the article and you'll see no relevance to any crypto-related topic but the position of McHenry and how he supports crypto, that's it.

This is very good news that a person who is in cryptocurrency holds the position of speaker. This is a positive initiative towards cryptocurrency. As a crypto-friendly person, he could do all the things to support cryptocurrency. Crypto-friendly persons in that position mean that a person who is very good in cryptocurrency and understands it can take a place in the legislation for the support of the crypto world. it has also had a very good impact on the industry by producing favorable legislation for crypto like tax breaks and regulatory charity. I appreciate it and consider it the best move. If you think this is a move shows that the government also wants to adopt the cryptocurrency and there is a bright future of Crypyo.

I agree that one person is unlikely to buck the system, but the system may well use that person to test the public's reaction to a particular action. And depending on the reaction, the system decides how to proceed. A fine-tuned system is a complex mechanism

While we debate over this, the SEC has announced a change on the position of Media Relations.
The new director of this department is going to be Stephanie Allen, a Gensler's former co-worker from CFTC.
She's to be the new spokesperson for Gensler, according to the official SEC press release.

Looks like Gensler got grilled by both the Senate and the press, so he's looking for loyal people to spread his hate word.