🚀 Congressman And Senator Discuss Future Of US Digital Asset Policy
#Congress #Senate #DigitalAssets #Cryptocurrency #Regulation #Bipartisan #CryptoPolicy #CBDC #SAB121 #Innovation #Taxation
According to Cointelegraph, Congressman John Curtis and Utah Senator Mike Lee discussed the future of digital asset policy in the United States at Permissionless III. The conversation focused on the bipartisan efforts to repeal Staff Accounting Bulletin-121 (SAB-121), which restricts banks from custodying cryptocurrencies. Congressman Curtis emphasized the fragility of bipartisan cooperation on this issue, stating that if it becomes partisan, progress will be challenging. He urged industry professionals to educate lawmakers on the complexities of cryptocurrencies to alleviate their concerns.
Senator Mike Lee highlighted three major threats to cryptocurrencies: the creation of a central bank digital currency (CBDC) by the Federal Reserve, overregulation by the federal government, and inconsistent state regulations. He described state-by-state regulation as “Death by 50 cuts” for the industry and stressed the need for new regulatory frameworks for digital assets. Lee argued that cryptocurrencies should not be classified as securities or commodities and suggested that capital gains on crypto transfers should not be taxed. He concluded by advocating for minimal government intervention to allow innovation in the crypto sector to flourish.#Congress #Senate #DigitalAssets #Cryptocurrency #Regulation #Bipartisan #CryptoPolicy #CBDC #SAB121 #Innovation #Taxation
🚀 🔥 Standard Chartered Bank Predicts 12% Bitcoin Upside Before U.S. Election 🔥
#StandardCharteredBank #Bitcoin #USPresidentialElection #SAB121 #MicroStrategy #RegulatoryEnvironment #Cryptocurrency #MarketDynamics #BullishOutlook #BTC
According to BlockBeats, Geoff Kendrick, Head of Digital Asset Research at Standard Chartered Bank, estimates that Bitcoin could rise by 12% to $73,800 before the U.S. presidential election in November. Kendrick highlights two key factors driving this potential increase:BNY Mellon's SAB 121 Exemption: The relaxation of regulations under Staff Accounting Bulletin No. 121 (SAB 121) is generally favourable to Bitcoin, signalling a more lenient regulatory environment.MicroStrategy's Bitcoin Bank Ambitions: The exemption is linked to MicroStrategy's plan to evolve into a "Bitcoin bank," potentially allowing the company to earn income by lending Bitcoin in the future. This development could further support Bitcoin's upward trajectory.These factors, combined with Bitcoin’s evolving market dynamics, suggest a bullish outlook ahead of the U.S. election.#StandardCharteredBank #Bitcoin #USPresidentialElection #SAB121 #MicroStrategy #RegulatoryEnvironment #Cryptocurrency #MarketDynamics #BullishOutlook #BTC
🚀 U.S. House Representative Criticizes SEC's SAB 121 Regulation
#USHouse #SEC #SAB121 #MikeFlood #GaryGensler #cryptocurrency #digitalassets #regulation #bipartisan #policyshift
According to Odaily, U.S. House Representative Mike Flood recently expressed concerns over the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) 121. Despite facing widespread opposition, SAB 121 continues to function as a regulation without undergoing the standard Administrative Procedure Act process. Flood emphasized his intention to collaborate with the next SEC Chair to repeal SAB 121. He noted that whether current Chair Gary Gensler resigns voluntarily or is dismissed as promised by former President Trump, the new administration will have a significant opportunity to usher in a new era post-Gensler.
Flood further commented on Gensler's opposition to the bipartisan digital asset regulatory framework passed by the House earlier this year. The framework, supported by 71 Democrats alongside House Republicans, was a notable moment for cryptocurrency regulation. Although the Democrat-led Senate rejected it, the framework could inform the efforts of a unified Republican government when the next Congress convenes in January. Flood's remarks highlight the ongoing debate over cryptocurrency regulation and the potential for significant policy shifts in the near future.#USHouse #SEC #SAB121 #MikeFlood #GaryGensler #cryptocurrency #digitalassets #regulation #bipartisan #policyshift
🚀 Basel Committee Reports Significant Growth In U.S. Banks' Crypto Exposure
#BaselCommittee #CryptoExposure #USBanks #BitcoinETF #CryptoServices #CustodySector #SEC #SAB121 #TrumpAdministration #EuropeanMarkets #SpotCryptocurrencies #ClientExposure #FinancialGrowth #RiskManagement #PrudentialRisk
According to Odaily, the Basel Committee on Banking Supervision has released its Basel III monitoring statistics for December 2023, which include data on crypto asset exposure. Although the data predates the launch of a Bitcoin ETF in the United States, it highlights a significant increase in U.S. banks offering crypto services to clients. Notably, American banks have largely exited the cryptocurrency custody sector, primarily due to the U.S. Securities and Exchange Commission's (SEC) SAB 121 accounting rule, which prohibits banks from providing custody services. However, the incoming Trump administration is likely to completely abandon this rule.
