Arthur Hayes: What does the best crypto bill look like and how can we get it passed through the US election?

CN
11 months ago

Is there a way to turn about 50 million American adults holding cryptocurrencies into a single voting group to ensure the enactment of positive cryptocurrency legislation before the election?

Author: Arthur Hayes, BitMEX Founder

Translation: 0xjs, Golden Finance

Last summer, I went to the (House music) doosh doosh holy land on Ibiza Island, Spain (Translator's note: located in the Balearic Islands in the Mediterranean). This was a professional mission composed of me and three friends. The organizer of this trip was a male classmate of mine from university who has been living in London since graduation. He was born for European summers and organized a fantastic trip.

On the first night of our stay, our classmate sent us an invitation to attend a private party at a villa on the island. Imagine the scene of Chiltern's guests being taken to the Balearic Islands. Two friends lived in London and knew people at the party; my former roommate from Hong Kong and I didn't know anyone. The two of us went to the bar and started drinking.

A few hours later, we arrived at a hot, narrow room, where Carlita was spinning the fire. As we danced to the music, Leonardo DiCaprio was led in by a leggy girl. We witnessed a very funny scene. Leo's girl was trying to sell him on why he should take her home. We overheard snippets of the conversation, which was very amusing. I don't know if she succeeded in sleeping with a movie star, but she certainly gave it her best shot.

The reason this story is related to cryptocurrency is that a potential American ruler, Trump, has suddenly taken an interest in cryptocurrency. Thousands of voters will determine the outcome of the U.S. presidential election in key swing states such as Michigan, Pennsylvania, and Florida. Catering to the young, politically active, and nouveau riche cryptocurrency community may help Trump win the election. Therefore, Trump is boosting his cryptocurrency supporters' reputation by saying all the right things. An example is his announcement to pardon Ross Ulbricht, the former operator of the Silk Road trading platform. Ross is currently serving a life sentence for operating an online marketplace primarily using Bitcoin as the main payment method.

Unfortunately, this newfound political attention has caught the attention of many in our industry. Politically savvy women are trying to take us home, rather than the other way around. These feelings are wrong. The playboys of cryptocurrency are not movie stars, but fools standing on the sidelines of the party.

What frustrates me is that many cryptocurrency experts who should know better are now blindly holding fancy fundraising events for Trump's re-election campaign. They mistakenly believe that Trump is sincere and that as long as they donate enough money, the "chokehold on cryptocurrency" will disappear. This is pure nonsense. Trump is a shrewd politician. He will say anything to anyone who wants to be re-elected. Once in office, anything related to cryptocurrency will become a distant memory.

How can American cryptocurrency-supporting voters leverage the demand for swing votes from the Democratic and Republican parties? Is there a way to turn about 50 million American adults holding cryptocurrencies into a single voting group? Is there a strategy that does not require any campaign donations but ensures the enactment of positive cryptocurrency legislation before the election? Of course, there is. But it's not easy.

Before I introduce my strategic thinking, I would like readers to first analyze a prophetic speech by Malcolm X. I will use this speech as a backdrop to explain how oppressed American cryptocurrency holders/voters can achieve their goals in a divided political environment.

After listening to Brother Malcolm's speech, I want to discuss a simple piece of legislation that cryptocurrency voters should demand their elected representatives enact into law before election day. Cryptocurrency celebrities are doing their best to support politicians who support cryptocurrency, but all these politicians are doing is building regulatory moats around Coinbase and Blackrock, which is frustrating. If voters are to be cryptocurrency-supporting voters, legislation enacted on their behalf should actually benefit the entire industry and bring cryptocurrency work and opportunities for peace under American rule. Corporate fraud should not be on the menu.

Finally, I will delve into these numbers and show how a single cryptocurrency-supporting voter can mathematically determine which party controls the House, the Senate, and most importantly, the presidency.

Before I begin the discussion, I want to explain why "separation of politics and money" should be the top issue for any voter, regardless of who is elected. When the state and its management institutions must regularly tax citizens, they will be very cautious about their demands to avoid being voted out of office. Many of the country's problems stem from an overly active government using inflation taxes to do unnecessary things. For example, if the government used direct taxation to pay for military expenses, the current global level of military spending would be unsustainable, inevitably leading to conflict. What do you want: free healthcare or more AK-47s? Free college education or a fleet of F-16s? Affordable public transportation or another submarine equipped with nuclear missiles? If taxpayers decide, different types of public goods will be produced, improving the quality of life for many people.

