Crypto 🤝 Congress

We finally have allies in Congress and that's incredibly bullish.

Ryan Sean Adams

Dec 11, 2021

MetaMask upgraded its hardware wallet support! Check out Ledger fixes & Lattice support!

Connect with Your Hardware Wallet

Dear Bankless Nation,

When we hosted Andrew Yang on the podcast in October he had a message for Congress and regulators:

“If you face a trillion-dollar industry that could define the future, don’t screw it up.”

Bankless 🏴 @BanklessHQ

"I want to make the #ForwardParty the Crypto party" - @AndrewYang, on the Bankless podcast Andrew Yang understands the alignment between the crypto industry, and his goals with @Fwd_Party Is Yang the champion we've been looking for?

In the past, U.S. lawmakers have made ill-considered attempts to enact crypto regulation without fully understanding what they were regulating.

I’ve watched countless congressional sessions on crypto over the years that all played out the same way. Brad Sherman and his ilk would say things like…

“Crypto is for drug lords and terrorists”

“Crypto is a threat to our financial stability”

“Crypto is just a worthless casino for unproductive young millenials”

Everyone else would either nod their heads in agreement or wrinkle their foreheads in confusion. The witnesses talked but no one heard.

We had no allies in Congress.

But this Wednesday was different.

This week, the House Committee on Financial Services called on six executives to speak before the committee. And you know what… the conversations were educated, nuanced, and productive.

We didn’t hear the paternalism and condescension from Congress. Instead, we heard committee members making a concerted effort to ask the right questions around evolving financial systems, consumer protection, energy consumption, Web3, stablecoins, and many other delicate topics.

Jake Chervinsky called it “the most positive, constructive, bipartisan public event on crypto” he’s ever seen.

I saw positive tweets from Congress members like this:

Rep. Anthony Gonzalez @RepAGonzalez

The potential of Web3 is enormous and the biggest mistake we could make now is rushing to over-regulate a space that is in its infancy and so very few in Washington truly understand.

Representatives talking about Web3 “putting power directly in the hands of the builders and users” 🤯 Are they reading Bankless?

This didn’t happen overnight.

We did this.

We did this through clearer narratives and better use cases.

We did this by calling our representatives and donating to advocacy groups.

We did this by getting involved.

Crypto is inherently a political topic. It combines economics, internet infrastructure, jobs, legal contracts, money transfer, and a myriad of other interrelated domains. And when Congress set its sights on our community, we came to play ball.

2021 was the year we woke up and discovered our political strength.

RYAN SΞAN ADAMS - rsa.eth 🦇🔊 @RyanSAdams

The crypto community just woke up and discovered it has some political strength Nothing could be more bullish

There’s more work to do. This is far from over. This political battle will play out over the next decade and powerful forces will be marshaled against crypto.

It’s still David vs. Goliath.

We still have to deal with the Brad Shermans.

Blockworks @Blockworks_

Crypto is wild. Today, when testifying during Congress, representative Brad Sherman said that: - Doge could potentially replace Ether. - HamsterCoin could replace Doge. And asked - What about MongooseCoin? 1. Hamstercoin is up 66% 2. MongooseCoin token was created

But on Wednesday I saw hope.

We can make a difference. We can reach the halls of power. We can create change.

The battle for decentralization is a battle for hearts and minds.

So let’s keep winning them over.

We finally have allies in Congress and that's incredibly bullish.

Here’s what’s slated for next week:

Podcast episode with Amy Wu on how to find the next big crypto game
How to buy tokens at a discount on Olympus Pro
What’s the next evolution beyond AMMs?

See you on Monday.

- RSA

🙏 Sponsor: Aave—Experience DeFi: Deposit, Earn, & Borrow with Aave

Recap for the week of December 6th, 2021

Weekly Subscriber Perks 🔥

Bankless Premium Members get access to perks like these:

Full Access: Don't be Emotional | Market Mondays
🔥 Deals: 20% off on Ledger Nano S

📺 STATE OF THE NATION

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

🗞️ WEEKLY ROLLUP. Download the crypto meta to your brain in this weekly show.

🎙️ Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed

Jobs opportunities 🧑‍💼

✨ See all listings on the Bankless Job Board✨

Community Ecosystem Lead at dYdX Foundation
Analyst: NFT Specialist at Bitwise Asset Management
Analyst: Smart Contract Platforms & Web3 at Bitwise Asset Management (✅ technical!)
Analyst: Governance Specialist at Bitwise Asset Management
Head of Growth at DexGuru
Technical Lead at Draftly (✅ technical!)
Lead Engineer at Hats Finance (✅ technical!)
Community Manager at Dexible
Head of Tokens at Immutable (✅ technical!)
Head of Ethereum Research at Immutable (✅ technical!)
Senior Software Engineer at Popcorn
Accountant at SmartDeFi
Product Manager at SmartDeFi
Senior Backend Engineer at SmartDeFi

Subscribe to Bankless. $22 per mo. Includes archive access, Inner Circle & Badge.

🙏Thanks to our sponsor

Aave

👉 Experience DeFi: Deposit, Earn, & Borrow with Aave

Aave is a decentralised, open source and non-custodial liquidity protocol enabling users to earn interest on deposits and borrow assets. Aave Protocol is unique in that it tokenizes deposits as aTokens, which accrue interest in real time. It also pioneered Flash Loans and Credit Delegation as innovative DeFi building blocks. The Aave Protocol V2 makes the DeFi experience more seamless with features that allow you to swap your assets for the best yields on the market, and more. Check it out here.

Want to get featured on Bankless? Send your article to submissions@banklesshq.com

Write for Bankless

Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.

Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.

Bankless

Crypto 🤝 Congress

We finally have allies in Congress and that's incredibly bullish.

Recap for the week of December 6th, 2021

🎙️WEEKLY PODCAST EPISODE

ACTION RECAP 📚

WATCH & LISTEN 🔊

METAVERSAL 🧙‍♂️

BANKLESSDAO 🏴

Weekly Subscriber Perks 🔥

Jobs opportunities 🧑‍💼

🙏Thanks to our sponsor

Aave

Ready for more?