What's next after the House passed bill outlining a crypto regulatory framework: CNBC Crypto World

Summary

米証券取引委員会（SEC）は、スポットイーサETFの承認を検討中であり、期限が迫っています。一方、米下院は暗号通貨市場構造に関する法案を可決し、業界にとって最大の立法成果を挙げています。Galaxyデジタルの研究長であるアレックス・ソーンは、下院の歴史的な動きとSECのイーサETFへの考え方を変える要因について語ります。暗号通貨市場は、政治的な流れが大きく変わり、民主・共和両党がこの分野で協力を続けることが期待されています。

Takeaways

• 📅 今日は、証券取引委員会（SEC）による現物イーサリアムETFの決定の期限日です。
• 🏛 ハウス・オブ・レPRESENTATIVESは暗号市場構造法案を通過し、これが議会での業界の最も重要な法的成果となっており、Galaxyデジタルの研究長であるAlex Thorneがその歴史的な動きとSECのイーサリアムETFへの変更について語ります。
• 📉 主要な暗号通貨は今日の午前中は混合的で、SECによる現物イーサリアムETFの予想される決定を前にビットコインはほぼ35％減少し、イーサは1％以上上昇しました。
• ⚖️ 最初の暗号規制法案がハウス・オブ・レPRESENTATIVESで通過しましたが、SEC長のGary Genslerからの反対にもかかわらず、民主党の強い支持を受けています。
• 🏢 ホワイトハウスはその政策声明で法案に反対していますが、ビデン大統領は法案がCapitol Hillを通過すれば署名する可能性が高いと示唆しています。
• 📊 パトリック・マッケナリー衆議員は、暗号のための明確な法的枠組みを創出するという議論をしています。これはSECとCFTCの適切な役割を与えると同時に、10年間で2つの機関が行ってきた対立する規制措置を解決するものであると語りました。
• 💬 コインベースCEOのBrian Armstrongは、クリアな暗号規則の開発が進んだとコメントしており、暗号の合理的な規制が大きな一歩を踏み出したと述べています。
• 🔮 SECは今日、Vaneckの申請に答える期限であり、イーサの価格を直接追跡する取引型商品に関連するものがあります。今年初めにSECが現物ビットコインETFを承認したにもかかわらず、イーサリンク製品の承認は難しいとされていましたが、今週状況が変わってきています。
• 🔄 SECは現在、申請者と協力して提案を磨いていると報道されており、承認の可能性が高まっています。
• 🗳️ 5人の衆議院議員がSEC長Genslerに手紙を送り、今年初めにビットコインETFが承認されたように提案を承認するよう促しています。Gensler自身も、Grayscale裁判の後でSECが暗号ETFの考え方を変更する必要があると述べています。
• 📝 Alex Thorneは、政治的な流れが変化し、暗号に対する立場が変化したと語ります。特に、イーサリアムETFの承認がその大きな政治的変化の一部だと考えています。