I will refer to "Joe Biden" as the presumptive Democratic candidate. However, after a poor debate performance, I do not believe he will ultimately become the Democratic presidential candidate. He is Joe Biden, but instead of speculating who will replace him, I prefer to assume he is the candidate for simplicity.

Votes or Bullets

Let's go back to the 1960s in America together. Black people became restless, demanding political change. Malcolm X was such a radical leader pushing for change. On April 3, 1964, he delivered a speech titled "Votes or Bullets" in Cleveland, Ohio. The theme was how the black community could use their power as a voting bloc to determine who would be the next president and what they should get in return for their loyalty. The incumbent President Lyndon Johnson (Democratic Party) was competing against Barry Goldwater (Republican Party). Johnson won re-election.

I will excerpt some paragraphs relevant to this discussion. It should be noted that I do not endorse everything Malcolm X said or did. Nevertheless, his observations remain very sharp and have practical significance for those who hope to gain political benefits under a simple majority system, for minority groups suffering political oppression, and for cryptocurrency holders.

Malcolm first explained why black people should set aside their differences and unite to achieve political goals that benefit everyone:

"Although I'm still a Muslim, I'm not here tonight to discuss my religion. I'm not here to try and change your religion. I'm not here to argue or discuss anything that we differ about, because it's time for us to submerge our differences and realize that it is best for us to first see that we have the same problem, a common problem, a problem that will make you catch hell whether you're a Baptist, or a Methodist, or a Muslim, or a nationalist. Whether you're educated or illiterate, whether you live on the boulevard or in the alley, you're going to catch hell just like I am. We're all in the same boat and we all are going to catch the same hell from the same man. He just happens to be a white man. All of us have suffered political oppression, economic exploitation, and social degradation at the hands of the white man in this country."

In cryptocurrency, it doesn't matter if you're a maximalist of Bitcoin, Ethereum, Solana, etc. What matters most is that whether you're a shareholder of Coinbase's centralized exchange or an ordinary holder, you don't need to worry about these differences. "Politicians," or in this case the state, harbor ill will towards any disciple of Satoshi Nakamoto.

What similarities are there between the 1964 and 2024 elections?

"1964 may be the most explosive year in American history. The most explosive year. Why? Because it is also a political year. In this year, all white politicians will be back in the so-called Negro community, with some pretense of seeking our votes. In this year, all the white political crooks will be right back in your and my community with their false promises, building up our hopes for a letdown, with their trickery and their deceit, with their phony political false promises that they don't intend to keep. In this year, the black masses are on the march, and the time is just right for a revolution."

2024 is an important election year for the American empire. The American empire is at a crossroads of peace. Should it accept a multipolar world order, stand firm, and confront challengers economically and militarily? The next emperor will have a significant say in how the American empire navigates this ever-changing world order. Given that a few thousand votes will determine the election results in a few states, Trump and the Republican Party are saying some polite words about cryptocurrency. Like Malcolm in 1964, I doubt Trump's sincerity. He cares about being elected and will do whatever it takes to get your vote. If Biden and the Democratic Party support cryptocurrency, Trump will oppose it. This is just good politics.

Malcolm then discussed why and how disenfranchised minority groups can have significant political power.

"These 22 million victims are waking up. Their eyes are beginning to open. They are beginning to see things that they never saw before. They are becoming politically mature. They are realizing that there are new political trends from coast to coast. When they see these new political trends, they may discover that every election is so close that it has to be recounted. They have to recount in Massachusetts to see who will be the governor because the vote was so close. The same thing in Rhode Island, Minnesota, and many other places in America. It was the same way when Kennedy and Nixon ran for President. The vote was so close that they had to recount. So what does this mean? It means that when white people are evenly divided, and black people have a bloc of votes of their own, it is left up to them to decide who's going to be in the White House and who's going to be in the doghouse [or if you're Trump or a Trump supporter, who's going to jail]."

According to Coinbase, 50 million Americans (20% of the total population) own cryptocurrency. If this group votes together, they could easily decide which clown ascends to the throne. The division between the Democratic and Republican parties provides a unique opportunity to gain significant political concessions. It is important to realize that placing party affiliation above Satoshi Nakamoto will only lead to failure.

