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Jan 30
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NEUTRAL
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Katherine "KK"
Host, Starkware
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KK states, "We are watching the real-time deterioration of the prospects of crypto market structure law being passed." V predicts Congress will not give the CFTC reciprocal authority to regulate crypto securities, favoring the SEC. The market has been pricing in a "regulatory clarity premium" (the expectation that a bill will pass). If the bill is dead, that premium must be priced out. Furthermore, if the SEC wins total jurisdiction (the "Super App" theory), it favors incumbents with massive legal teams (like traditional brokers or large exchanges) over smaller, crypto-native entities hoping for a lighter CFTC regime. NEUTRAL/AVOID. The "Alpha" from a legislative win is off the table. The environment remains "regulation by enforcement" or strict SEC oversight. Unexpected bipartisan breakthrough on the bill (though speakers deem this unlikely). |
Unchained (Chopping Block)
Blame Exchanges for Holding Up the Market Str...
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