US lawmakers push back on the SEC's crypto asset regulation with a proposed repeal of SAB 121.

According to Cointelegraph, US Representatives Mike Flood and Wiley Nickel, along with Senator Cynthia Lummis, have introduced resolutions to overturn the Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121). This effort by US lawmakers is in response to the bulletin's limits on banks that want to hold their clients' bitcoin assets on their balance sheet.

The resolution, introduced under the Congressional Review Act on February 1, 2023, would publicly dispute the accounting regulation and declare that it has no legal standing.

SAB 121 has been chastised for its stance that banks must bear the capital-intensive obligation of maintaining their clients' crypto assets on their balance sheets. Lawmakers say that this provision inhibits regulated institutions from functioning as crypto custodians and creates an unfair divide by treating crypto assets differently than traditional holdings.

The opposition to SAB 121 persisted in November 2023, when multiple Congress members sent a memo to significant financial institutions, including the Chair of the Board of the Federal Deposit Insurance Corporation. The memo requested clarification and questioned the enforceability of the Government Accountability Office's (GAO) findings.

The GAO confirmed that a congressional review of SAB 121 is appropriate. This comes after Senator Lummis wrote a letter to the US Comptroller General in August 2022, querying if the bulletin qualifies as a rule under the Congressional Review Act.

Lummis expressed worries about the potential constraints that the SAB 121 rule may have on consumer protection and financial institutions' ability to safely protect Americans' financial assets.

Representative Mike Flood criticised the SEC's unilateral implementation of SAB 121, arguing that Congress should act to prevent regulatory agencies from overstepping their authority.

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$BTC $BNB $

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You'll look at cryptocurrency categories.

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- Gaming: $SOL ecosystem.
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Top 5 alternative cryptocurrencies that have the potential to provide returns exceeding 1000% during a period of significant market growth. Cryptocurrency investors are constantly seeking the next significant market participant, particularly prior to a period of strong upward price movement.

Five alternative cryptocurrencies with high earning potential are listed below:

1. Cardano (ADA): Cardano's emphasis on scalability and interoperability, along with the forthcoming Alonzo upgrade for smart contracts, sets ADA for substantial expansion. As the usage of ADA increases, the probability of suffering significant price appreciation also rises.

2. Chainlink (LINK): Chainlink secures smart contracts and real-world data, making it essential in decentralised finance (DeFi). LINK demand is projected to rise as DeFi initiatives become traction, which might boost revenues.

3. Polkadot (DOT): Polkadot's objective to improve blockchain interoperability establishes it as a significant participant in the developing cryptocurrency environment. With the increasing integration of projects into Polkadot's network, the demand for DOT could rise significantly, leading to substantial price rises.

4. VeChain (VET): VeChain's emphasis on ensuring openness and traceability in supply chains has attracted the interest of prominent corporations. Due to its practical applications and growing collaborations, VET is positioned to experience a surge in demand, which will have a beneficial impact on the value of its token.

5. Theta Token (THETA): Theta Network improves video streaming content delivery. THETA, the native token of the Theta Network, may appreciate due to rising demand for high-quality video streaming, making it an attractive investment. To conclude, these alternative cryptocurrencies have significant prospects, but investing in cryptocurrencies is risky.

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BlackRock's ongoing discussions with the Securities and Exchange Commission (SEC) indicate the possibility of approval for a Bitcoin exchange-traded fund (ETF).

The U.S. Securities and Exchange Commission (SEC) has been actively communicating with prominent participants in the financial sector on the establishment of Bitcoin exchange-traded funds (ETFs). Noteworthy corporations including Grayscale, Franklin Templeton, Fidelity, and particularly BlackRock have been the subject of recent discussions.

During its third meeting with the SEC, BlackRock escalated discussions over the possibility of a Bitcoin ETF, indicating an increasing frequency of talks in recent days. Significantly, both the SEC's Trading and Markets Unit and the Corporate Finance Unit were present in every meeting, suggesting that these divisions will have a pivotal role in deciding the outcome of ETF applications.

According to Bloomberg ETF analyst James Seyffart, the SEC's willingness to participate in these discussions indicates a tendency towards acceptance, as long as specific requirements are fulfilled. The ultimate decision is expected to be announced in January, with conjecture suggesting that the verdict will be reached between the 8th and 10th of January 2024.

SEC Chairman Gary Gensler, who approved Bitcoin futures ETFs in October 2021, has been noticeably cautious when it comes to discussing spot ETFs. The concerns he highlighted regarding possible market manipulation create an atmosphere of ambiguity surrounding the final result.

The cryptocurrency market is closely monitoring the SEC's decision, as it will have a substantial influence on Bitcoin investors who are anxiously anticipating the creation of an ETF. In January, the fate of Bitcoin ETF applications will likely be determined, and the community is closely observing the progress.

Investors are eagerly awaiting the SEC's decision, and January might be important for Bitcoin ETF approval. As Gary Gensler's market manipulation suspicions persist, the cryptocurrency community eagerly awaits the regulatory conclusion.

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