The Senate passed H.J.Res. 109 to remove restrictions on financial firms’ custody of cryptocurrencies, with bipartisan support.
House Republicans and Democrats have shown strong support for digital asset legislation, highlighting its critical importance.
Pennsylvania’s 2024 Senate race between Bob Casey and Dave McCormick is shaping up to be highly competitive and closely watched.
The Senate must urgently act on digital asset legislation.The future of the U.S.’s role as a hub for capital deployment, as well as technological innovation and adoption, is on the line. https://t.co/8GozttqmlM
— Financial Services GOP (@FinancialCmte) August 15, 2024
The Senate recently passed H.J.Res. 109, which aims to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121. This resolution, approved by a 60-38 vote, seeks to lift restrictions that prevent financial institutions from serving as custodians for cryptocurrencies. The bipartisan support underscores the growing momentum to reshape digital asset regulations.
The House of Representatives had already passed H.J.Res. 109 the previous week. The resolution tackles the stringent limitations imposed by SAB 121, which had blocked financial firms from managing digital assets like Bitcoin. If enacted, this legislation could allow these institutions to offer custody services for such assets.
Patrick McHenry, Chairman of the Financial Services Committee, welcomed Sen. Schumer’s interest in digital asset legislation, highlighting the House’s bipartisan passage of FIT21 earlier this year. He pointed out that Senate action on digital asset market structure is overdue.
I welcome @SenSchumer’s interest in digital asset legislation to protect consumers and foster innovation.The House has done its work by passing the bipartisan #FIT21 with 2/3rds voting in support back in May.Senate action on digital asset market structure is long overdue.
— Patrick McHenry (@PatrickMcHenry) August 15, 2024
Additionally, the Biden-Harris Administration faces increasing pressure to end Gary Gensler’s approach to regulation by enforcement and the debanking of digital asset firms. This shift could significantly impact the regulatory environment for digital assets.
Meanwhile, political focus is shifting to Pennsylvania, where the 2024 U.S. Senate race between incumbent Sen. Bob Casey and Republican challenger Dave McCormick is expected to be closely contested.
McCormick, who narrowly lost a primary in 2022, has secured the Republican nomination and will challenge Casey, who has held the Senate seat since 2007. Analysts are rating the race as “Lean Democrat” or “Tilt Democratic,” indicating its significance in the upcoming elections.
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