Co-Writer @CapitolAccount, a daily newsletter on financial regulation. Formerly @WSJ. Signal username: ryanjtracy.19
Washington, DC, USA
Joined May 2009
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"We can only continue to give you the news and the atmosphere in which it happens. You must reach your own conclusions." - Edward R. Murrow
CRYPTO GETS ITS WAY: The OCC's GENIUS Act Final Rule takes a laissez-faire posture on interest payments, reserve assets and other core areas where digital asset companies had demanded changes....
We looked into how Section 901 of the 21st Century ROAD to Housing Act benefits one company that has been pressing it for years.
Ryan Tracy retweeted
The collapse of the Clarity Act marked a spectacular choke by an industry that had just recently begun reveling in its new lobbying clout, with President Trump in its corner.
With @dgtokar and @Vlajournaliste
wsj.com/finance/currencies/c…
Those 4 months seems pretty crucial though, in retrospect. No regrets?
Here we go again! The WSJ is working on a story blaming Coinbase and me personally for the CLARITY Act not passing.
The Journal has repeatedly been hostile to CLARITY in its reporting, regurgitating bank lobby talking points, while I’ve spent years pushing for crypto legislation, but that’s not stopping them from trying to reverse the blame.
The boring TLDR: in January I opposed a draft of the bill going into a committee vote, because it needed a lot of work on DeFi, tokenization, CFTC authority, and stablecoin rewards. At the time, the bill had major issues that would have harmed crypto. Support was fractured, and it wasn’t passable. We worked with a number of parties who improved the bill and made it passable. All four of the items I called out were fixed in the draft that then went through the committee about four months later. I'm proud to have done it, and would do it again, because it helped create a better bill. One step of many along the way.
The final draft of CLARITY that went to the Senate was great, and I strongly supported it. I'll continue showing up for our customers and pushing for clear rules that treat crypto fairly, even if those who feel threatened by crypto try to plant false stories. It's a shame that the WSJ takes direction from bank lobbyists instead of reporting the truth, but luckily, people are smart enough to see through it these days, and it backfires on them every time.
Nice scoop by Andrew but why have we not seen the report today?
Step 1: Fed commissions a review independent of the parties involved.
Step 2: Fed announces the findings via a speech by one of the parties (Bowman). It does not let anyone read the independent report.
Huh?
SCOOP: Fed officials knew-or should have known-up to a year in advance that Silicon Valley Bank was vulnerable to a massive run, but were paralyzed by a "miasma of committees," according to people familiar with a new draft report commissioned by Fed governor Michelle Bowman.
Rather than targeting individual leaders, the review points to a long-standing culture of inaction.
Spotted outside the @AmericasCUS Congressional Caucus in DC today: A Corvette Stingray with NOBNKR tags.
Ryan Tracy retweeted
So many of my kids' favorite books are ones they received from Dolly Parton's Imagination Library. My four year old lights up whenever a new book arrives. One of them has been required reading at mealtime for the past two months. Unmatched generosity. 🤍
Ryan Tracy retweeted
Yesterday was my last day as Treasury Under Secretary for Domestic Finance and also the 10th anniversary of my public service. I’m grateful to the President and Secretary Bessent for the opportunity, and to my colleagues for their dedication. It was a great honor to serve.
CFPB Director Nominee Brian Johnson’s trip through the revolving door was always likely to draw scrutiny from Democrats and liberal critics. Now, the Capital One executive’s public ethics agreement is giving them another reason to raise questions about his ties to the bank....
The document, released by the Office of Government Ethics, shows that the firm has agreed not to claw back two bonuses that it paid Johnson in 2024 and 2025. His ability to keep the full payout was contingent on remaining with the company for two years (he started 11/24)
Here's the doc: lnkd.in/dpaR49ja Full story in last night's edition for subscribers, from Rob Schmidt and me: lnkd.in/dTj2xaz8
.@JonMcKernan, a top Treasury Department official who has been a central player in the Trump administration’s push to ease banking rules, is expected to step down next week, according to sources.
Full story in tonight’s edition: capitolaccountdc.com/p/treas…
Funny enough, Clarence Thomas sort of agrees with @BharatRamamurti here... The justice wrote that a better historical parallel for the Fed is the Interstate Commerce Commission, not the 1st and 2nd Banks of the U.S.
A couple notable shifts in the community banking provisions of this soon-to-be-law.
- The raised cap on reciprocal deposits (@IntraFi) doesn't seem as aggressive as the one that earlier passed the House. The limit will be higher but by not nearly as much.
After being drilled for years about the precious-ness of Senate Floor Time, it is remarkable to see the same bill get put up for a vote 3x in the same year.
