Bitcoin
Leak reveals shocking U-turn at Wall Street’s SEC that could wreak havoc on Bitcoin, Ethereum, XRP and other cryptocurrencies
Bitcoin has been on the rise again this year, boosting the price of Ethereum, XRP and the cryptocurrency market in general.although traders are prepared for a “terrible” price drop.
The price of bitcoin recently fell below $60,000 per bitcoin after surpassing $70,000 in early June, with a billionaire bitcoin buyer recently revealing a major reversal.
Now, How a Radical Policy Plan Puts Bitcoin on a $16 Trillion Collision Course with GoldA leak from the US Securities and Exchange Commission (SEC) has raised expectations that Wall Street may be about to delve even deeper into the bitcoin and cryptocurrency market.
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ForbesProject 2025 Sets Bitcoin Up for a $16 Trillion Price Showdown With GoldBy
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), has been waging a war… [+] against bitcoin, ethereum, XRP and other cryptocurrencies in recent years, causing large price swings.
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Some companies and financial institutions have agreed to terms with the SEC that would allow them to bypass controversial accounting guidance on cryptocurrencies that effectively bars banks from holding cryptocurrencies on behalf of customers, an anonymous source said. counted Bloomberg (in English).
SEC Accounting Bulletin 121, known as SAB 121, requires banks and other companies that hold cryptocurrencies to record their customers’ crypto assets as liabilities on their balance sheets, making it complicated and costly.
Wall Street firms have shown the SEC they have the technology and procedures in place that allow customers to get their cryptocurrencies back, as they would any other asset in a bankruptcy, an anonymous source said. counted The block.
This week, the Democratic-controlled House of Representatives voted to uphold President Joe Biden’s veto of SAB 121.
“SAB 121 is one of the most egregious examples of the regulatory overreach that has defined Chairman Gary Gensler’s tenure at [SEC]” House Financial Services Committee Chairman Patrick McHenry, R-N.C., said in remarks reported by Blockworks.
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The price of Bitcoin has soared over the past year, pushing up the price of Ethereum, XRP and other coins… [+] cryptocurrency market.
Forbes Digital Assets
“This limits consumers’ options for safely storing their digital assets, upending decades of bank custody practices and increasing concentration risk.”
There was hope in the cryptocurrency industry that the growing Republican acceptance of bitcoin and cryptocurrencies could prompt the Democratic Party to backtrack on its largely anti-crypto stance.
“President Biden vetoed the first digital asset-specific legislation ever passed by the House and Senate,” McHenry said. “It’s never been clearer; this administration would rather play politics and side with power-hungry bureaucrats than the American people.”
In May, Michael Saylor, CEO of software company-turned-bitcoin buyer MicroStrategy, urged lawmakers to abandon SAB 121 after the U.S. Senate joined the House of Representatives in trying to scrap the SEC’s cryptocurrency policy before President Biden vetoed it.
“Wall Street wants bitcoin, the House of Representatives wants bitcoin, and now the Senate wants bitcoin,” Saylor posted on X.