In the second half of 2023, assets under custody in Europe grew by 49% compared to the first half, reaching 5.5 billion euros (5.8 billion dollars). Globally, 94% of custody involves spot cryptocurrencies rather than tokenized assets or exchange-traded products (ETPs). In terms of client exposure, the Americas dominate, providing 98% of services. U.S. banks have exposed clients to 190 billion euros (201 billion dollars) in risk. Additionally, U.S. banks have significantly increased their own exposure, nearly quadrupling it, albeit from a small base. By the end of 2023, the prudential risk exposure stood at 531 million euros.#BaselCommittee #CryptoExposure #USBanks #BitcoinETF #CryptoServices #CustodySector #SEC #SAB121 #TrumpAdministration #EuropeanMarkets #SpotCryptocurrencies #ClientExposure #FinancialGrowth #RiskManagement #PrudentialRisk
🚀 SEC to Undergo Temporary Reduction in Commissioners
#SEC #Commissioners #Crypto #HesterPeirce #MarkUyeda #GaryGensler #Blockchain #Enforcement #PublicComment #Transparency #DigitalAssets #SAB121 #Biden #Regulations
According to PANews, starting next year, the U.S. Securities and Exchange Commission (SEC) will temporarily reduce its number of commissioners while awaiting Senate approval of President Donald Trump's nominee. During this period, only Republican commissioners Hester Peirce and Mark Uyeda will continue their duties. Peirce indicated that with the departure of SEC Chair Gary Gensler, the agency's stance on the crypto industry is expected to change significantly.
At a recent Blockchain Association policy summit, Peirce stated, "We have strong tools and have always leaned towards enforcement. I believe that with new commission members and changes in composition, the types of cases may also change." Uyeda noted that due to the unique nature of federal agencies, most policy discussions occur behind closed doors. He explained, "The Administrative Procedure Act allows the public to comment on regulations, ensuring transparency."
However, when SEC staff guidance does not align with SEC rules, such as in the SAB 121 case, the public does not have the opportunity to comment. In the SAB 121 case, both houses of Congress attempted to overturn the policy requiring digital asset custodians to report liabilities and "corresponding assets," but President Biden ultimately vetoed the resolution. Uyeda hopes the SEC will increase opportunities for public comment. Peirce emphasized that the SEC has come a long way down this path, and change is not easy. She directly addressed the crypto industry, saying, "It requires a joint effort from us and you, with a lot of hard work to get back on track, but I believe we can do it."#SEC #Commissioners #Crypto #HesterPeirce #MarkUyeda #GaryGensler #Blockchain #Enforcement #PublicComment #Transparency #DigitalAssets #SAB121 #Biden #Regulations
🚀 Investors Eye Regulatory Changes And Trump's Crypto Promises In 2025
#Investors #Crypto #RegulatoryChanges #Trump #Bitcoin #Securities #SAB121 #FederalReserve #PolicyRate #DigitalAssets
According to PANews, investors seeking to sustain the cryptocurrency bull market are closely monitoring potential regulatory changes in 2025 and whether Donald Trump will fulfill his commitments to the crypto industry. Sean Farrell, Head of Digital Assets at Fundstrat, emphasized the significance of Trump's first 100 days in office, a period often used by politicians and analysts to gauge the effectiveness and impact of a new U.S. president.
Investors are particularly interested in whether Trump will follow through on his promise to establish a strategic Bitcoin reserve in the United States, although he has yet to provide specific plans. Alex Thorn, Head of Firmwide Research at Galaxy Digital, noted that participants in the crypto industry are also seeking clear guidelines on which cryptocurrencies should be classified as securities. Additionally, investors are watching for any changes to the SAB121 bill, which sets accounting standards for companies that custody cryptocurrencies, requiring publicly traded companies, including banks, to recognize the cryptocurrencies they hold as liabilities on their balance sheets.
Meanwhile, investors are keeping a close eye on whether the Federal Reserve will significantly lower its key policy rate in 2025. This follows indications from officials on December 18 that next year's rate cuts might be less substantial than previously anticipated. The Fed's rate decisions and their economic impact could drive all risk assets.#Investors #Crypto #RegulatoryChanges #Trump #Bitcoin #Securities #SAB121 #FederalReserve #PolicyRate #DigitalAssets
🚀 Circle CEO Anticipates Potential Executive Order On Digital Assets
#Circle #CEO #DigitalAssets #ExecutiveOrder #Cryptocurrency #WorldEconomicForum #SAB121 #FinancialInstitutions #CryptoAssets #Regulation
According to BlockBeats, on January 21, Circle CEO Jeremy Allaire discussed the potential for an executive order from U.S. President Trump that could facilitate banks' ownership of digital assets. Speaking at the World Economic Forum in Davos, Switzerland, Allaire expressed his belief that such an order supporting cryptocurrency could be issued soon, though he did not specify a timeline.
