Mason Lynaugh
@masonlynaugh
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Community Director of @StandWithCrypto. Born and raised in Austin, Texas. Proud to be an American 🇺🇸
New York City
Joined February 2014
Coinbase CEO Brian Armstrong: "I met with one of the top 10 global banks in the world yesterday and the CEO told me, 'Crypto is my number one priority. We view that this is existential. We're all in.'"
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Big thanks to Senator @JohnBoozman for taking this important step to move market structure legislation forward. We’re still working through the details, but this is a great foundation. We look forward to the markup on Tuesday.
🚨BREAKING: Chairman @JohnBoozman releases updated market structure legislation ahead of January 27th markup. https://t.co/PB7O9FMJlZ
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Senate Ag just dropped their new draft of a market structure bill. Here is a summary of what the Digital Commodity Intermediaries Act (DCIA) does specifically on self-custody wallets and DeFi / non-custodial interfaces 1. Self-custody wallets are explicitly not regulated The
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Amazing work from our advocates connecting with legislators to ensure the Aloha State stays at the forefront of the crypto movement.
Advocates of @standwithcrypto in Hawaii had a fruitful time at the @cochawaii YP Legislative Link Up event. Thank you Sen. Troy Hashimoto, Rep. Adrian Tam and Rep. Daniel Holt for listening to our concerns around digital asset legislation, consumer protection and education.
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“The federal government should not protect certain industries’ profitability at the expense of others and consumers. Competition drives innovation and efficiency.” ‼️
Check out my op-ed in today’s Financial Times on why stablecoins holders should be allowed to earn interest:
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Crazy chart. It’s very clear: American voters want crypto.
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The following statement is attributed to Blockchain Association CEO @SKMersinger following Chairman Scott's announcement that tomorrow's markup on market structure legislation is delayed:
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News: The Senate Banking Committee will delay its markup of a landmark crypto bill, according to a notice sent out to staff tonight. The bill, which has been subject to months of bipartisan negotiations, was dealt a massive blow Wednesday by Coinbase CEO Brian Armstrong
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When it comes to stablecoin rewards, Americans want the power to choose. New data shows nearly 4-to-1 public support for allowing stablecoin rewards - and little appetite for government intervention to stop them. Learn more in our latest Crypto in America: Stablecoin Rewards
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🚨NEW: The crypto industry’s leading DeFi trade group, @fund_defi, is out with a list of amendments it’s urging senators to oppose ahead of tomorrow’s @BankingGOP markup, warning they would “seriously harm” the DeFi industry and software developers. A nod as well to
1/ @fund_defi will be identifying and keeping track of anti-DeFi amendments submitted ahead of the Senate Banking Committee @BankingGOP Markup of the Clarity Act tomorrow. While we have not seen the text of these amendments, the descriptions suggest they would seriously harm
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Reminder that @standwithcrypto will be scoring the Senate markup this week We get to find out which Senators stand for bank profits at the expense of the American people, and which stand for consumer rewards. You can’t buy marketing this good for crypto products 💙🍿
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If you're wondering why the banks don't want yield on stablecoins, here's the summary of National Deposit Rates from the FDIC: -> Savings = 0.39%, Checking = 0.07%, MM= 0.58%! -> All while the Treasury Yields are 3.89% (from 12/15) -> That fat spread of 3.82% represents bank
🚨NEW: Yield update: Banks may have won this round on stablecoin yield. The latest draft (page 189) says companies cannot pay interest just for holding balances. You can earn rewards, but only if they’re tied to opening an account or activity like making transactions, staking,
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If the big bank lobby wins, the American people lose. The banks are fighting tooth and nail against crypto-rewards, threatening to kill the entire market structure bill just so they don’t have to face fair competition from innovation.
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Big banks earn $360B+ annually from payments and deposits. Now they're lobbying to kill crypto rewards because real competition threatens those margins. Congress shouldn't pick winners and losers – especially when the losers are everyday Americans.
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Dear banks, now might be a good time for you to take the deal being offered on stablecoin rewards and yield.
👀 Asked whether he'll try to attach CCCA to crypto market structure legislation, Marshall tells me: "I don't think we're quite there on making decisions on what to do with it." "Swipe fees are an inflation multiplier" and "Americans pay seven times more in swipe fees." So "if
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Stand With Crypto is on the Hill today advocating for crypto rewards with North Carolina founders and community organizers. Your lawmakers need to know: this is a choice between everyday Americans and banks. Take action 🔽
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Here are the battlelines being drawn by the Coinbase-backed Stand with Crypto ahead of Thursday’s Banking markup
Tell Congress: Pass market structure, protect rewards. https://t.co/B30Nk7JcKR
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I hope Senators on the @BankingGOP committee are paying attention to the Bankers’ two-timing here: arguing vociferously in favor of their own rewards programs while their lobbyists try to ban crypto rewards.
New tonight - joint statement from ABA, @bankpolicy, @ConsumerBankers, @FSforum, and @ICBA on proposed cap on credit card interest rates: https://t.co/ALTkrqimJS
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Chairman @SenatorTimScott is moving forward on digital asset market structure legislation – delivering clear rules that protect Main Street, keep innovation here at home, and safeguard U.S. national security. Read his statement on next week’s markup ⬇️
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