Q & A

SECはなぜスポットイーサリアムETFの承認を検討していますか？

SECはこれまでイーサリアムに懐疑的でしたが、最近の報道ではSECが申請者と協力して提案を磨き、承認の方向転換をしている可能性があると報道されています。

アメリカの下院は最近どのような暗号通貨に関する法案を通過しましたか？

アメリカの下院は「21世紀の金融革新と技術に関する法案」を通過しましたが、SECの主席であるギャリー・ゲンドラーはそれに反対しています。

FIT21法案が暗号通貨業界にどのような影響を与えるとされていますか？

FIT21法案は、SECとCFTCがどの程度の役割を果たすかを明確にし、暗号資産の合法的な枠組みを提供することで、業界にとって重要な進歩となります。

CoinbaseのCEOはFIT21法案の通過についてどのようにコメントしていますか？

Brian Armstrongは、FIT21法案の通過は暗号規則に対する「強力な勝利」とコメントし、合理的な暗号規制が大きな一歩を進めたと述べています。

暗号通貨市場における政治的な動向はどのように変化していますか？

政治的な動向は大きく変化しており、暗号通貨は政治的な議論の中心に据えられており、選挙活動にも影響を及ぼしています。

前大統領ドナルド・トランプは暗号通貨に関するどのような立場を取っていますか？

ドナルド・トランプは、暗号通貨を支持しており、選挙活動で暗号通貨の寄付を受け入れています。また、彼は「暗号通貨アーミー」を擁する旨の発言も行っています。

暗号通貨を扱うETFの発行者がSECとどの程度のコミュニケーションを行っていましたか？

過去には多くの意見交換があったものの、最近ではSECとの間のやり取りがなかったため、多くの人々はETFが承認されるとは予想していませんでした。

SECはなぜイーサリアムを扱うETFを承認する可能性があると見なされていますか？

SECは申請者と急遽意見交換を始め、提案を磨いていると報道されており、これは承認の可能性があることを示唆しています。

FIT21法案が通過された後の次のステップは何ですか？

FIT21法案が通過された後、上院での審議が続き、最終的に法律に昇華されるか、あるいは別の形で取り組まれる可能性があります。

暗号通貨業界はFIT21法案をどのように評価していますか？

業界からはFIT21法案が重要な勝利であり、規制の明確化が進むことに大きな期待を寄せていますが、法案が今年中に成立するかどうかは不透明です。

Outlines

00:00

📈 SECのイーサリアムETF決定と金融創新法案の通過

米証券取引委員会（SEC）は、スポットイーサリアムETFに関する決定が迫っている。同時に、連邦下院は金融創新に関する法案を通過し、民主党の強い支持を受けた。しかし、バイデン政権はこの法案に反対する方針を示しており、大統領は法案が議会を通過しても否決しないとされていない。金融サービス委員会の議長であるPatrick McKenryは、この法案が暗号通貨のための法律枠組みを提供し、SECとCFTCの適切な役割を定めると語った。CoinbaseのCEOであるBrian Armstrongも、クリアな暗号通貨規則の勝利と呼んでいる。一方で、SECはスポットイーサリアムETFの承認について、これまでの姿勢が変わりつつあるとの報道がある。

05:00

🏛 暗号通貨に関する政治的動向とSECの対応

政治的な動向も注目される中、元大統領ドナルド・トランプは暗号通貨を支持し、選挙キャンペーンで暗号通貨を受領している。また、民間調査によると、搾取州の20％の有権者が選挙において暗号通貨を重要な問題とみなしている。これと関連して、SECはイーサリアムETFの申請者と協力し、提案を磨いているとの報道もあり、これまでと異なる姿勢を示している。Galaxy Digitalの研究責任者であるAlex Thorneは、政治的な流れが暗号通貨に関する法案の通過に影響を与えていると見ている。

10:03

🛑 FITT21法案の意義と今後の展望

FITT21法案は、暗号通貨に関する規制を大幅に改革し、SECとCFTCの役割を明確にする重要な法案として評価されている。この法案はトークン発行者、投資家、ブローカー、取引所に対する規則を定めており、暗号資産の規制に関する曖昧さを解消する。しかし、この法案が今年中に成立するかどうかは不透明で、議会は夏休みを迎える予定であり、選挙戦線が迫っていることも考慮されるべき問題である。民主党は暗号通貨を支持する立場を脇に持とうとしており、共和党も同様の動きを見せている。

Keywords

💡SEC

SECはアメリカの証券取引委員会（Securities and Exchange Commission）の略称で、証券市場の規制を担当する連邦政府の独立行政庁です。ビデオでは、SECがスポットイーサETF（Exchange Traded Fund）に関する決定を出すと期待されているという話題に触れています。これは、暗号資産の規制と関連する重要な役割を果たしている機関です。

💡スポットイーサETF

スポットイーサETFとは、イーサ（Ether）の価格を追跡する為の取引型開放投資信託（ETF）です。ビデオでは、SECがこのETFの承認を検討していると報道されており、これは暗号資産市場においては大きな進展と見なされています。

💡House of Representatives

アメリカ合衆国会は、アメリカ連邦政府の立法府の一つで、州から選出された議員によって構成されています。ビデオでは、合衆議院が暗号市場構造に関する法案を通過したと報告されており、これは暗号通貨業界にとって重要な法的成就です。

