The Digital Chamber also wishes the Staff Accounting Bulletin 121 (SAB 121) rule of the SEC to be repealed.
A SAB 121 revoking bill got bipartisan approval in the House and Senate before being rejected by President Joe Biden.
The suggestion to analyze all current scrutiny forms only one part of a long list of given priorities for the regulating body in the first 90 days of the new government.
A crypto advocacy group has demanded that the Securities and Exchange Commission of the United States start a quick review of all currently existing crypto-related scrutiny, Wells notices, and current lawsuits from “day one” of the upcoming Trump administration.
The token alliance of the digital chamber, which notes Paul Atkins as the nominee for SEC chair by Donald Trump as an advisory board member, revealed the new government proposed a possibility for the Securities and Exchange Commission to reconstruct its substructure with the virtual asset industry.
In a statement released on December 18, it further revealed that we need to encourage a culture of mutual trust where the virtual asset industry can have optimism in the intentions of the SEC and the same can identify the majority of the virtual asset participants are attempting to hold responsibility.
The concerns for the SEC
The mentioned Commission is involved in legal disputes with industry heavyweights, such as Binance, Coinbase, Consensys, and Ripple till now. It has given Wells notices to firms like Uniswap and Immutable, which could have great inference for tokens and the industry.
The suggestion to analyze all current scrutiny forms only one part of a long list of given priorities for the regulating body in the first 90 days of the new government. It also asks for the SEC to look over stays for current litigation cases that do not include scam, investor loss, or risk of impending loss, permitting time to conclude the regulator’s approach.
One more prime concern for the SEC would be to revoke the 2019 substructure on how the Howey test’s investment contract dispute disputes to virtual assets and to assert that it no longer specifies the Hinman speech to do such analyses.
The speech by the ex-director of the Securities and Exchange Commission, William Hinman in the area of corporate finance, has inappropriately made a winner and loser state, The Digital Chamber revealed.
The SAB 121 bill
The Digital Chamber also wishes the Staff Accounting Bulletin 121 (SAB 121) rule of the SEC to be repealed. SAB 121 needs SEC-reporting bodies that custody cryptocurrencies to list those holdings as liabilities on their balance sheets.
The Digital Chamber also mentioned that the rule was onerous on market participants, at the same time, House Representative Wiley Nickel has mentioned that it may take US investors offshore to riskier custodial solutions.
A SAB 121 revoking bill got bipartisan approval in the House and Senate before being rejected by President Joe Biden. The new Chair of SEC may also think about whether it should draw out from proposed Rule 3b-16 which would broaden the definition of exchanges to comprise decentralized finance protocols, among others.
