As a researcher with experience in the financial technology industry and a keen interest in cryptocurrencies, I cannot help but be elated by the recent developments in Washington D.C. The Senate’s decision to reject the controversial SAB 121 guidance introduced by the Securities and Exchange Commission (SEC) is a significant victory for the cryptocurrency industry.
Michael Saylor, a co-founder of MicroStrategy, has expressed his excitement on the X social media platform about the latest triumph of the cryptocurrency sector in the US Senate.
On X social media, he expressed that there’s growing interest in Bitcoin from Wall Street, the House of Representatives, and most recently, the Senate.
As an analyst, I’d rephrase it as follows: This past Thursday, I observed the Senate passing a resolution with a vote of 60 to 38, effectively terminating the contentious SEC bulletin known as SAB 121.
I, along with several Democratic senators including Chuck Schumer from New York, aligned with the Republican camp to reject the Securities and Exchange Commission (SEC) guidance in the Senate.
The Digital Chamber, the foremost blockchain business association, expressed great delight in marking the approval of the resolution annulling SAB 121. According to Compound Labs’ Robert Leshner, this was just the beginning of numerous legislative triumphs for the cryptocurrency sector.
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The disputed regulation compels financial institutions holding cryptocurrencies as deposits to list these assets as liabilities on their financial statements. Opponents contend that this would hinder banks from offering custody services for digital currencies.
As a crypto investor, I’m concerned about the recent SEC rule that gives them the power to deem certain cryptocurrency exchanges as national securities exchange registered entities. According to Austin Campbell, the founder and managing partner of Zero Knowledge Consulting, this rule could potentially infringe upon the rights of crypto holders. In his perspective, there’s no justification for the SEC to hold funds against assets they don’t own. He believes that this action was taken solely to prevent regulated financial institutions from offering custodial services in the crypto space. Furthermore, Campbell emphasizes that this guidance favors non-regulated custodians instead.
As reported by U.Today, the US House of Representatives voted to shoot down the guidance on May 9.
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2024-05-16 21:19