SAB 121

White House Opposes Crypto Bill FIT21 — Offers to Work With Congress on Balanced Framework for Digital Assets

May 22, 2024 Bitcoin.com

bitcoin.com

The White House has issued a statement opposing the passage of the crypto bill Financial Innovation and Technology for the 21st Century (FIT21) Act ahead of the House vote today. However, the Biden Administration offered to collaborate with Congress to establish a balanced regulatory framework for digital assets. The White House’s statement was preceded by […]

Crypto market faces 0M token unlocks in July

Crypto market faces $860M token unlocks in July

US Congress Passes First Standalone Crypto Legislation

May 19, 2024 Bitcoin.com

bitcoin.com

The U.S. Congress has passed its first standalone crypto legislation, which aims to overturn the controversial U.S. Securities and Exchange Commission (SEC)’s SAB 121 rules regarding crypto assets. However, President Joe Biden has threatened to veto this decision, citing concerns about financial stability and market uncertainty. ‘We Are Just Getting Started’ In a historic move, […]

Crypto market faces $860M token unlocks in July

Biden may rethink SAB 121 vote veto due to political support for crypto

May 18, 2024 Coin Telegraph

Coin Telegraph

The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision?

On May 16, 2024, a majority of lawmakers in the United States Senate passed a Congressional Review Act (CRA) to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB 121).

U.S. Senators passed H.J.Res. 109 with 60 to 38 votes, an exceptional rate for the U.S. Congress.

In addition to the outstanding support for H.J.Res. 109, the vote was highly bipartisan, 51-49 in favor of Democrats. According to Senator Cynthia Lummis, the vote represented a new milestone as it was the first time that a session of Congress passed a “standalone crypto legislation.”

Crypto market faces $860M token unlocks in July

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

May 16, 2024 Coin Telegraph

Banks

The 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.

The 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.

Crypto market faces $860M token unlocks in July

Senate Urged to Swiftly Overturn SEC’s ‘Misguided’ Crypto Rules

May 10, 2024 Bitcoin.com

Bitcoin

Following the U.S. House of Representatives passing a resolution to overturn the SEC’s Staff Accounting Bulletin 121 (SAB 121), Senator Cynthia Lummis has urged the Senate to do the same. The resolution aims to prevent regulatory overreach that makes it prohibitive for financial institutions to hold customers’ digital assets. Critics, including House Financial Services Committee […]

Crypto market faces $860M token unlocks in July

House Approves Resolution to Overturn SEC’s Crypto Rules — Biden Threatens to Veto

May 9, 2024 Bitcoin.com

bitcoin.com

The U.S. House of Representatives has passed H.J. Res. 109, a resolution aimed at overturning the Securities and Exchange Commission’s SAB 121 regulations on digital assets. The resolution seeks to reduce regulatory burdens and promote safer custodianship of digital assets by regulated banks. However, the White House has backed the SEC, issuing a veto threat, […]

Crypto market faces $860M token unlocks in July

House votes to nullify SEC’s anti-crypto banking guidance SAB 121

May 9, 2024 Coin Telegraph

Coin Telegraph

The House of Representatives has voted to overturn controversial SEC guidance that has virtually blocked banks from custodying crypto assets.

The United States House of Representatives has voted to pass a bill that overturns controversial Securities and Exchange Commission guidance preventing banks from owning crypto.

President Joe Biden, however, previously warned earlier in the day that he would veto the new bill if it were to make it to his desk.

On May 8, the House voted to pass a bipartisan bill dubbed H.J. Res 109 which overturns the SEC’s Special Accounting Bulletin (SAB 121) that requires banks to hold their customers’ crypto assets on their balance sheets — which is not the case for traditional assets such as securities.

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