Seth Priebatsch’s Post

An election just happened, and there were some outcomes. You probably already have thoughts on some of them. I’m going to keep this thread narrowly focused on areas that I and Groma focus on: real estate, digital assets, and Boston. DIGITAL ASSETS The area with the clearest shift is digital assets. The digital assets industry had, to put it mildly, a difficult experience with the Biden/Harris administration. SEC chair Gary Gensler has waged a campaign of unpredictable and capricious enforcement against firms in the industry, chilling innovation and investment. Even crypto-skeptic financial commentator Matt Levine said that “it sure looks to me, and everyone, like the SEC’s goal is not to protect crypto investors but to prevent crypto investment.” Crypto advocates have looked to Congress to provide clearer guidance to the SEC, but minimal progress has been made in recent years. The FIT21 market structure bill came close, passing the house, but didn’t make it through the Senate, and Biden vetoed a bipartisan bill to repeal SAB 121. The turnover of the presidency and the Senate are likely to change this. Trump has stated his intention to replace Gensler as SEC chair and to push for greater self-custody rights. Meanwhile, with crypto-skeptic Senate banking chair Sherrod Brown having lost his seat and likely to be replaced by pro-crypto Tim Scott, the prospects for pro-crypto legislation have improved immensely. REAL ESTATE The outlook for real estate is more complicated. If the Trump administration is able to act on its promise to deport large numbers of illegal immigrants (and that’s a big if, as it’s likely that a variety of actors–federal agencies, local governments, and NGOs–will oppose it fiercely), it would have two offsetting effects on the real estate market. The supply of construction workers would decrease, making it harder to build new housing, but current demand for housing would also drop, likely lowering prices in the short run. Tariffs would also be a headwind for new construction; many of the raw materials used to build new housing are imported, and increasing their cost makes it harder for the math of new developments to work. The idea is of course for the US to eventually build its domestic manufacturing capacity, but that will take time. BOSTON Lastly, where does Boston stand? Our economy is driven by life sciences, education, and financial services. The financial services industry has been bullish about the election; lighter regulation and lower capital gains taxes are expected to boost its returns. Life sciences are more mixed, as while the industry may also benefit from lower regulation, government healthcare spending may decrease. And education should remain robust, as demand is relatively inelastic. And if you haven’t voted in California yet, they’re somehow still counting, so I guess vote away!

Donald Trump's return to the White House is expected to significantly impact the finance industry, with clear winners emerging, including big banks, cryptocurrency firms, and hedge funds. These entities have been at odds with Biden administration regulators over the past four years. *Key Financial Policy Shifts* *Taxes* Trump plans to extend Tax Cuts and Jobs Act provisions, lowering taxes for businesses from 21% to 20%, and potentially as low as 15% for domestic manufacturers. This move would benefit Wall Street dealmakers and the broader financial services industry. *Banking* Trump is expected to ease capital rules and merger approvals, diluting the Basel III endgame proposal. Bank lobbyists anticipate a halt to the Biden-era financial agenda, with Trump likely to oust Consumer Financial Protection Bureau Director Rohit Chopra and install a new comptroller of the currency. *SEC and Crypto* The Security Exchange Commission will likely unwind rules implemented under Gary Gensler, benefiting the crypto industry. Trump aims to make the U.S. the "crypto capital of the planet." *Housing* Trump may derail Democrats' anti-discrimination efforts and revive hopes of scaling back government control in the mortgage market. He has pledged to ease regulations to boost construction. *Federal Reserve* Trump may clash with the Federal Reserve Board, suggesting he should have a "say" in interest rate policy. He has criticized Chair Jerome Powell, and his economic advisers have floated the idea of announcing Powell's replacement. These changes signal a significant shift in financial policy, with potential implications for various industries. https://lnkd.in/eQWNt_e3

How to Protect Your Digital Assets From Estate Tax Note: Estate planning is critical to ensure heirs don't get hit with millions in estate taxes after you die. You can also protect your digital assets from litigation. https://lnkd.in/eqFYrP_7 #personalfinance #moneymanagement #taxplanning #estateplanning #retirementplanning

Today’s tipsheet https://lnkd.in/eefUQpAA A watershed moment for the U.S. and digital assets: The "Financial Innovation and Technology Act for the 21st Century" (FIT 21) easily passed the House 279-136 yesterday. Democratic support totaled 71 votes versus the 21 Dem votes for the SAB 121 resolution two weeks ago. Today, there will be a vote on House Majority Whip Tom Emmer's (R, MN) anti-CBDC bill. Yesterday morning, and with the FIT 21 vote imminent, the White House suddenly moved to a conciliatory tone on digital assets - but still not totally giving in. In a statement, SEC Chair Gary Gensler maintained his anti-crypto point-of-view preceding the vote as did House Dem leadership during the FIT 21 debate on the Floor. D.C. is flocking to Austin, Texas, for next week's crypto conference Consensus from CoinDesk. Another Congressional letter landed in the inbox of Chair Gensler from House Financial Services leaders. They want answers on Prometheum.