Allaire highlighted concerns regarding the U.S. Securities and Exchange Commission's Staff Accounting Bulletin (SAB 121), a controversial framework that prevents financial institutions from holding cryptocurrencies on their balance sheets. Although Congress voted to overturn SAB 121, the resolution was vetoed by President Biden, who stated, "My administration will not support measures that endanger the welfare of consumers and investors."
Allaire, along with other cryptocurrency executives, argues that SAB 121 is not intended to protect investors but rather hinders the adoption of new technologies. He stated, "SAB 121 effectively imposes punitive measures on banks, financial institutions, and companies, even prohibiting them from holding crypto assets on their balance sheets." Allaire emphasized the need for close attention to this issue in the context of potential executive orders.#Circle #CEO #DigitalAssets #ExecutiveOrder #Cryptocurrency #WorldEconomicForum #SAB121 #FinancialInstitutions #CryptoAssets #Regulation
🚀 SEC Revokes Cryptocurrency Accounting Policy SAB 121
#SEC #Cryptocurrency #SAB121 #AccountingPolicy #Finance #Regulation
According to PANews, the U.S. Securities and Exchange Commission (SEC) has officially revoked the cryptocurrency accounting policy known as SAB 121, as announced on its official website.#SEC #Cryptocurrency #SAB121 #AccountingPolicy #Finance #Regulation
🚀 Senator Criticizes SAB 121's Impact On Digital Asset Innovation
#Senator #CynthiaLummis #SAB121 #DigitalAssets #Innovation #Cryptocurrency #Banking #SEC #BitcoinStrategicReserveAct
According to BlockBeats, on January 24, Cynthia Lummis, the proponent of the Bitcoin Strategic Reserve Act and chair of the Senate Banking Subcommittee on Digital Assets, expressed her views on social media regarding SAB 121. She described the regulation as disastrous for the banking industry, stating that it would only hinder the innovation and progress of digital assets in the United States. Lummis welcomed the repeal of SAB 121 and emphasized the importance of the SEC returning to its intended mission.#Senator #CynthiaLummis #SAB121 #DigitalAssets #Innovation #Cryptocurrency #Banking #SEC #BitcoinStrategicReserveAct
🚀 🔥 Ethereum News: Ether Eyes Potential Breakout as SEC Revokes SAB 121, Analysts Predict $7K Target 🔥
#Ethereum #ETH #SAB121 #DeFi #Crypto #Bullish #ETFs #Investment #PricePrediction #MarketAnalysis
Ethereum (ETH) could be on the verge of a “tactical breakout” after the U.S. Securities and Exchange Commission (SEC) repealed a contentious accounting rule, SAB 121, which had deterred financial firms from offering crypto services, according to 10x Research.In a Jan. 23 report, Markus Thielen, Head of Research at 10x Research, highlighted that the removal of SAB 121 presents a low-risk, high-reward opportunity for ETH investors. “This could be a pivotal moment for Ethereum (ETH), as it can potentially drive the expansion of DeFi services, positioning itself as the backbone of the ecosystem,” Thielen noted.ETH Price Outlook: Analysts BullishCurrently, ETH is trading at $3,325, down from its yearly high of $3,707 reached on Jan. 7. Thielen suggests that if ETH can break above its current triangle formation, it could trigger a major rally, with a prudent stop-loss placed near the recent low of $3,186.Several market analysts remain bullish on ETH’s long-term trajectory. In a Jan. 23 post on X, pseudonymous crypto trader Titan of Crypto stated that a $7,000 ETH price “is inevitable,” while trader Crypto Caesar expects ETH to "explode soon."Key Catalysts for Ethereum's GrowthEthereum co-founder and Consensys founder Joseph Lubin recently cited two major factors that could influence ETH's future performance:Potential Approval of ETH ETFs with Staking Features: ETF issuers remain optimistic about securing regulatory approval for products offering ETH staking, which could unlock institutional demand.Trump Family’s Interest in Ethereum-Based Business: Lubin hinted that the Trump family might expand its involvement in the crypto space by launching a major Ethereum-based venture.With increasing institutional interest and favorable regulatory shifts, Ethereum's price action could see significant upside in the coming months, according to Cointelegraph.#Ethereum #ETH #SAB121 #DeFi #Crypto #Bullish #ETFs #Investment #PricePrediction #MarketAnalysis