Malcolm continued to harshly criticize tokenism. We should take heed of this warning. American cryptocurrency holders should not settle for meaningless government positions from the Biden or Trump administrations. The only acceptable outcome is legislation supporting cryptocurrency that is signed into law.

"They get all the Negro vote, and after they get it, the Negro gets nothing in return. All they did when they got to Washington was give a few big Negroes big jobs. Those big Negroes didn't need big jobs; they already had jobs. It's a con game, it's a hustle, it's a con game, it's a lie, it's a con game, and they put it in the name of integration."

I strongly recommend reading the entire speech carefully. Just remember the racial, economic, and political context in which Malcolm X spoke. I use his black and white rhetoric as a backdrop to illustrate my point: if there are tens of millions of cryptocurrency holders in the United States willing, they can wrest favorable policies from the government, as politicians are eager for re-election.

For those who think that making substantive progress takes too long or is too difficult, remember that American politicians are currently engaging in moral manipulation to continue funding the war between Israel and Hamas. Butcher Benjamin "Bibi" Netanyahu is conducting a campaign of genocide against unarmed Palestinian civilians, and the world is witnessing it in real time, as he seeks to eliminate the ideology of Hamas and its thousands of fighters, who are enemies of the state of Israel. Regardless of their personal views, no American politician is willing to stand up for human lives, as it would anger the powerful Israeli lobbying groups, who, with their overwhelming financial power, can run negative ads one after another, reducing the chances of politicians being re-elected. The primary goal of any politician is re-election, and this self-preservation drive is even stronger in the capital of the empire, as long tenures in Congress or the Senate bring enormous wealth.

Take Representative Nancy Pelosi as an example. I used ChatGPT to find out the official public disclosures of her net worth. In 1987, when she joined Congress, Pelosi's disclosed net worth was estimated at $3.64 million. By 2023, her disclosed net worth was estimated at a maximum of $97.7 million, nearly 27 times growth. ChatGPT estimates that during her 37-year tenure, her salary as a congresswoman amounted to $5.7 million. Most of her wealth comes from savvy investments in stocks and real estate. Given that elected members of the House and Senate are allowed to engage in insider trading, it's no wonder her trading prowess is better than Steve Cohen's.

Pelosi is a living embodiment of the American political dream. As a public servant, she has accumulated generational wealth. Politicians will say anything to make you happy in order to stay in power. Is that surprising?

Malcolm X hinted that cryptocurrency holders, as a political minority in a divided election environment, have power, so why should we protest?

What is Money?

Money can be dirty fiat currency, heavy gold, or dazzling Bitcoin, but what is its essence? The purpose of money is to transmit energy through time and space via physical or digital communication. Lynn Alden's ledger theory of money is a good way to think about what money is.

Understanding blockchain from first principles can make this concept vivid. Blockchain is simply a series of encrypted and sequentially linked messages placed in a publicly readable ledger. With Bitcoin, we can read and write in this public ledger. Bitcoin is digital speech.

Here's another example of this concept that many readers understand a bit too well. Services like TikTok, Instagram, and Facebook allow you to read and write in centralized databases containing messages from you and other users. These messages take the form of videos or text. These platforms support digital speech.

In most free democratic societies, the government considers the information posted and consumed on social media platforms to be protected speech. Therefore, users can freely express their opinions without government intervention, which is also the reality. Additionally, the companies providing these services are not responsible for the speech on their platforms.

Let's take Facebook during the 2016 U.S. presidential election as an example. The Democratic team claimed that the evil Russian dictator Putin used Facebook to influence people to vote for Donald Trump, thus thwarting "democracy," and Trump, in their view, is a little tyrant. It is evident that Facebook allowed treasonous behavior, and its CEO should be criminally responsible for foreign actions on its platform. However, this did not happen; due to freedom of speech laws, Facebook and its executives faced no punishment.

If the internet and the information it contains are protected speech, then why should Bitcoin and any other cryptocurrency or token supported by blockchain be treated differently? Both use speech to provide services. Bitcoin is a tool of money, and this fact does not make it lose the protection of the constitution against government intervention.

This is an interpretation of a document written over two centuries ago, when the steam engine was still a new technology. However, in the United States, the constitution is analyzed this way. The Second Amendment states that you have the right to bear arms. In the 18th century, the most advanced weapon was a flintlock musket. Today, the gun lobby in the United States and many Supreme Court rulings believe this means you have the right to carry automatic rifles. Absurdity is the name of the game in a free country.

