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There are three important events taking place in Washington, DC next week. These events are in the USA crypto- It is considered very important for the industry. We will take a brief look at these in our news, continue reading…
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The Senate recently passed HJ Res., a resolution rescinding the SEC’s Staff Accounting Bulletin 121. 109 agreed. SAB 121 restricts financial institutions from acting as custodians for digital assets. Despite the rare bipartisan agreement passing in the Senate on a 60-38 vote in favor of the Bill, President Biden, who is leaning towards Senator Warren and the SEC’s Gensler, threatened the previous week that he would use his veto power if the Resolution reached his desk. Biden has about nine more days to decide. Additionally, this election will significantly impact the SEC’s overreach on the crypto industry. “During the voting process, Senator Cynthia Lummis, a key proponent of defeating the bill, said, “SAB 121 is a rule under the Administrative Procedure Act disguised as accounting guidance. SEC staff issued it without the approval of a majority of the commission.” Proponents of the bill argue that regulated financial companies are well equipped to store digital assets and that removing the rule will reduce centralization risks. -
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The SEC is expected to make its decision on VanEck’s spot Ethereum ETF application on Thursday. Many believe SEC Chairman Gary Gensler will reject the application. On the other hand, political pressure is increasing. The Democratic Party is concerned that an anti-crypto stance could harm its election prospects. “Due to the lack of correspondence from the SEC, VanEck CEO Jan van Eck expressed his doubts about the approval, saying, “I would be surprised if the SEC said yes at this point.” -
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The Financial Innovation and Technology for the 21st Century Act (FIT21) is scheduled to be voted on in Parliament on Wednesday or Thursday. This important crypto legislation aims to clarify the SEC and CFTC’s regulatory responsibilities regarding digital assets. The bill has received significant support from the pro-crypto faction in Congress. -
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A Crypto Council for Innovation letter signed by companies like Coinbase and Circle encouraged lawmakers to support passage of the bill. “Regulatory clarity is unquestionably more responsible, safer for consumers and preferable to the status quo,” the CCI said. All eyes will be on the US government next week. In this context, the decisions of President Biden, the SEC, and the House of Representatives will be of great importance for the regulatory environment of the crypto industry.
