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⌐◪-◪ → Kamala Harris just made her first public remarks on crypto at a fundraiser in New York, officially joining Trump in rallying for the crypto vote.

She promised to “encourage innovative technologies like AI and digital assets while protecting consumers and investors.” While her position isn’t as concrete as Trump’s — which has more specific policies — this is still a big win for crypto, signaling a potential end to the Biden/Warren-era war on digital assets.

Several respected leaders in the space echoed this optimism, including Hayden Adams (CEO of Uniswap), Faryar Shirzad (Coinbase Chief Policy Officer), and Alexander Grieve (VP Gov. Affairs at Paradigm).

A VanEck analyst even suggested that a Harris presidency might be “even better” for Bitcoin, as it could accelerate the structural issues driving Bitcoin adoption in the first place.

Regardless of your political leanings, bipartisan support for crypto is an objectively good thing.

⌐◪-◪ → OpenSea, one of the largest NFT marketplaces, just got hit with a class action lawsuit filed on 9/19/24 in Florida. The suit alleges that OpenSea facilitated the sale of unregistered securities (NFTs).

I’m not sure what their odds of winning or losing are, but it certainly feels like they’re against the ropes, especially after that recent Wells Notice from the SEC.

This case might just be another example of speculators burning money on NFTs and then pointing the finger elsewhere — but who knows, they may have some legal ground to stand on.

What makes this lawsuit particularly interesting is that it addresses the core question: Are NFTs securities? And if so, what role do U.S.-based marketplaces like OpenSea play in that equation?

Don’t forget, Magic Eden recently set up a separate U.S.-version of their site, with fewer features, to navigate increasing regulatory pressures.

While pro-crypto promises from Trump and Harris are bullish for the future, laws don’t change overnight — the industry still has to navigate current regulations.

For a deeper dive, check out my buddy @TheDeFiDefender’s article on the case!

⌐◪-◪ → BNY Mellon, the largest custodian bank in the U.S. with nearly $50T in assets under custody, just received SEC approval to custody crypto for financial institutions. This is huge.

If you recall, the SAB-121 bill (which Biden vetoed) was designed to prevent this exact thing, so this new ruling from the SEC is a significant exception to that rule.

BNY Mellon is the first to receive such an exemption, but it’s doubtful they’ll be the last. Some argue this could be the single most bullish event of 2024, as it paves the way for tighter integration between TradFi and DeFi.

Moreover, it could signal the beginning of broader regulatory relief and clarity for crypto in the U.S.

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