Justin Slaughter

@jbsdc

82 Following

501 Followers

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Justin Slaughter

Not to be a downer, but while we over performed in cloture on GENIUS (gaining a few Dems like Hickenlooper and Kim while only losing GOPer Hawley and Blunt Rochester), we underperformed in both House AG and HFSC on Clarity. Odds of stablecoin legislation passing are 95%, odds of market structure passing are 20-25%.

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Justin Slaughter

Nice to see even anti-crypto push polls are starting to give results that match the positions that we crypto have. In all seriousness, DfP does great work, and I wish they’d asked hwo many voters own crypto. https://x.com/dataprogress/status/1932857239196332470?s=46&t=6pIOBuXCDYR3MDdqas9hTg

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Justin Slaughter

I don’t think the messy Musk-Trump divorce is going to immediately impact crypto policy, if the second order effects could be bad. If Bannon regains sway and a prime perch next to Trump, the odds of a broad tech crackdown increases, and that could wrap in crypto.

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Justin Slaughter

At long last, a constructive article on Genius from the left! It: - notes stablecoins are useful and important - proposes some changes on issuance and oversight that aren’t inherently poison pills - actually seems to be concerned with how stablecoins work than that they will exist. The tragedy is it comes literally too late for Senate amendments. If this had been published a few months ago, maybe this whole debate would’ve been different. https://www.americanbanker.com/opinion/the-senates-stablecoin-bill-risks-repeating-past-legislative-mistakes

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Justin Slaughter

This is a bad idea that will at the very least cause some people to lose their homes on margin. It will end badly and probably with more regulations placed on crypto to restrict the industry’s future growth. Not everything needs to be available for 10x leverage.

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Justin Slaughter

This piece and others is being taken as gospel by a lot of Dems that are already skeptical of crypto. Go into the comments and you can literally find former Clinton and Obama Admin senior advisor Reed Hundt praising this as enlightening. Crypto has a very hard problem for the remaining skeptical Democrats: anyone in crypto is seen as talking their book, and those outside crypto (who almost invariably are negative on it if they are commenting on it) are seen as clear truth-tellers. The substance of the argument is irrelevant - the identity of the messenger is what appears to matter, with a very prominent academic who clearly doesn’t understand the basics of the tech having his jeremiad regarded as gospel.

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Justin Slaughter

Words fail. https://x.com/forecasterenten/status/1927742704563228832?s=46&t=6pIOBuXCDYR3MDdqas9hTg

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Justin Slaughter

Former Biden Chair of Council on Economic Advisors speaks on GENIUS. You’re all going to want to read this. https://econjared.substack.com/p/crytpo-theres-just-no-legit-use-case?publication_id=3782367&utm_campaign=email-post-title&r=ge4xb&utm_medium=email

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Justin Slaughter

Out of both practical necessity and prurient curiosity, I’ve spent the last few months trying to suss out just how much/who in the Biden WH staff was anti crypto. This is the first time I’ve seen a member indicate any of them were explicitly anti crypto before 2022. https://bsky.app/profile/seancasten.bsky.social/post/3lpkwcyvfbk2e

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Justin Slaughter

The anti crypto army has decamped from X to BlueSky.

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Justin Slaughter

The reason the U.S. has been the only real developed economy/polity to try and truly fight the existence of crypto seems downstream of three separate things: - We have the US dollar, so stablecoins are less immediately paradigm shifting - less technocratic, more political policy creation - 2008 crisis emerged from US

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Justin Slaughter

The final fight on GENIUS is going to be on an amendment unrelated to crypto: the Credit Card Competition Act of Durbin and Marshall, changing how credit cards can restrict network access & might change rewards systems. Merchants love it, banks hate it. It’s on net a good bill, but if included, banks might kill GENIUS. Needs 60 votes to pass. https://www.congress.gov/bill/118th-congress/senate-bill/1838/text

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Justin Slaughter

I sometimes read anti crypto pieces and am usually the most struck by not just how inaccurate they are but how they seem to fear regulation because it will make crypto seem safer, thereby enticing people join it and be hurt by the inevitable crash. Just a cascade of false assumptions. This is an especially good specimen. https://washingtonmonthly.com/2025/05/20/why-are-some-democrats-making-cryptocurrency-too-big-to-fail/

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Justin Slaughter

CCM voted yes, Warnock voted no then yes, Cantwell and King voted no ultimately.

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Justin Slaughter

If you want to watch the cloture vote on Genius live, it will be at this link in about 10 minutes. https://www.senate.gov/legislative/floor_activity_pail.htm

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Justin Slaughter

Most important senators to ping (imo): Warnock (D-GA) Cantwell (D-WA) Cortez-Masto (D-NV) King (I-ME)

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Justin Slaughter

Little known secret: Senators track the calls that come into their office every day from their constituents on each issue. It’s treated as proof of how their states care about that issue. If you’re in crypto, you should take 5 minutes Monday to call your senators. Don’t email, call like a boomer. https://www.senate.gov/general/resources/pdf/senators_phone_list.pdf

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Justin Slaughter

I’m about 90% GENIUS passes into law next week at this point. Vibe/whispers in DC are that the vast majority of people in Congress and policy circles want to finally craft some laws on stablecoins and begin the process of crafting a regime for this part of crypto. The main obstacles are banks, Trump, and nonprofits.

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Justin Slaughter

There’s a deal on Genius. First vote early next week.

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Justin Slaughter

Genius seems to be tracking better. Dems and GOP appear to genuinely trying to find a workable compromise.

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