🥛Biden vetoes pro-crypto bill: The line is drawn 🤼

PLUS: Why we don’t have $BTC in our portfolio                                                                                                                                                                                                                                                                                                                                                                                                                 June 03, 2024 | [Read Online]( 🥛Biden vetoes pro-crypto bill: The line is drawn 🤼 PLUS: Why we don’t have $BTC in our portfolio [fb]( [tw]( [in]( [email](mailto:?subject=Post%20from%20Milk%20Road&body=%F0%9F%A5%9BBiden%20vetoes%20pro-crypto%20bill%3A%20The%20line%20is%20drawn%20%20%F0%9F%A4%BC%3A%20PLUS%3A%20Why%20we%20don%E2%80%99t%20have%20%24BTC%20in%20our%20portfolio%20%0A%0Ahttps%3A%2F%2Fthemilkroad.beehiiv.com%2Fp%2Fbiden-vetoes-procrypto-bill-line-drawn) Today’s edition is brought to you by [HODL.money]( – a DeFi trading platform that allows users to take leveraged positions with no liquidation, expiry or funding rates. [Learn how to get started here.]( [breaker] GM. This is Milk Road. We serve as your daily analyst, researcher, and entertainment. It’s the 3-for-1 crypto special. Here’s the menu today: - Biden vetoes pro-crypto bill: Line is drawn 🤼 - Why we don’t have $BTC in our portfolio 🤔 - 3 things to watch out for this week 👀 - Binance Founder CZ Begins Prison Sentence 🍪 [Prices as of 9:30AM ET. Click here for our Fear & Greed Index]( [breaker] BIDEN VETOES PRO-CRYPTO BILL: THE LINE IS DRAWN 🤼 Hope you had a restful weekend, because the crypto world sure didn’t after we got a late Friday Veto on SAB 121! The political sea is mighty, and we’re here to surf through it all with you. Now, the Milk Man has two rules: - Never play Monopoly with the in-laws. 🏠- Never get into political debates. 🗳️ But sometimes, rules are meant to be broken, especially when it impacts your bags. Let’s get one thing straight – this isn’t about picking sides between Biden or Trump. It’s about understanding how these political decisions affect your crypto investments. Crypto has officially entered the political arena (or vice versa some say), and these moves could shape the future of the industry. Whether we like it or not, the Milk Man thinks you should stay informed. So what happened? Biden pulled out his veto stamp late Friday evening and smashed it on the bill that was set to repeal the SEC’s SAB 121 rule. It was followed by a full statement and here’s the main quote, “My Administration will not support measures that jeopardize the well-being of consumers and investors”. For those that haven’t been following the SAB 121 saga, this tweet sums it up well: [Source: @DefiDefenseLaw]( To add a plot twist, this was all on the heels of Trump being found guilty of 34 felony counts. Now, this isn’t about crypto directly, but it sure has stirred up a storm in the crypto community. VCs and crypto leaders are rallying behind Trump and other pro-crypto candidates, some even accusing Biden of twisting the law for political gain. The sentiment? [Source: @CozomoMedici]( How big was the rally behind Trump? Trump’s campaign received over $200M in donations since the verdict. Crypto leaders and companies have jumped in too, donating to pro-crypto lobbying groups such as Fairshake in droves: - Ripple $50M - A16z $25M - Coinbase $25M Totalling over $161M in donations, Fairshake has the ability to spend $300k on every seat in congress up for grabs this election… talk about some influence! Other key figures chimed in on the situation with historical metaphors… Nayib Bukele: - [Compared the situation to the Maginot Line]( – an expensive wall built in WWII that failed to stop an invasion. - His point? What seems like a victory for Biden might backfire, causing more problems than it solves. Elon Musk: - [Cited the proscriptions of Marius and Sulla]( – a series of political retaliations in ancient Rome. - Translation: this political tit-for-tat could escalate, leading to even more extreme measures in the future. Why does this matter? This isn’t just about Biden vs. Trump. It’s about how the decisions made in the halls of power will alter the future of crypto. With Biden vetoing the SAB 121 repeal, the line in the sand is clear: his administration is not crypto-friendly. This could mean increased scrutiny for the industry in a Biden America. So what do you think? Is the crypto election one of the most important influences in crypto right now? A/ Yes B/ No Hit reply and let us know with your comments! [GET PAID TO HODL ETH]( Excited to bet on the price of ETH with the ETF approval? Why not get paid for it? Whether you are a bear or a bull — you can get more ETH when you use [HODL.money](. How does it work? They use two complementary tokens: - Price-locked ETH (plETH) - Yield-bearing ETH (ybETH) Go long with plETH with no risk of liquidations. Set an unlock price, hold on for dear life, and receive more ETH from your counterpart (ybETH) at that price. Go short with ybETH and leverage yields up to 5x and more. Deposit funds, choose an unlock price, and earn leveraged