Bitcoin

US House Set to Vote on Eliminating SEC Crypto Policy as President Biden Vows to Veto

Published

9 months ago

8 May, 2024

US House Set to Vote on Eliminating SEC Crypto Policy as President Biden Vows to Veto

The US House of Representatives voted on Wednesday to approve a resolution rejecting Securities and Exchange Commission (SEC) cryptocurrency accounting guidance that the industry says has dissuaded banks from dealing with crypto clients, but President Joe Biden is already promising he will veto the effort if it reaches his desk.

The SEC’s Personnel Accounting Bulletin No. 121 – also known as SAB 121 – has been the focus of criticism from digital asset companies and Republican lawmakers since its arrival. The purpose of the bulletin was to clarify the accounting treatment for crypto assets, advising that a bank holding customer digital tokens should do so on its own balance sheet, potentially incurring huge capital expenditures. But a government review has since concluded that the policy guidance was mishandled, even though the agency and Chairman Gary Gensler defended it.

“Gary Gensler, in his jihad against digital assets, used what should have been mundane staff accounting guidance to essentially block large, publicly traded banks from taking custody of digital assets,” said Rep. Mike Flood (R-Neb. ), the deputy. sponsor of the effort, in an interview Wednesday with CoinDesk. And the SEC didn’t consult banking regulators about it, Flood highlighted, arguing that Gensler “has no business in the banking world.”

The White House considers the veto policy worth defending, according to a statement from Biden.

“SAB 121 was issued in response to proven technological, legal and regulatory risks that have caused substantial losses to consumers,” Biden said in a statement on Wednesdaysaying it “strongly opposes” stopping the SEC’s work on this matter.

Despite this, the vote in the House was strongly in favor of the resolution – including support from 21 Democrats who were unmoved by Biden’s threat.

The SEC’s accounting policy “made a mockery of the regulatory process and ignored other regulatory agencies,” said Rep. Patrick McHenry (RN.C.), chairman of the House Financial Services Committee, in a speech in the Chamber plenary on Wednesday morning, calling SAB 121 “a huge departure from the way highly regulated banks are traditionally required to handle assets on behalf of their customers.”

But a top House Democrat said the resolution went too far.

“This bill requires a sledgehammer to solve a problem that may only need a scalpel, and it does so because my colleagues across the aisle are not only interested in making proposals to special interest groups, but also in attacking and undermining the SEC in every way possible,” said Rep. Maxine Waters (D-Calif.), the top Democrat on McHenry’s committee.

SAB 121 was originally introduced as guidance for staff, but a subsequent Government Accountability Office (GAO) review determined that the agency should have treated it as a rule, with full public comment and submission to Congress.

Rep. Flood introduced the resolution to formally disapprove of the regulator’s guidance alongside two Democrats, and Sen. Cynthia Lummis (R-Wyo.) has been pushing for a corresponding resolution in the Senate, which would be needed before the joint resolution could be passed . to Biden’s desk.

When an agency rule is reversed under the Congressional Review Act, it is not only erased, but anything similar is forever locked for future implementation. Waters argued that SAB 121 — in addition to the controversial escrow component — also provided guidance on crypto disclosures that are necessary and would be threatened if Congress overturned the policy, and Biden echoed the concern about policies that would be blocked.

“By virtue of invoking the Congressional Review Act, it could also unduly restrict the SEC’s ability to ensure appropriate protections and address future issues related to cryptoassets, including financial stability,” Biden said. “Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for cryptoassets would introduce substantial financial instability and market uncertainty.”

Flood called it “disappointing” that the president would approve the misuse of a bulletin to do the work of a full federal regulation. He said he and his allies will “look at every vehicle between now and the end of the year that will go to the president’s desk and add this language there.”

UPDATE (May 8, 2024, 10:11 pm UTC): Updates with the vote in the Chamber to approve the resolution.

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Bitcoin

What to watch for in the markets

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Photo: Andrew Harnik (Getty Images)

After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.

Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job

Let’s take a look at what awaits us:

Major companies will release their earnings reports

Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.

Monday

Verizon will report earnings before the start of operations.

Tuesday

Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
Alphabet and Visa will report results after the market closes.

Wednesday

AT&T will release its report before the market opens.
Ford and Chipotle will report earnings after the market closes.

Thursday

Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.

Trump to speak at Bitcoin conference

Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.

In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.

Ether ETFs are on the way

New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.

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Bitcoin

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Cryptocurrency’s Biggest Winners and Losers in a Second Trump Presidency

Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.

That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.

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Bitcoin

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske

Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.

Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.

According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.

“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”

Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.

BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.

The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.

Source: Chris BurniskeX

Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).

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Bitcoin

Here’s the next target for BTC before bulls can hold out for $70K

Published

6 months ago

21 July, 2024

SatoshiTimes Staff

Here’s the next target for BTC before bulls can hold out for $70K

Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.

Technical analysis

Per NegotiationRage

The daily chart

As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.

The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.

Source: TradingView

The 4-hour chart

Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.

While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.

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Cryptocurrency Charts by TradingView.

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