💡暗号通貨規制法案

ビデオでは、金融革新と技術に関する21世紀の法案が合衆議院で通過されたと触れられています。これは、暗号通貨業界にとって重要な法的枠組みを提供する法案であり、SECとCFTC（商業期货取引委員会）の適切な役割を定めることを目的としています。

💡デジタル資産

デジタル資産とは、デジタル形式で存在し、所有権を証明することができる資産のことです。ビデオでは、法案がデジタル資産に関する法的枠組みを提供し、SECとCFTCによる規制の明確化を図ることに言及されています。

💡Coinbase

Coinbaseは、主要な暗号通貨取引所の一つであり、ビデオではCEOであるBrian Armstrongが暗号通貨規制法案の成立を称賛していると報告されています。彼は、暗号通貨のための賢明な規制が大きな一歩を踏み出したとコメントしています。

💡Galaxy Digital

Galaxy Digitalは、デジタル資産とブロックチェーン技術に関する研究を行っている企業です。ビデオでは、その研究責任者であるAlex Thorneが、SECがイーサETFの考え方を変更した背景について分析しています。

💡政治的シフト

ビデオでは、暗号通貨に関する政治的なシフトが起こっていると指摘されています。これは、民主党と共和党の間で暗号通貨に関する立場が変動し、両党がこの分野で支持を得ようとしていることを意味します。

💡FIT 21法案

FIT 21法案とは、金融市場における暗号資産の規制に関する法案です。ビデオでは、この法案が合衆議院で通過し、SECとCFTCの役割を明確化し、暗号通貨市場における規則を定めることに触れられています。

💡トランプ前大統領

ビデオでは、元大統領ドナルド・トランプが暗号通貨を支持しており、暗号通貨の寄付を受け入れていると報告されています。彼は暗号通貨を支持する人々に投票を呼びかける一方で、懸念を示すセネター・エリザベス・ウォーレンに対して対抗しています。

Highlights

SEC decision on a spot ether ETF is due, marking a significant moment for the cryptocurrency industry.

House of Representatives passes a crypto Market structure Bill, a major legislative accomplishment for the crypto industry in Congress.

Alex Thorne, head of research at Galaxy Digital, provides insights on the historic move from the House and SEC's pivot on ether ETFs.

Major cryptocurrency prices are mixed ahead of the SEC's decision on spot ether ETFs.

Congressman Patrick McKenry discusses the importance of the crypto bill for legal clarity and the role of SEC and CFTC.

The Biden Administration opposes the legislation but does not outright veto it, signaling potential future support.

Coinbase CEO Brian Armstrong reacts positively to the passage of the crypto bill, calling it a step forward for sensible regulation.

SEC's impending decision on spot ether ETFs could be influenced by recent reports of the agency working with applicants.

Amended filings from asset managers aim to appease the SEC by removing staking from ETFs.

Five members of Congress urge SEC Chair Gary Gensler to approve ether ETF proposals in line with Bitcoin ETFs.

Gensler reportedly acknowledges a need for the SEC to pivot its thinking around spot crypto ETFs following a court ruling.

Political shifts indicate growing support for crypto, with both Democrats and Republicans showing interest.

Former President Donald Trump's campaign accepts cryptocurrency donations and positions itself as pro-crypto.

A Harris poll shows that 20% of voters in swing states consider cryptocurrency a significant election issue.

The FIT 21 Act passed in the House provides clarity on crypto regulation and the roles of the SEC and CFTC.

The bill is seen as a significant win for the crypto industry, with bipartisan support signaling its importance.

The future of the FIT 21 Act in the Senate is uncertain, but its passage in the House is a strong political statement.

