Bipartisan Support for Crypto at Risk as Ryan Salame Speaks Out Against Unjust Charges and Bitnomial Takes on the SEC

The Fragility of Crypto Support in Congress

At the recent Permissionless III conference held in Salt Lake City, U.S. Representative John Curtis made some revealing comments about the current state of bipartisan support for cryptocurrency regulation. While encouraging advocates to push for sensible guidelines, he warned that this support is akin to a house of cards—one wrong move and it could all come crashing down.

During a panel discussion with Senator Mike Lee, Curtis noted, “If it becomes a partisan issue, we will have a very, very difficult time. Anything in Washington that becomes partisan struggles.” This is the classic political understatement, like saying water is just a bit damp.

Money Matters: The Central Bank Dilemma

Senator Mike Lee added another layer to the discussion, expressing fears about the Federal Reserve’s potential move to create a Central Bank Digital Currency (CBDC). He stated, “The worst thing that could happen to crypto is for the Federal Reserve to create a CBDC.” Clearly, the prospect of the federal government entering the cryptocurrency space isn’t exactly a comfort blanket for crypto enthusiasts.

Ryan Salame’s Grievances: A Story of Donations and Targeting

In a twist of drama worthy of a courtroom thriller, Ryan Salame, former co-CEO of FTX Digital Markets, has claimed that the U.S. government has set its sights on him for his generous donations to Republican candidates. Speaking on The Tucker Carlson Show, Salame asked the bold question: why is he being pursued for alleged campaign finance violations while his colleagues—who happen to have funded the Democrats—face no such scrutiny?

“You have Sam Bankman-Fried, who’s in prison for a long time, but he’s not been charged with any campaign finance violations. He gave it to Democrats,” Salame pointed out, sounding like a man who just stumbled into an episode of Law & Order: Special Crypto Unit.

Campaign Finance: Charity or Target Practice?

Salame’s story is a little bit messy, involving loans from Alameda Research to fund his political donations, which might sound like a plot twist from a financial drama series. Despite his hefty $20 million to $30 million contributions, his charges seem limited to the political financing arena, steering clear of the FTX collapse fallout—at least for now.

Bitnomial vs. SEC: A Legal Showdown Over XRP

If you thought the crypto saga couldn’t get any juicier, think again. The crypto exchange Bitnomial has decided to throw their hat into the ring against the Securities and Exchange Commission (SEC) over its classification of XRP as a security. Filing a lawsuit in Illinois, Bitnomial argues that the SEC is treading on ground it doesn’t belong, holding that XRP is already regulated as a commodity by the Commodity Futures Trading Commission (CFTC).

In other words, this situation is like trying to fit a square peg into a round hole—and the SEC doesn’t have the right tools for the job.

A Call for Clarity

Bitnomial’s claim presents a chance for a showdown that could clarify the murky waters of digital asset regulation. They argue that the SEC has effectively blocked their attempts to list XRP futures. Their motion includes a request for a declaratory judgment stating that XRP futures are not securities, which could, in turn, affect how other cryptocurrencies are regulated in the future.

The Bottom Line: Navigating the Crypto Uncertainty

The current landscape for cryptocurrency regulation in the U.S. resembles a rollercoaster—full of highs, lows, and unexpected turns. With figures like John Curtis and Ryan Salame voicing their concerns, and lawsuits like that from Bitnomial against the SEC hitting the courts, the quest for a stable and sensible framework for crypto has never been more urgent.

Ultimately, it’s clear: if you’re a crypto enthusiast, keep your safety harness fastened tight; the ride isn’t over yet!