Let me propose a simple statement that should realign cryptocurrency regulation to comply with freedom of speech:

"Cryptocurrencies and tokens residing on or supported by blockchain are forms of protected speech. All laws applicable to protecting freedom of speech apply to cryptocurrency users or intermediaries. Any laws or regulations that restrict the ability of individuals or formally established entities to hold or transfer cryptocurrency do not apply."

This is all that is needed to completely clarify the current state of cryptocurrency regulation. Let's delve into what practical impact such a law would have if enacted.

Clarity in Cryptocurrency

If this simple bill were enacted into law, it would have far-reaching implications for how various regulatory bodies treat cryptocurrency. The question of which agency has jurisdiction over actions related to cryptocurrency will be ubiquitous. The only way to establish clear boundaries is through adversarial public court cases that set legal precedents. This is what should happen. Judges appointed to arbitrate laws enacted by elected representatives will determine the scope of freedom of speech enjoyed by cryptocurrency.

However, at the same time, the American empire will be the most favorable place for "crypto" to thrive. Engaging in crypto may mean setting up your own exchange, creating new DeFi protocols, building decentralized infrastructure, or pooling funds for investment or trading. This means permissionless innovation. Stubborn traditionalists under the American empire are nostalgic about this kind of innovation. Did John D. Rockefeller, Andrew Carnegie, or Henry Ford ever plead with government officials to completely reform the oil, steel, or automotive industries? Of course not, they just did things right, built entire industries and industrial processes, and set agricultural America on the path to becoming an empire.

For politicians who vote to achieve this goal, it means they will be praised for creating high-paying jobs. It means using their privileged positions in subcommittees to buy stocks of publicly listed cryptocurrency exchanges and miners ahead of others, just like Congresswoman Pelosi. If they want to engage in insider trading, at least they can do so while the cryptocurrency business is thriving.

This sounds like a happy day for cryptocurrency holders and politicians. Is anyone uneasy about these developments?

Opposition - Bad Traditional Finance

If cryptocurrency is seen as protected speech and fiat currency is not, TradFi will be uneasy. Their lobbyists will vehemently oppose any such legislation for cryptocurrency freedom of speech. Therefore, I invite them to join our journey.

Financial regulations established over decades have not protected consumers; they have simply politically exempted the ongoing bailouts of the financial sector. After every crisis, politicians need to show action and impose more absurd rules and regulations on traditional financial institutions.

Fiat currency (such as dollar bills) and commodity money (such as gold) should also be considered speech and therefore should be protected. As mentioned earlier, these are all forms of money that can convey who has how much energy in time and space. There should be an equal, fair competitive environment among all forms of money.

Let's slightly modify the proposed bill:

"Any form of money, such as government-issued currency, precious metals like gold and silver, and cryptocurrencies and tokens residing on or supported by blockchain, are forms of protected speech. All laws applicable to protecting freedom of speech apply to cryptocurrency users or intermediaries. Any laws or regulations that restrict the ability of individuals or formally established entities to hold or transfer cryptocurrency do not apply."

There's an issue. Due to the failure of most financial regulatory bodies, some reserve banks and other highly leveraged traditional financial intermediaries may engage in high-risk activities. All government financial assistance programs should be canceled to reduce the public cost.

Let's modify the bill again:

"Any form of money, such as government-issued currency, precious metals like gold and silver, and cryptocurrencies and tokens residing on or supported by blockchain, are forms of protected speech. All laws applicable to protecting freedom of speech apply to cryptocurrency users or intermediaries. Any laws or regulations that restrict the ability of individuals or formally established entities to hold or transfer cryptocurrency do not apply.

No public funds shall be used in any way or form to bail out any financial institution. Any public financial institution (comprehensive list of all relevant entities) shall not accept any assistance from the federal government."

The government should not guarantee any amount of bank deposits. Instead, it should require banks to put fiat currency on a public blockchain to achieve triple-entry accounting. If all fiat currency is circulating on a public encrypted ledger, potential depositors can verify the health of any financial institution in real time.

Central banks and any other public financial institutions, such as the Federal Home Loan Mortgage Corporation (Freddie Mac), the Federal National Mortgage Association (Fannie Mae), and the Federal Home Loan Banks, should not receive any funds from the central government if they go bankrupt. The central bank can print as much money as it wants, but if its losses deplete all its capital, the central bank goes bankrupt. This will undermine public trust in fiat currency, but the goal is to ensure that all financial institutions, public or private, are involved and cannot access public funds when they run into trouble.