Transcripts

today it's deadline day for a decision

from the SEC on a spot ether ETF the

House of Representatives passes a crypto

Market structure Bill marking the

industry's most significant legislative

accomplishment in Congress and Alex

Thorne head of research at Galaxy weighs

in on the historic move from the house

and the sec's pivot on ether

[Music]

ETFs welcome to cnbc's crypto world I'm

TAA mckel major cryptocurrency is mixed

this morning ahead of an expected

decision from the SEC ons spot ether

ETFs today Bitcoin fell nearly 35% to

$68,000 Ether climbed more than 1% and

salana meantime dropped nearly 5% to

$172 okay let's talk about the two big

stories we're watching today the first

ever crypto regulation bill passed in

the House of Representatives yesterday

despite opposition from SEC chairman

Gary gendler while there was a strong

showing from house Democrats who voted

yet for the financial Innovation and

technology for the 21st century act the

Biden Administration put out a policy

statement yesterday saying it opposes

the legislation notably though the

president did not say he'd veto the bill

outright a signal that he'd likely sign

it if it makes it through Capitol Hill

Congressman Patrick McKenry who is the

chairman of the financial services

committee joined cnbc's squawkbox this

morning to discuss the House's passage

of the crypto bill this should serve as

a wakeup call we had two-thirds of the

House Representatives vote in favor of

clarity for crypto uh it it creates a

legal framework giving the SEC a proper

role and the cftc a proper role uh

rather than the conflicting set of

regulatory actions uh uh that those two

agencies have taken over the last 10

years Congress settles it settles the

dispute it settles what is a digital

asset gives a legal framework for uh

trading and the purchase of those assets

and I think it's an important thing uh

you know this was a vote that included

71 Democrats across the ideological

spectrum that should be the wakeup call

uh to the Senate that should be the

wakeup call to the administration and um

in sound policy so that's uh that's the

the message today and the outcome of

that vote yesterday is that uh the

Senate needs to take action so we have

legal Clarity and so we can catch up to

the rest of the world uh and be

competitive in the world digital assets

coinbase CEO Brian Armstrong took to X

to react to the passage saying the

development is a quote resounding win in

in the house for Clear crypto rules and

that sensible regulation of crypto just

took a big step forward the other big

story we're watching is the impending

decision from the SEC on spot ether ETFs

today is the deadline for the SEC to

answer vanex application for an exchange

traded product that would track the

price of ether directly and while the

SEC finally approved spot Bitcoin ETFs

at the start of this year most experts

thought the approval of an etherlink

product was a long shot but that all

changed this week a few days ago we got

reports that the agency might might be

changing its tune and was working with

applicants on polishing their proposals

although the agency declined to comment

to CNBC about individual filings we also

saw amended filings from most of the

asset managers to remove staking from

these ETFs reportedly in the hopes of

appeasing the agency the momentum in

favor of approval only picked up

throughout the week as five members of

Congress sent a letter to SEC chair

gendler in it they urged him to approve

the proposals in line with the approval

of Bitcoin ETFs earlier this year and to

that point even Gensler himself

reportedly said the agency had to Pivot

in its thinking around spot crypto ETFs

after the grayscale court ruling last

year all right to talk about both of

these big headlines I caught up with

Alex Thorne head of research at Galaxy

digital he weighs in on The house's

passing of a crypto Market structure

Bill and he discusses why the SEC has

seemingly changed its tune on ether ETFs

ahead of a

decision so it's been a big week

newswise for crypto and it

seems it seems like there is this

political

the shift in the political tide for

crypto

um aside from the EFS that seems to

really be the big story for the week and

I am wondering if you can just catch me

up to start on what has changed and

where we are now yeah hey Tania thanks

for having me I think it is a big week

there is a shift that has clearly

occurred I think actually the ethereum

ETF story may be part of that bigger

political shift that's happening let's

take it back two weeks ago the house

passed this uh bill that would overturn

SEC staff accounting bulletin 121 and it

had 21 Democrats uh that voted in the

house and then that went to the Senate

last week and the Senate uh passed it

6038 or so with 12 Democrat caucusing

members so 11 Democrats and one

independent also voting to overturn

including uh Senate Majority Leader

Chuck Schumer so that that sent a very

strong message this was not a you know

21 Democrats in the house that's not

that many um but with a majority leader

and and and 12 Democrats voting in the

Senate um in the face of what was an

