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The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty. ‘We Are Just Getting Started’ In a historic move, … Read more
The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision? Go to Source
The SEC’s proposed crypto custody rule and its “hostility” to the industry isn’t in Joe Biden’s “best interests,” Representative Wiley Nickel told Gary Gensler. Go to Source
Following the U.S. House of Representatives passing a resolution to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121), Senator Cynthia Lummis has urged the Senate to do the same. The resolution aims to prevent regulatory overreach that makes it prohibitive for financial institutions to hold customers’ digital assets. Critics, including House Financial Services Committee … Read more
The U.S. House of Representatives has passed H.J. Res. 109, a resolution aimed at overturning the Securities and Exchange Commission’s SAB 121 regulations on digital assets. The resolution seeks to reduce regulatory burdens and promote safer custodianship of digital assets by regulated banks. However, the White House has backed the SEC, issuing a veto threat, … Read more
The House of Representatives has voted to overturn controversial SEC guidance that has virtually blocked banks from custodying crypto assets. Go to Source
While the bulletin was intended to provide clarity regarding the accounting treatment for digital assets, it has been criticized by both lawmakers and regulators. Go to Source Powered by WPeMatico
