Even putting aside Trump’s own venture into his own coins, however improper that may be, there is no doubt but that crypto is a rising asset class under the current administration.

Yesterday the House of Representatives passed three laws relating to crypto, two of which expand the reach of crypto assets.  Bipartisan support approved a bill regulating stable coins and another to regulate crypto markets. Critics, mostly Democrats but also a smattering of Republicans, have criticized the legislation as opening up crypto markets without adequate controls and without empowering state regulators with tools for policing.

A third law, interestingly, prohibits the Federal Government from establishing a governmental coin or digital dollar.  Democrats duly noted the anomaly of the president personally being able to profit under the new regulatory climate while prohibiting the government he leads from doing so; California Democratic Representative Maxine Waters described the legislation as a “billion-dollar handout to the president himself.”   Whether this is fair commentary or sour grapes I leave to you the reader.

In separate news, per Bitcoin Magazine July 10, my law firm Duane Morris advised one deal party in securing a $1 billion capital raise for its bitcoin treasury, half under a securities purchase agreement and half through a standby equity purchase agreement.  There is no doubt but that crypto is big business in today’s America.