explicit White House veto threat that

sent a pretty strong message and I would

say it's it's interesting too because

that Sab 121 thing is a relatively

Arcane accounting thing that caused

Banks problems with cusing crypto um

what we're seeing now with this new this

new bill that passed the house fit 21

which we'll talk about I know much more

sweeping con

consequential um thing but so you had

those votes in the face of the White

House veto threat so some defections

from the Democratic side voting for this

Pro crypto legislation you also had

former president Donald Trump explicitly

saying if you like crypto you should

vote Trump now his campaign is accepting

cryptocurrency donations and again

explicitly calling out Senator Elizabeth

Warren and saying that she may have been

raising a quote anti-crypto Army well

we're raising a crypto Army so it's

become a political issue at the

presidential race now and you also had a

Harris poll that was uh commissioned by

the blockchain Association and digital

currency group also two weeks ago that

showed 20 % of Voters in swing States

consider cryptocurrency to be a

significant issue in the election um

you've got several large crypto packs

that are pouring money into a lot of

these elections um and then of course

abruptly now you had I think it was

abrupt you have the ethereum ETFs

apparently about to perhaps launch um

and after you know months of radio

silence so it seems like a lot of things

sort of happening at once now 71

Democrats now voting for this fit 21

bill that's a significant defection the

White House didn't threaten to veto that

so it seems like the political strategy

from the Democratic Leadership is

changing and that has I think all of the

cryptocurrency world uh feeling more

politically engaged and effective than

really ever before let's go back to the

EF that you just mentioned we are all

waiting on the first decision um by the

SEC who has the first uh uh decision

deadline coming up for one of the eth

ETFs um and like you said I think it was

abrupt the consensus broadly was that

this was not likely to be approved and

now that has completely flipped so um

and as you also sort of alluded I think

that this is part of the broader

political story so there is a lot of

speculation in the market right now

based on what we do know um why might

that be that we had that abrupt uh you

know change in Cadence from the SEC and

the potential uh ETF issuers why might

that be and and how do you think that

this fits into the broader political the

broader story yeah it's hard to know uh

the specifics of the sec's thinking on

this but you know we can definitely

confirm um you know from our end uh and

talking to the issuers really nobody

thought this was going to happen there

had been no back and forth uh with the

issuers on their S1 filings if you

recall from last fall There Was You Know

months of back and forth many amendments

filed comments sent back and forth

between the issuers and the ETFs right

that took several months that was like

October November December um and none of

that had been happening so you know the

question I think it was totally

reasonable to expect them to be denied

if you couple that with the sec's

various enforcements and litigations and

arguments they've been making and Well's

notices supposedly sent to Unis Swap and

consensus and their case against

coinbase and right in a variety of these

statements it seemed that the commission

was very hostile to ethereum and perhaps

was even preparing to call ethereum

itself a security and unregistered

security um they never actually have

made that case by the way they were that

you know chair Gensler was criticized by

Pat McKenry the chair of the house

Financial Services committee for

refusing to say whether or not ethereum

was a security right but they never

actually they haven't argued themselves

in court cases that it is but there was

this prevailing uh view that the SEC was

hostile to ethereum and that coupled

with the lack of Engagement with issuers

is why no one really expected these to

happen right now um so then I mean what

caused the shift I mean we were there

was Bloomberg and others and CNBC all

reported on Monday that now the the SEC

frantically reached out to issuers and

said actually get us back these comments

like in a day and so that that's the

type of behavior that that suggests that

they're planning now to approve at least

this first sort of piece of it this 19

B4 filing which is the exchanges asking

for permission to list the products like

any public company uh ETFs have to have

a registration statement go effective

those are the S1 so those will probably

take uh a little longer so I don't think

we're going to see an ethereum ETF

launch like tomorrow or next week um and

actually become tradable on an exchange

but um you know there's a debate about

how assuming that if they if they pass

the 19 b4s or approve them which we

expect will happen today on Thursday um

then you know it's pretty inevitable we

think that they do eventually start

Fring and there's some debate about how

long that might be I mean I've heard

between two weeks and two months it

