$VGX $JASMY $PEOPLE #美国4月核心PCE指标显示通胀放缓 #BTC走势分析 #美众议院通过FIT21法案 Biden just vetoed the overturn of SAB121, and the currency circle was full of criticism. First of all, let's figure out what "SAB121" is.

"SAB 121" is the 121st Staff Accounting Bulletin issued by the U.S. Securities and Exchange Commission (SEC), commonly referred to as "SAB 121". The bulletin was issued on March 31, 2022, requiring regulated financial institutions to mark customers' crypto assets on their balance sheets.

The U.S. House of Representatives Financial Services Committee voted to pass a resolution opposing the SEC's SAB 121. However, President Biden has promised that if the bill to veto the SEC's guidelines is placed on his desk for signature, he will veto it.

In addition, the industry is also closely watching the Senate's upcoming vote on the repeal of SAB 121. Some people believe that abolishing SAB 121 is essential to promote greater adoption of Bitcoin in the traditional financial system.

The main focus of SAB121 is: if a bank custody $1 billion in Bitcoin for a customer, it must hold $1 billion in cash.

Is this the 1:1 reserve of the exchange that CZ first advocated before? The exchange holds 1 billion user assets, so it must have 1 billion reserves, and it also publishes Merkle trees and public audits.

This is a risk guarantee for users. However, in the process of inflating the bubble in the bull market, 100% reserves will slow down the pace, and the US banking industry is not used to it and cannot conduct business quickly. Banks complained that custody of gold does not require reserves, so why do cryptocurrencies need them? I want to make money in the cryptocurrency circle, but I have to advance the money first?

I guess what some cryptocurrency companies and traditional banks want to see most is to abolish SAB121 first, quickly cooperate to make money, and inflate the bubble first and eat meat first. After the thunder bursts, come to SAB121 to control risks.

But for law enforcers, he may think that he would rather you slowly blow the bubble than burst it and the people come to me to settle accounts, saying that I am not strict enough. Biden may think, I have already opened the loopholes for ETFs and Fit21 bills for you, it is almost enough, take it slowly, you can't be too flattering, and I don't want to personally slap our SEC in the face.

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