Welcome to the On the Margin Newsletter, brought to you by Ben Strack, Casey Wagner and Felix Jauvin. Here’s what you’ll find in today’s edition:

General election season is well underway, and crypto companies are opening their checkbooks. A sign the bull market is truly upon us afterall, perhaps? 
A $1.6 trillion asset manager came out swinging in the ether ETF fee war, but a competitor could be positioned to one-up them.

109

As promised, President Joe Biden on Friday vetoed H.J.Res. 109 — a pro-crypto bill that attempted to overturn the SEC’s Staff Accounting Bulletin (SAB) 121. The veto comes after a rare show of bipartisan support and cross-chamber cooperation required…

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