Opposition - Crypto Crony Capitalism

Another opposition comes from within. Many American companies and individuals with significant private crypto business interests are looking to use this opportunity to push for legislation to establish regulatory moats for their businesses. If these Uncle Toms are found engaging in such transactions, their clients should publicly denounce them. No one should support any crypto business that seeks to profit from political processes at the expense of collective financial freedom.

Are there any rules?

Of course there are. If you steal or defraud, you will be breaking the law. If you make false statements on the internet with the intent to deceive others for personal gain, you will be punished. The same goes for cryptocurrency. The industry does not need any new laws to punish behavior that is already illegal.

Completing the Task

The best time to achieve specific results is before the November elections. The bill I proposed is only 113 words. It is short for a reason. It is easy to understand; anyone can read it in a few minutes. This means every elected representative can immediately digest the content of the bill, and it is less likely to be hijacked as a channel for high-paying lobbyists.

The bill needs supporters in both the House and the Senate to introduce it for discussion and ultimately a vote in their respective chambers. Cryptocurrency lobbying groups can select a few politicians who are fiercely campaigning for re-election in each chamber. The message is: sponsor this bill, and the cryptocurrency voters in your district will support you.

Once the bill is passed in both the House and the Senate, Biden must sign it into law. American voters are not limited to a single party to vote for members of Congress, the Senate, and the President. Therefore, voters can vote for a Republican member of Congress or the Senate who supports the bill in their district and also vote for Biden as President, even though Biden is a Democrat.

This is more effective than hoping that Trump will keep his promises on various proposals supporting cryptocurrency policies, as this bill could become law in a matter of weeks. Look at how quickly legislators act when approving more weapons to Ukraine and Israel. Things happen at warp speed when they are motivated by their own interests (i.e., their defense industry stock portfolios).

After the elections, supporters of cryptocurrency will lose all their chips. The next election will be held in two years, primarily involving members of Congress with two-year terms. Biden or Trump will not spend the same political capital to support cryptocurrency policies, as it will not directly impact their chances of re-election or the majority of elected officials within their respective parties.

Remember, after the elections, the drums of war will intensify. Iran and Russia have not become more direct targets for the United States and NATO only because Biden does not want oil prices to rise before election day. Trump assassinated Qasem Soleimani, a major general of the Iranian Revolutionary Guard, in his first term. He would not hesitate to bomb Iran at the behest of Israel. All of this indicates that once the bombs start flying, the issue of cryptocurrency freedom will be quickly forgotten.

Election Math

Is the dream too good to be true? Using ChatGPT, I created a model to analyze the ability of a single group of cryptocurrency-supporting voters to determine the Congress, Senate, and presidential elections.

Assumptions:

  1. The biggest assumption is that every one of the 50 million adult cryptocurrency holders is registered to vote and all are a single group of cryptocurrency-supporting voters.

  2. The ratio of Democrats to Republicans among cryptocurrency holders is 50/50.

  3. The voter turnout in 2024 is 69.40%, the same as in 2020. I use 2020 because that was the last presidential election year.

  4. Since Coinbase did not provide detailed data on the number of cryptocurrency holders in each state, I will allocate voters by state based on the proportion of registered voters in the 2020 presidential election.

  5. Finally, I assume that in previous elections, voters voted along party lines. This means I am only concerned with voters in 2024 who cross party lines. For example, if Democrats won by a margin of 1,000 votes over Republicans in a congressional race in 2022, then to reverse the election in 2024, I am only concerned with registered cryptocurrency-supporting Democrats voting for Republicans.

Strategy

The Democratic Party controls the presidency and the Senate. They clearly want to do whatever it takes to maintain control of the presidency, giving them significant control over various branches of the U.S. government. The message to the party leadership is simple: enact legislation supporting cryptocurrency, or else the lobbying groups supporting cryptocurrency will hand over control of the three branches of government to the Republican Party. If the Democratic Party cooperates, the lobbying groups supporting cryptocurrency can hand over all three branches of government to the Democratic Party.

Since the Democratic Party does not control the House of Representatives, some endangered Republican members (specifically four) must be threatened with expulsion if they do not cross party lines to vote in support of the bill.

From a mathematical perspective, is this feasible? Yes, let's take a look at the numbers.

