Thread by @RonwHammond

1) Crypto Legislation Vote Recap: If you didn't spend the 20+ hours watching the various vote series on crypto legislation, this recap is for you. This entire week was unexpected on a number of fronts. Since it's Friday, I thought I'd channel my inner @NeerajKA and do some memes:

2) Bill #1: Financial Innovation and Technology for the 21st Century Act (aka the market structure bill). Unprecedented, but this bill passed the @FinancialCmte by a margin of 35-15 with 6 Ds joining the Rs in support. In @HouseAgGOP the same bill was voted out with 0 opposition.

3) Takeaway from FIT21: Gensler is continuing to lose the narrative that all tokens are securities especially within his own party as 6 Democrats bucked his "there's no need for legislation" talking point. Age also continues to be an indicator in terms of supporting a framework.

4) Bill #2 Clarity for Payment Stablecoins. Politics/White House got in the way and what was expected to be a deal between lead R @PatrickMcHenry and lead D @RepMaxineWaters divulged into a dramatic standoff. Despite some charged moments, stablecoin passed with all Rs and 5 Ds.

5) Takeaway from stablecoins: The White House wouldn't have objected at this stage if they thought this bill had no shot to be signed into law. Politics overtook policy. Even with the White House's objection, 5 Ds joining the Rs is notable especially considering many are senior.

6) @GOPMajorityWhip Blockchain Regulatory Certainty Act and @WarrenDavidson Keep Your Coins Act passed, but on party line vote. These crypto OGs (along with @RepDarrenSoto) laid the groundwork for the FIT Act and have moved to other priorities like self custody.

7) Reminder, this was just at the committee level. The next step is getting these bills to the House floor for a vote which should be in the fall. Overall, @RepRitchie said it best "'regulation by enforcement' not only had a bad day in the courts, it had a bad day in Congress."