BNY Mellon Engages With Banking Regulators to Offer Crypto Custody Services ‘at Scale’

September 26, 2024 Bitcoin.com

BNY Mellon, one of the world’s largest custodian banks, is seeking to offer custody services for bitcoin and ether to exchange-traded product (ETP) clients. The bank is also eyeing large-scale growth in the crypto space, with plans to seek more regulatory approvals to capitalize on the lucrative crypto custody market. BNY Mellon Pushes Forward With […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Congressman criticizes Gensler as most ‘destructive’ SEC chair during hearing

September 25, 2024 Coin Telegraph

Coin Telegraph

SEC Chair Gary Gensler faced criticism from lawmakers and agency members during a House Financial Services Committee hearing over his handling of crypto regulation in the United States.

United States Congressman Tom Emmer slammed SEC Chair Gary Gensler during a congressional hearing, calling him the most “destructive” and “lawless” Chair in the regulator’s 90-year history.

“You’ve made up the term crypto asset security. This term is nowhere to be found in statute, you made it up [and] you never provided any interpretive guidance on how crypto asset security might be defined within the walls of your SEC,” Emmer told Gensler before a House Financial Services Committee hearing on Sept. 24.

Emmer said the term had served as the entire basis for Gensler’s “enforcement crusade” against the crypto industry for the last three years. This was up until last week when SEC lawyers retracted the term in a court footnote.

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

BNY nears crypto custody for ETFs after SEC softens SAB 121 stance

September 25, 2024 Coin Telegraph

Bitcoin custody

Bank of New York Mellon will not be held to SEC accounting practices for client crypto custody after a review.

The Bank of New York Mellon (BNY) is moving toward providing custody services for its exchange-traded fund (ETF) clients’ Bitcoin and Ether after the United States Securities and Exchange Commission (SEC) gave it a pass on observing controversial crypto accounting guidelines.

The SEC’s Office of the Chief Accountant conducted a review earlier this year and concluded that the bank did not need to adhere to the SEC’s Staff Accounting Bulletin (SAB) 121, Bloomberg reported.

SAB 121 requires companies safeguarding client crypto assets to list them as liabilities in their accounting. It has been a thorn in the side of the US crypto industry since its introduction in April 2022.

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

House Republicans urge SEC to rescind ‘disastrous’ SAB 121

September 23, 2024 Coin Telegraph

Coin Telegraph

The House and Senate Republicans claimed the SEC evaded the notice and comment rulemaking process required by the Administrative Procedure Act by issuing SAB 121.

More than 40 United States Republicans have called on the US securities regulator to rescind its “disastrous” Staff Accounting Bulletin No. 121 rule after a repeal bill received bipartisan support before being vetoed.

SAB 121 upends custody rules for cryptocurrencies, weakens consumer protections, and stifles financial innovation, House Financial Services Committee Chair Patrick McHenry, Senator Cynthia Lummis and 40 other politicians claimed in a Sept. 23 letter to the Gary Gensler-led Securities and Exchange Commission.

The 42 politicians further claimed that SAB 121 — a proposed rule mandating that SEC-reporting entities custodying cryptocurrencies must record those holdings as liabilities on their balance sheets — was issued without consulting any “prudent regulators” and that the accounting approach “deviates from established accounting standards.”

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Digital Chamber urges US senators to support Lummis’ Bitcoin reserve bill

August 2, 2024 Coin Telegraph

bill

The crypto advocacy group says it is hand-delivering letters to every US Senator explaining why Bitcoin would help the US secure its position as a world leader.

The Digital Chamber, a prominent digital asset advocate in the United States, is calling on US lawmakers to vote in favor of the Bitcoin reserve bill recently introduced by Wyoming Senator Cynthia Lummis.

In an Aug. 1 post on X, the lobby group said it is hand-delivering a letter to “every US Senator,” which will explain that adding Bitcoin (BTC) to America’s balance sheet can secure its position as a “global leader” and provide more stability in the face of “global economic uncertainties.”

Lummis introduced the Boosting Innovation, Technology, and Competitiveness through Optimized Investment Nationwide Act of 2024 (or Bitcoin Act of 2024) on July 31. This bill would see the US Treasury set up Bitcoin vaults and buy 1 million Bitcoin over five years.

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

Ripple CEO Suggests Vice President Kamala Harris Steer Clear of Anti-Crypto Rhetoric

July 28, 2024 Bitcoin.com

bitcoin.com

Ripple CEO Brad Garlinghouse has criticized Congressman Brad Sherman’s anti-crypto comments, urging Vice President Kamala Harris to distance herself from such views. The Ripple executive warned that opposing cryptocurrencies is equivalent to opposing innovation, benefiting Republicans who support technological progress. He emphasized the need for the U.S. to align with other advanced economies with clear […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

US Senator Hails Bitcoin’s Potential to Democratize Finance and Improve Financial Inclusion

July 27, 2024 Bitcoin.com

Bitcoin

Senator Tim Scott highlighted bitcoin’s potential to democratize finance and improve financial inclusion at the Bitcoin 2024 Conference. He criticized the Biden administration’s approach to digital assets and endorsed efforts to overturn restrictive SEC guidelines. Scott advocated for balanced regulation that encourages innovation without stifling growth or pushing it overseas. Senator Tim Scott Advocates for […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

US House May Vote This Week To Overturn President Biden’s Veto on Crypto-Related Bill SAB 121

July 7, 2024 The Daily Hodl

congress

The US House of Representatives could be voting this week to overturn President Joe Biden’s veto of a bill that would have eliminated a controversial rule by the U.S. Securities and Exchange Commission (SEC). According to House Majority Leader Steve Scalise’s weekly schedule, the House of Representatives may vote this week to overturn Biden’s veto […]

The post US House May Vote This Week To Overturn President Biden’s Veto on Crypto-Related Bill SAB 121 appeared first on The Daily Hodl.

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

SEC Commissioner Advocates for Withdrawal of SAB 121 — Says Biden’s Veto Was Unfortunate

June 5, 2024 Bitcoin.com

Administrative Procedure Act

U.S. Securities and Exchange Commission (SEC) Commissioner Mark Uyeda advocates for the withdrawal of Staff Accounting Bulletin 121 (SAB 121), which sets guidelines for accounting crypto liabilities. He argues that the method of its issuance undermines the foundational checks and balances designed to prevent excessive administrative control. Despite bipartisan support for a resolution to repeal […]

Pro-Crypto Shift at SEC Begins as Anti-Crypto Commissioner Steps Down After Gensler Resigns

US political change could expose crypto to $20T industry: Bitwise

June 5, 2024 Coin Telegraph

Bitwise

Regulatory uncertainty is holding back the $20 trillion dollar financial advisory industry from investing more in crypto, claims Bitwise investment head Matt Hougan.

The crypto space could be exposed to the trillions in the financial advisory industry once United States regulators clear up legal uncertainties, says crypto asset manager Bitwise’s investment head.

Regulatory uncertainty has been the main reason why financial advisors haven’t increased exposure to crypto over the last five years, Bitwise chief investment officer Matt Hougan wrote in a June 4 post.

Hougan thinks the U.S. is finally moving toward regulatory clarity, which could open it up to the country’s $20 trillion financial advisory industry.

SAB 121

Share this video