The smart money would not hold through the vote
Watching the trades tells you more than watching the podiums.
Cathie’s Monday selling spree covered the exchange, the stablecoin issuer and the media owner in one pass, and by Tuesday morning Strategy, the largest corporate holder of Bitcoin, was down 3% with Ethereum off 3.2% at US$2,427.
Jaret, a policy analyst at TD Cowen, sketched the most likely failure in a client note.
“Democrats, including those who are crypto friendly, decide the GOP changes are insufficient,” he wrote, adding it “likely means several Republicans vote no over stablecoin yield or law enforcement concerns”.
The industry’s lobbying groups issued a joint plea for senators to at least keep talking, calling a yes on the opening vote “critical”.
Why Armstrong is not sweating the gavel
Against the gloom stands the CEO with the calmest read in the room. Brian argues the vote is not the binary everyone treats it as, because the regulators are ready to move whichever way it goes.