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🎭In a dramatic turn of events, the US House of Representatives voted to overturn a SEC rule that complicates accounting for cryptocurrencies held in custody. The rule, which was as popular as a skunk at a garden party, saw a resolution pass with 228 votes in favor. 🎉 🥊The SEC's rule, which requires crypto custodians to list digital assets as liabilities, sparked a heated debate. Critics, like House Financial Services Committee Chair Patrick McHenry, argued that the rule is as welcome as a porcupine at a balloon factory, effectively prohibiting financial institutions from handling customers' digital assets. 🎈 🏛️Meanwhile, the White House is as thrilled about this legislative move as a cat at a dog show. President Biden has threatened to veto the resolution, arguing that curbing the SEC's regulatory power would introduce significant financial instability and market uncertainty. 😾 🔮As the resolution now heads to the Senate, its future is as clear as mud. It must clear the Senate Banking Committee before a full Senate vote can occur. Even if it passes, the looming threat of a presidential veto adds another layer of complexity. 🌪️ 🔬The resolution's progression highlights a crucial debate about the balance between regulation and innovation. Proponents argue that the SEC's requirements are as stifling as a corset, while opponents see these measures as crucial for transparency and consumer protection. 🛡️ 🔮In conclusion, the US House is actively redefining regulation of digital assets. This effort marks a significant intersection of innovation, consumer protection, and regulatory oversight. The outcome of this legislative effort could significantly influence the future landscape of cryptocurrency regulation in the US.

🎭In a dramatic turn of events, the US House of Representatives voted to overturn a SEC rule that complicates accounting for cryptocurrencies held in custody.

The rule, which was as popular as a skunk at a garden party, saw a resolution pass with 228 votes in favor. 🎉

🥊The SEC's rule, which requires crypto custodians to list digital assets as liabilities, sparked a heated debate. Critics, like House Financial Services Committee Chair Patrick McHenry, argued that the rule is as welcome as a porcupine at a balloon factory,

effectively prohibiting financial institutions from handling customers' digital assets. 🎈

🏛️Meanwhile, the White House is as thrilled about this legislative move as a cat at a dog show. President Biden has threatened to veto the resolution, arguing that curbing the SEC's regulatory power would introduce significant financial instability and market uncertainty. 😾

🔮As the resolution now heads to the Senate, its future is as clear as mud. It must clear the Senate Banking Committee before a full Senate vote can occur.

Even if it passes, the looming threat of a presidential veto adds another layer of complexity. 🌪️

🔬The resolution's progression highlights a crucial debate about the balance between regulation and innovation. Proponents argue that the SEC's requirements are as stifling as a corset, while opponents see these measures as crucial for transparency and consumer protection. 🛡️

🔮In conclusion, the US House is actively redefining regulation of digital assets. This effort marks a significant intersection of innovation, consumer protection, and regulatory oversight.

The outcome of this legislative effort could significantly influence the future landscape of cryptocurrency regulation in the US.

Disclaimer: Includes third-party opinions. No financial advice. See T&Cs.
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📉 Bitcoin Down 20% From March But Glassnode Analysts Are Very Bullish: Here’s Why Bitcoin might have posted the deepest correction since the FTX crash in November 2022, dipping over 20% from its all-time high of around $74,000. However, Glassnode analysts, while sharing their preview on X, remain cautiously optimistic. 🔸 Bitcoin Drops 20% From March High, But Glassnode Is Bullish Glassnode notes that the Bitcoin “macro uptrend still appears to be one of the more resilient in history” and that though corrections have been made, they are relatively shallow. With this position, the blockchain analytics platform confirms that the coin has improved with liquidity rising, reducing volatility.However, for bulls to find support and prices to rally, triggers would be from fundamental factors. Though price action structure might offer support, price catalysts are, as history shows, related to market events. As Glassnode observes, the robust macro trend, bullish for Bitcoin, has tapered volatility, helping maintain the uptrend. The increasingly shallow corrections, as the blockchain analytics platform notes, point to a more mature market backed by more institutions. 🔸 Whales Accumulating As Institutions Eye BTC Confidence remains high. On-chain data reveals that one whale has taken advantage of the relatively low prices and the correction to stack coins. In the last week, the whale bought over 100 BTC, pushing the amount of coins bought this month to over 7,257 BTC. This aggressive accumulation suggests that the whale, even at the current multi-year high, Bitcoin could be undervalued. There could be more Bitcoin tailwinds incoming. For instance, this week, former United States president Donald Trump started accepting crypto donations in the ongoing campaign. This shift of stance has been bullish since Trump dismissed Bitcoin earlier. While this happens, European regulators appear open to approving Bitcoin as an investable asset within Undertakings for Collective Investment in Transferable Securities (UCITS) funds. #BTC $BTC
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