Congressional Elections

ChatGPT provided me with the results of the 2022 congressional elections. I tallied the votes received by the winners and runners-up in each district, along with their respective parties.

The Republicans hold 48 seats, and if every Republican cryptocurrency holder in these elections crosses party lines, these seats could potentially be taken by the Democrats, shifting the House towards the Democratic Party.

Senate Elections

Compared to members of the House, senators serve six-year terms. Therefore, I asked ChatGPT to provide the results of the 2018 Senate elections. Those elected in 2018 must run for re-election this year.

The Republicans hold 9 seats, and if every Republican cryptocurrency holder in these elections crosses party lines, these seats could potentially be taken by the Democrats, expanding the Democratic Party's current majority in the Senate.

Presidential Elections

ChatGPT provided me with the election results for each state in 2020. Each state has a certain number of electoral votes, and a presidential candidate needs to secure 270 electoral votes to win.

If a few Republican cryptocurrency holders in a few states cross party lines, 115 electoral votes could be given to the Democratic Party candidate, ensuring Biden's victory.

If you are interested in my model and supporting data, please contact me; I am happy to provide them.

Hard Work

The hard work is not about raising funds from wealthy American cryptocurrency holders. Not a penny should be donated to political campaigns. The hard work is about convincing the vast majority of cryptocurrency holders to become a single group of voters and go out to vote. This is where the millions of dollars raised by various cryptocurrency lobbying groups should be spent.

If Brian Armstrong truly wants to be an advocate for cryptocurrency legislation, as many flattering articles about his political activities describe, then he should gather digital signatures from Coinbase's U.S. users to support the proposed legislation. This way, politicians will know that cryptocurrency holders are serious and want to drive change in an organized manner.

What I've described is not easy, and more importantly, it has nothing to do with the amount of campaign donations. It's about motivating cryptocurrency holders to hold their representatives accountable for meaningful change. Doing this difficult work means that any politician looking for a cushy job in Washington cannot ignore cryptocurrency, because they know cryptocurrency holders will go out and vote with their wallets.

Non-Partisan

Some readers may think this article is subtly poisoning the minds of Trump supporters who support cryptocurrency. I am not a member of any political party, and I don't care who wins the U.S. presidential election. The ruling party has the means and the motivation to do whatever it takes to stay in power. This is especially true if the ruling party has done something suspicious to prevent the opposition from taking power. This is why cooperation with the Democratic Party is more effective. If the situation were reversed, I would advocate for supporting the Republican Party. The key is that in a highly polarized two-party system, partisan bias is not conducive to achieving your single-group policy goals.

Copy and Paste

If American cryptocurrency voters can pass a simple yet profound legislation supporting cryptocurrency, it will receive high publicity. Therefore, it will politically activate cryptocurrency holders in other jurisdictions, where a small, outspoken, focused minority voting group can achieve legislative results.

Look at how quickly Hong Kong and the London Stock Exchange launched or planned to launch Bitcoin exchange-traded funds (ETFs) after the U.S.-listed Bitcoin spot exchange-traded fund (ETF). National competition is our friend. Suppose someone is seriously working to leverage this historically unique moment to push through a transformative, simple, and effective legislation supporting cryptocurrency in the United States. In that case, non-Americans should support this cause.

Supporting this cause means embarrassing individuals and companies proposing legislation rife with cryptocurrency crony capitalism. Supporting this cause means analyzing and providing feedback on serious proposals. Supporting this cause means demanding that those who claim to support cryptocurrency in U.S. politics do not accept hollow rhetoric from politicians seeking re-election, but instead demand concrete action before the vote. Finally, if your country is a representative democracy with highly polarized political parties and no party has an overwhelming majority, supporting this cause means organizing similar efforts in your country.

Ideas Matter

Over a year ago, I wrote an article about creating synthetic dollars using long Bitcoin and short perpetual swap contracts. Ethena took inspiration from this article, added their own twist to the idea, and created the fastest-growing stablecoin in history. They worked hard, and it wasn't easy. They have been so successful that my inbox is filled with founders pitching the next "Ethena killer."

I don't think the points raised in this article are truly original. However, I hope that by presenting this article, many in the industry will read it and prompt motivated and savvy politicians to take immediate action. Don't waste this opportunity. Because if they do, the hot girls at the party will go visit another guy. By November 6th, faithful politicians will once again find themselves in a predicament, watching the world pass them by.

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