The U.S. Congress is moving towards repealing the SEC's SAB 121 directive, which mandates that financial institutions hold 100% reserves for crypto assets they custody. This rule had effectively barred U.S. banks from acting as custodians for their clients' digital assets.
Key Points:
- Senate Approval: The U.S. Senate has passed a bill to repeal this rule.
- Presidential Veto Threat: President Biden has promised to veto the bill to protect investors and the financial system.
- Next Steps: If vetoed, Congress will need a two-thirds majority to override.
Impact:
- Market Dynamics: Repealing SAB 121 could significantly alter the crypto custody landscape, making it easier for banks to manage digital assets.
- Investor Confidence: This move might boost confidence in institutional crypto investments.
Stay tuned for more updates on this evolving story! 🌐💼
#CryptoNewsUSA #RegulationUpdate #cryptoadoption

🚨 BREAKING: 🇮🇳 India's Supreme Court REJECTS #Crypto Regulation Plea 😳🇮🇳 What does this mean for the future of #Bitcoin    and #Crypto in the world's largest democracy? 🔥1️⃣ Background:👉 India's Supreme Court dismissed a petition urging the government to establish #crypto regulations.👉 The petitioner, Manu Prashant Wig, is in custody, accused of involvement in a scheme to induce investments.2️⃣ Petition Details:👉 Wig's PIL sought guidelines for #crypto trading and mining, plus direction for prosecuting digital asset cases.👉 The court, however, observed the real motive seemed to be seeking bail in Wig's ongoing case.3️⃣ Supreme Court's Decision:👉 The court, led by Chief Justice D.Y. Chandrachud, declined the plea, stating the petition's primary aim was securing bail.👉 The order suggested seeking relief through legislative direction is beyond the court's scope.4️⃣ Legal Context:👉 While the court granted liberty for Wig to seek regular bail, it emphasized that courts can't instruct the legislature to frame laws.👉 Legislative powers are constitutionally separate.5️⃣ Historical Context:👉 In 2020, the Supreme Court overturned a banking ban on #crypto transactions.👉 However, in 2022, India introduced stringent crypto taxes, creating challenges for the industry.6️⃣ Industry Challenges:👉 The #crypto sector faced disruptions as payment processors cut off exchanges, and the government took enforcement actions against ten exchanges, causing them to fight for survival.7️⃣ Government's Position:👉 India's government previously stated that only Parliament has the authority to frame #crypto-related laws, emphasizing the separation of powers.8️⃣ Global Influence:👉 India's stance on #crypto gained attention after pushing for global guidelines at the G20 in 2023.👉 The country has kept a crypto bill on hold since 2021, with a decision expected in the coming months.9️⃣ Rise in Crypto Scams:👉 Recent #crypto scams in India prompted increased regulatory actions, reflecting authorities' concerns about investor protection.🔟 Summary:👉 The Supreme Court's refusal underscores the separation of powers, emphasizing that legislative matters are beyond the court's purview.👉 Meanwhile, India's evolving #crypto landscape awaits further regulatory clarity.#RegulationUpdate