Fun

US Senate passes resolution overturning SEC crypto rule on banks

News Feed - 2024-05-17 02:05:48

Turner Wright6 hours agoUS Senate passes resolution overturning SEC crypto rule on banksU.S. President Joe Biden said he intended to veto the joint resolution aimed at overturning an SEC rule requiring banks to keep customers’ digital assets on its balance sheets.3794 Total views3 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksA majority of lawmakers in the United States Senate have passed a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms.


In a 60 to 38 vote on May 16, U.S. Senators passed H.J.Res. 109, a resolution nullifying the SEC’s Staff Accounting Bulletin No. 121. The commission’s rule requires banks to keep customers’ digital assets on their balance sheets, with capital maintained against them — a measure many lawmakers and industry leaders have criticized as stifling innovation.


“The tally, a stunning 60 ‘Yeas’ in the Senate vote, sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule,” said the crypto advocacy group Blockchain Association in a May 16 X post.Source: Senate.gov


On May 8, before the resolution passed the U.S. House of Representatives, President Joe Biden said he intended to veto the bill to “protect investors in crypto-asset markets and to safeguard the broader financial system.” If the U.S. President vetoes the legislation, it will return to Congress and require a two-thirds majority vote to pass again.


“The threat of a presidential veto denies the fact that there is a growing awareness among the voting public, particularly young people, that crypto is something our elected officials should care about,” said the Blockchain Association.


Related:Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years


The vote represented an atypical bipartisan move by the U.S. Senate, split 51-49 in favor of Democrats. According to Senator Cynthia Lummis, it was the first time this session of Congress passed “standalone crypto legislation.” The White House did not immediately release a statement on the resolution passing.


“It is clear there is overwhelming opposition to SAB 121, and I urge [President Biden] to reconsider his previous statement of intent to veto the resolution,” said Representative Mike Flood, who sponsored the resolution.


The joint resolution could be a bellwether for a different crypto bill, the Financial Innovation and Technology for the 21st Century Act. The legislation clarifies the roles the SEC and Commodity Futures Trading Commission would have in regulating digital assets. It passed out of committee in July 2023 and is expected to be introduced in the House for a floor vote in May.


Magazine:‘Crypto is inevitable’ so we went ‘all in’: Meet Vance Spencer, permabull# Government# Banking# Senate# SEC# United States# RegulationAdd reaction

News Feed

Financial Warfare: Afghan Central Bank’s $10B Confiscated by US, Biden Halts USD Shipments to Afghanistan
Financial Warfare: Afghan Central Bank"s $10B Confiscated by US, Biden Halts USD Shipments to Afghanistan The war in Afghanistan has been an extremely long confl
Marcel Pechman2 hours agoNo, Bitcoin withdrawals from exchanges are not inherently bullish for cryptoTraders say the record-low number of BTC held on exchanges is a bull signal, but data suggests otherwise.1943 Total vie
3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online
3 Debit Cards Nigerians Can Use to Spend Cryptocurrencies in Stores and Online Options to acquire cryptocurrencies in Nigeria have been growing in number, along withincreasing in
Bitcoin Not Reached ‘Extreme Euphoria’ Phase Yet, Glassnode Reveals
Este artículo también está disponible en español. The on-chain analytics firm Glassnode has revealed the level Bitcoin would have to rise to if it has to reach the histor
Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament
Ukraine President Zelensky Returns Law ‘On Virtual Assets’ to Parliament The Ukrainian president has sent the recently adopted law “On Virtual Assets” back to the
Bitcoin Rally Benefits From US Buyers – Coinbase Premium Gap Reveals Strong Demand
Este artículo también está disponible en español. Bitcoin has surged past the $99,800 mark, setting another all-time high as it inches closer to the psychological $100,00
Turner Wright2 hours agoCFTC commissioner calls for crypto regulatory pilot programCommissioner Caroline Pham called for the pilot program to kick off with a stakeholder roundtable and for the CFTC to propose and adopt r
Australia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvals
Brayden Lindrea2 hours agoAustralia’s Bitcoin sentiment jumps after US spot Bitcoin ETF approvalsThe rise in positive sentiment was skewed heavily by those aged 55 and above, where Bitcoin sentiment increased by 100%.8
Montenegrin court postpones Do Kwon’s extradition to South Korea
Turner Wright8 hours agoMontenegrin court postpones Do Kwon’s extradition to South KoreaDo Kwon faces fraud charges in the United States and South Korea as authorities compete to extradite the Terraform Labs co-founder
Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors
Former FTX CEO Seeks $10M Insurance Fund for Legal Defense, Request Opposed by FTX Debtors and Unsecured Creditors Court filings reveal that the FTX co-founder is seeking access to
Technical Analysis: Cosmos, Harmony Prices Surge on Saturday
Technical Analysis: Cosmos, Harmony Prices Surge on Saturday Cosmos (ATOM) and harmony (ONE) were some of today’s big gainers, as the global crypto market cap was up 1.23% t
Crypto voters are bipartisan in desire to update the system — Coinbase
Savannah FortisJul 11, 2024Crypto voters are bipartisan in desire to update the system — CoinbaseAccording to a new Coinbase study, crypto voters are diverse, enthusiastic and poised to impact key battleground states i