How to Protect Your Digital Assets From Estate Tax https://lnkd.in/eqFYrP_7 #CaryEstatePlanning #EstatePlanning #YourPeaceOfMind #OurPassion #HonestPlanning #EstatePlanningLawyer #WillsandTrusts #NCEstatePlanning #PlanningNotPaperwork #Estatetax

How to Protect Your Digital Assets From Estate Tax Note: Estate planning is critical to ensure heirs don't get hit with millions in estate taxes after you die. You can also protect your digital assets from litigation. https://lnkd.in/eqFYrP_7 #personalfinance #moneymanagement #taxplanning #estateplanning #retirementplanning

How to Protect Your Digital Assets From Estate Tax Estate planning is critical to ensure heirs don't get hit with millions in estate taxes after you die. You can also protect your digital assets from litigation. https://lnkd.in/dCbsqfVa

In this video, I share my thoughts on the capital gains tax proposal from the Harris/Walz and Biden administration, which has sparked significant debate among investors and economists alike. This proposal includes a 44% capital gains tax on individuals with a net worth over $100 million and a 25% tax on unrealized gains. While these numbers may seem aimed at the ultra-wealthy, the ripple effects could be far-reaching, impacting the middle class in ways many don’t expect. Key Takeaways: - Political Rhetoric or Real Threat? I discuss why this bill might not pass and could be more about gaining votes than enacting real change. - Impact on Real Estate Market: Wealthy individuals might drive up property prices to offset potential taxes, worsening the housing affordability crisis. - Unrealized Gains and Rent Prices: The 25% tax on unrealized gains could lead to increased rents in multifamily and commercial properties, making renting even less affordable. - Effect on Everyday Costs: Higher taxes on commercial real estate could lead to increased prices for groceries and other goods, particularly in areas with limited competition. - Broader Economic Implications: Even if this tax targets the wealthy, the middle class could bear the brunt of the consequences, from rising housing costs to higher everyday expenses. But this conversation isn’t just about the potential negatives—it's about understanding and preparing for what could happen. If you want to stay ahead of these developments and learn how to protect and grow your investments, I invite you to join Comment "4 and subscribe to my free newsletter, Diary of a Visionary. In my newsletter, you’ll get: - Key market insights on cryptocurrency, blockchain technology, and AI strategies. - Tools and resources to help you thrive in the Fourth Industrial Revolution. - Exclusive access to my Crypto Barbell Strategy—the exact approach I use to build a 7-figure crypto portfolio, giving you diversified exposure across the crypto market. Don’t miss out—subscribe today and get the knowledge and strategies you need to navigate these uncertain times. Let’s keep the dialogue going—share your thoughts in the comments, and remember to like, share, and subscribe to stay informed and empowered in your financial journey. Subscribe now and prepare to thrive in the evolving economic landscape! #4thEyeVisions #CapitalGainsTax #TaxProposal #WealthTax #TaxReform #BidenTaxPlan #HarrisonWalzTax #InvestmentTax #RealEstateTax #UnrealizedGains #FinancialLiteracy #TaxPlanning #Economy2024 #TaxStrategy #WealthManagement #CryptoAndTaxes #InvestmentStrategies #HousingMarket #EconomicPolicy #TaxImpacts #MiddleClassEconomy

🚨 Is the SEC about to see a shake-up? 🚨 Kamala Harris's transition team is reportedly exploring candidates to replace Gary Gensler as SEC Chair, with Chris Brummer and Erica Williams emerging as top contenders. Both are seen as more crypto-friendly and could mark history as the first non-white SEC Chair if appointed. 🌍✨ While Brummer and Williams are viewed as progressive voices open to crypto legislation, they also have a strong stance against misconduct in the financial space. However, Harris's team is still weighing the risks of appearing too pro-crypto ahead of the election, potentially alienating some progressive voters. The clock is ticking, but there’s no final decision on Gensler’s future yet. ⏳ #SEC #Crypto #KamalaHarris #GaryGensler #Regulation #ChrisBrummer #EricaWilliams #FinancialRegulation https://lnkd.in/dyxbJ6Pq

New "Technology" post from THE HILL: Financial trade group calls on SEC chief Gensler to 'immediately' step down The American Securities Association (ASA), a financial trade group, called on Securities and Exchange Commission (SEC) Chair Gary Gensler to immediately resign from his post following the reelection of former President Trump. "Last night the people voted for this country to take a new direction, and Chairman Gensler should respect that vote by stepping down from his position immediately," ASA President and CEO Chris Iacovella wrote in statement Wednesday. "This is the only way for America's working families, retirement savers, and small businesses to rebuild their trust and confidence in the institution of the SEC," Iacovella added. The statement from the ASA, which represents large asset managers, came less than a day after the presidential race was called for Trump, who has pledged to fire Gensler if reelected. Gensler has faced backlash for his hardline approach to the cryptocurrency industry, which has gained prominence in Washington since Trump's first term. Trump, who once called crypto a "scam," has shifted gears on the topic and embraced the industry on the campaign trial while criticizing the Biden-Harris administration's crypto-critical approach, spearheaded by Gensler. While the president-elect has pledged to "fire" Gensler from the role, the SEC is an independent federal agency, meaning its commissioners are protected from being removed without cause. The reasoning is supposed to be based on law and policy considerations, not political influence. Trump cannot force Gensler to step down as a commissioner, though he can name a new interim SEC chair once he is inaugurated in January, CoinDesk reported. The former president can also nominate a new commissioner to the Senate, which flipped to Republican control this week, boosting the chances the nomination would be confirmed in the upper chamber. The SEC declined to comment on the ASA's statement. A number of political figures, both in and outside of the crypto world, have called for Gensler's removal in recent years. Sen. Warren Davidson (R-Ohio) and House Majority Whip Tom Emmer (R-Minn.), for example, introduced a measure last year aimed at restructuring the SEC and the removal of Gensler, whom Davidson called "tyrannical." Their proposed measure sought to take away some of the discretion a SEC chair holds and prevent a single political party from holding more than three commissioner seats at any given time. Iacovella's statement is a notable shift from 2021, when he supported Gensler's nomination and called him "a person of immense intellectual acumen" who is "also pragmatic, reasonable, and open to listening to all points of view as he develops policy." The Hill reached out to Iacovella for further comment. Gensler was appointed at the beginning of President Biden's term in February 2021. https://bit.ly/4fzgRDS