could take it's not clear exactly

because we haven't seen any back and

forth between the issuers let's talk

about fit 21 so break down the

significance of this bill for me this is

the one that was passed last night in

the house um and many are hailing as a

huge victory for crypto it's of course

the one that specifies when crypto falls

under the purview of the SEC versus the

cftc um

so explain the significance for me and

then talk about next steps and where do

we go from here this is a significant

win

um when and how does the industry

advance from last

night yeah the fit 21 Act is a very

powerful and consequential piece of

legislation it it it frankly is a

sweeping overhaul and reform of how

crypto is regulated crypto Capital

markets particularly are regulated in

the US and it provides significant

Clarity on a on a number of issues it is

a very like long bill with a lot of

stuff in it I think um ranging from

rules for token issuers on disclosures

and investors on disclosures rules for

Brokers and exchanges on safety and

comingling of assets and a whole bunch

of stuff and when you when as an issuer

or a exchange type business you would be

regulated by the SEC or the cftc whereas

now it's like to be honest not neither

are really regulating as much right I

mean it's most you know crypto exchanges

operate with money transmission licenses

and uh the SEC currently says that

they're all national Securities

exchanges because almost all cryptos are

crypto asset securities according to the

SEC this bill would very much clear that

out and explain like when it is a

security when it's not a commodity

that's that's Clarity that we should

have in this country you have it in

other jurisdictions like Europe and Hong

Kong and Singapore they they've already

done that stuff right so we we as a

country if we want to maintain our lead

in financial innovation in general

should have Clarity here so that

businesses and investors can both

operate safely and with Clarity and have

some certainty about what the rules

really are um rather than sort of a

regul regulation by enforcement or or

even regulatory winds that shift with

each Administration right it would be

nice to have this codified in law so

from a policy standpoint broadly

speaking this or something like it I

think is is very positive uh for crypto

for investors for users for companies um

in the US now this bill specifically

like it's a very it's a giant piece of

legislation right whether it all gets

through or whether everything in it is

good or bad it's it's it's tough to say

right but I would say we're broadly

supportive of efforts to do this type of

stuff and the house financial services

and agriculture committees have done so

much work on this there's lots of good

stuff in there I think politically it's

very consequential it's um you know and

it's think about this with with 71

Democrats including former speaker Nancy

Pelosi voting in favor of this bill this

is a strong signal that this is truly a

bipartisan issue or at least the

Democrats don't want to seed it entirely

to the Republicans and this is you know

Donald Trump is raising money on crypto

right now he's they're putting out

statements saying that they want the

crypto Army right so like the Democrats

appear not willing to seed that ground

which I think is very positive for the

industry that they're not willing to we

don't believe that cryptocurrency is a

partisan issue and certainly don't

believe that it should be um we think

that it helps it helps people it it

gives Financial Independence and

sovereignty it's an upgrade to the

financial system in general Bitcoin is

an upgrade to the way money Works um and

that shouldn't be about one political

party or another now whether it's going

to pass into law is a much more

difficult question I think the Senate is

unlikely to take this bill up at all I

think instead what you'll see if there

is action that happens this year is

efforts that have already been worked on

in the Senate such as the lamus chill

brand proposals um will sort of be

rekindled and and they're similar it's

it's the same types of ideas right and

then maybe the Senate would pass

something that they have put their own

touch on and then there's a giant

reconciliation process I I'd be

surprised if we actually see that happen

this year you have to recall that

Congress is about to go on vacation for

a lot of the summer and when they get

back it's going to be the height of

campaign season right and there's really

not that much time left in the

legislative calendar um and things it

takes a lot of floor time to move any

Bill through the Senate there's going to

be things that they have to pass you

know budget related items and whatnot so

there's really not a lot of time here um

so I I'd be surprised if if this fit 21

or something like it actually becomes

law this year um but I would say like I

said the politics of this are what is

most interesting it does portend a

sweeping um change in I think Democratic

Leadership approach to this this

industry okay that's all for crypto

world today we'll be back again tomorrow

and we'll see you then