yield as long as ETH stays below this price. [Stop HODLing for free — use HODL.money and get paid to HODL today. And for a limited time, early users will qualify for the $HODLP airdrop.](* *Disclaimer: Hey Roadies! A reality check from the Milk Man: I know my dairy, not your dollars. This partner content isn't financial advice. [breaker] WHY WE DON'T HAVE $BTC IN OUR PORTFOLIO 🤔 We dropped the [Milk Road PRO Portfolio]([Â](last week, and folks are buzzing about one thing: where's the $BTC? Don't worry, we still love $BTC – it's been in our portfolio before, and it will likely make a comeback. We just think it isn't the right time for it right now. The idea behind our portfolio is simple: Outperform the “DCA in $BTC and $ETH” benchmark. While we're long-term believers that the crypto market cap will hit $100T within 10 years, we focus on a cycle-based strategy aiming to compound results each cycle and maximize dem gains. [Graph from Pro Report]( What happened to $BTC? We believe [$BTC]( had its moment at the start of this bull cycle with its ETF approval. But now, with 12 to 18 months left in this bull market, we're entering the risk-on phase (think 2020 vibes before the 2021 mania) where other assets offer a better risk-reward. Historically, in the last stretch of a bull market, Bitcoin's dominance dips, and $ETH and alts steal the spotlight. We believe we're in that phase now: [Graph from Pro Report]( This period usually brings a "game-on" macro vibe—lower interest rates and increased liquidity. The final nail in the coffin? The [$ETH]( ETF. Bitcoin might've kept dominating with its ETF, but now that $ETH has one too, the balance is shifting. While we see $BTC hitting $150-200k, that's only 2-3x from current prices. As we mentioned before, we expect the tokens in our portfolio to significantly outperform this. That's why we're eyeing tokens with a better risk-reward potential. Want the details? Explore the [Milk Road PRO Portfolio]( now! And for a deep dive on the topic plus expert insights, listen to Kyle and Jay on [today's Milk Road Radio episode](. P.S. They also spill their price predictions for BTC, ETH, and SOL. Tune in! 👀 [breaker] 3 THINGS TO WATCH OUT FOR THIS WEEK 👀 This week, we're serving up a smorgasbord of juicy events that could shake up the markets like a crypto bull in a china shop. Here's what to keep on your radar: 1/ ETH ETF S-1 approval 📝 The SEC is expected to give a thumbs up or down on several Ethereum ETF applications this week. Watch for announcements around Wednesday. If approved, we might see a new wave of institutional money flowing into ETH. 2/ U.S. macro data (jobs jobs jobs) 💼 Key economic indicators will be released this week, including job growth numbers and other employment data. [Source: @kobeissiLetter]( Strong job numbers could influence the Federal Reserve's stance on interest rates, which in turn affects all markets, including crypto. Keep an eye on how Bitcoin reacts to these macro signals. 3/ Earnings Reports 📈 The stock market’s performance this week could set the tone for crypto markets. [Source: @Ewhispers]( Key earnings reports: - Tuesday: Crowdstrike, Hewlett Packard Enterprise, Bath & Body Works - Wednesday: Lululemon, Dollar Tree, Brown-Forman, Campbell Soup, Five Below A strong stock market often leads to increased risk appetite, benefiting crypto. Conversely, a poor showing could lead to a flight to safety. There you have it. Watch those reports, charts and approvals this week! [breaker] BITE-SIZED COOKIES FOR THE ROAD 🍪 [Chrome Plugin Hack Drains Binance Accounts.]([Â](A Chinese trader lost $1 million due to a plugin named Aggr that stole cookies, bypassing security to gain unauthorized access to accounts to manipulate prices on low liquidity trading pairs. [Binance Founder CZ Begins 4-Month Prison Sentence]([.]( Binance itself agreed to pay $4.3 billion in fines and have a compliance monitor for five years. - DL News [Record-Breaking Month for Polymarket Ahead of 2024 Election.]( Polymarket saw over $63 million in prediction bets placed in May, surpassing its previous record, primarily driven by the 2024 U.S. presidential election markets. [ECB Rate Cut Could Boost Bitcoin Rally.]( The anticipated 0.25% interest rate cut by the European Central Bank on June 6 could stimulate economic growth and increase liquidity, potentially boosting risk assets like Bitcoin. [breaker] MILKY MEMES 🤣 [Source: @wallstreetbets]( [Source: @tittyrespecter]( [Source: @beeple Â]( [breaker] RATE TODAY’S EDITION What'd you think of today's edition? [🥛🥛🥛🥛🥛 F**king great]( [🥛🥛🥛 Meh, do better]( [🥛 You didn't bring the heat]( ROADIE REVIEW OF THE DAY 🥛 ROADIE REPLY OF THE DAY 🥛 In Friday’s daily we asked you “Will Gary still have his job by year end?” well 55% of you voted B/ Buzzer beater - he’ll get fired right around year end And here is the reply of the day: VITALIK PIC OF THE DAY [breaker] DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. [tw]( [ig]( [yt]( [tk]( [in]( Interested in reaching smart readers like you?  [Sponsor Milk Road]( Update your email preferences or unsubscribe [here]( © 2024 ImpactDM Inc. operating as Milk Road 1257 Dundas St W Toronto, Ontario M6J1X6, Canada