Fun

SEC custody rule made crypto regulation a ‘political football’ — Rep. Nickel

News Feed - 2024-05-16 10:05:52

Brayden Lindrea7 hours agoSEC custody rule made crypto regulation a ‘political football’ — Rep. NickelThe 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.1794 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe United States securities regulator has turned crypto regulation into a “political football,” and its “open hostility” isn’t helping President Joe Biden, says Representative Wiley Nickel.


In a May 15 letter to Securities and Exchange Commission Chair Gary Gensler, Nickel, a Democrat, claimed the regulator ran contrary to its mission to protect investors and breached its authority in trying to pass the controversial Staff Accounting Bulletin 121, or SAB 121.


SAB 121 is a proposed rule mandating that SEC-reporting entities custodying crypto must record those holdings as liabilities on their balance sheets.


Nickel claims it would prevent American banks from being able to custody crypto exchange-traded products at scale — which creates a “concentration risk” by handing more control over to non-bank entities,


The SEC’s “open hostility” toward the cryptocurrency industry “isn’t serving President Biden’s best interests,” he added.


“The SEC is turning cryptocurrency regulation into a political football and forcing President Biden to choose sides on an issue that matters to many Americans,” the North Carolina Representative wrote.Source:Wiley Nickel


Nickel wants Gensler to withdraw SAB 121 but he is confident the Senate in its May 16 vote on the matter will pass a resolution invalidating the SEC’s proposed rule.“I’m hopeful that this bipartisan, bicameral resolution will send a message: it’s time to adjust the SEC’s misguided approach to digital assets.”


The House of Representatives voted to pass a bill overturning SAB 121 last week.


The last stop for the bill before it could overturn the rule would be on Biden"s desk — who has said he would veto the bill should it make it that far.


Related:SEC’s Gary Gensler gets irked being asked about crypto


Nickel is worried that SAB 121 could result in many U.S. investors seeking offshore custody solutions which could prove “riskier” in the long run.


Many Republicans share his position, too, including U.S. Representative Tom Emmer, who said SAB 121 would make U.S. markets “less fair, less orderly and less efficient.”The SEC’s statutory mission is to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets.

Chairman Gensler is violating all three of these with his illegal SAB 121 rule. pic.twitter.com/Wky2K8zglR— Tom Emmer (@GOPMajorityWhip) May 7, 2024


SAB 121 was introduced by the SEC in March, 2022.


Magazine:Crypto regulation: Does SEC Chair Gary Gensler have the final say?# Business# Senate# SEC# White House# Regulation# Gary Gensler# Joe BidenAdd reaction

News Feed

Monopoly Millionaire Game Raised $1 Million in Seed Funding
Monopoly Millionaire Game Raised $1 Million in Seed Funding press release PRESS RELEASE.Monopoly Millionaire Game, a marine-themed GameFi that involves island construction, cultivat
French President Emmanuel Macron on Taiwan: ‘Being an Ally Does Not Mean Being a Vassal’
French President Emmanuel Macron on Taiwan: "Being an Ally Does Not Mean Being a Vassal" French president Emmanuel Macron has decided to double down on his strategic autonomy polic
Omni Network token falls 55% after airdrop, fake token completely rugs
Jesse Coghlan2 hours agoOmni Network token falls 55% after airdrop, fake token completely rugsOmni Network’s token price has halved just 18 hours after its test net users and some NFT holders were airdropped the token.
Google sues alleged China crypto app racketeers: Report
Zoltan Vardai12 hours agoGoogle sues alleged China crypto app racketeers: ReportApproximately 100,000 users have downloaded fraudulent apps from Google Play, but the amount of user funds lost remains unknown.768 Total vi
Cardano Price Prediction: Analyst Sounds Alarm Of Break Through Key Resistance, Why A Rally Could Follow
Este artículo también está disponible en español. Based on chart indicators, the Cardano pricehas just broken through a key resistance, sparking the promise of a potentia
Tom Mitchelhill3 hours agoSHIB, BONE, LEASH tokens dip amid rumors of $2.5M Shibarium gaffeShiba Inu and related-token prices plunged since Shibarium"s launch, while rumors of a significant technical error in the new Shi
Savannah Fortis9 hours agoUS and China AI-tech standoff shows signs of spreading to other countriesThe ongoing spat between the United States and China over emerging tech like AI continues as U.S. President Joe Biden res
Prashant Jha13 hours agoCelsius could repay all claims if Bitcoin, Ether prices rose 2X — Simon DixonDixon said creditors should fight to get out of the bankruptcy proceedings before the end of 2023, or before the pric
North Korea Stole Record Amount of Crypto Assets in 2022, UN Report Unveils
North Korea Stole Record Amount of Crypto Assets in 2022, UN Report Unveils The regime in North Korea has managed to steal more cryptocurrency last year than in previous years, acc
Solana Triggers Long Thesis After Pushing Above $125 – Start Of A Bigger Rally?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Indian Lawmaker Says ‘Cryptocurrency Is Inevitable’
Indian Lawmaker Says "Cryptocurrency Is Inevitable" Indian Parliament member Dr. Subramanian Swamy has shared his view on cryptocurrency. Advocating for India to make the transit
Australia’s main stock exchange to get second spot Bitcoin ETF
Brayden Lindrea3 hours agoAustralia’s main stock exchange to get second spot Bitcoin ETFThe DigitalX Bitcoin ETF will be listed under the ticker BTXX on July 12, becoming the second spot Bitcoin ETF to be approved on t