Bitcoin
Michael Saylor: Senate wants Bitcoin
Alex Dovbnya
The passage of a resolution to nullify the SEC’s controversial SAB 121 rule was celebrated as a major legislative victory for the cryptocurrency industry
Read U.TODAY at
google news
MicroStrategy co-founder Michael Saylor turned to social media network X to celebrate the recent victory of the cryptocurrency industry in the Senate.
“Wall Street wants Bitcoin, the House of Representatives wants Bitcoin and now the Senate wants Bitcoin,” he posted on the X social media network.
Earlier this Thursday, the Senate voted 60 to 38 to eliminate the controversial “SAB 121” bulletin presented by the Securities and Exchange Commission (SEC).
Senate Majority Leader Chuck Schumer (D-New York), as well as several Democrats, joined Republicans in striking down the SEC guidance.
The Digital Chamber, the leading blockchain trade association, was “thrilled” as it celebrated the passage of the resolution to overturn SAB 121. Robert Leshner of Compound Labs described it as “the first of many” legislative victories for the cryptocurrency industry .
The controversial rule requires banks that hedge crypto assets to record them as a liability on their own balance sheets. Critics argued that this would make it impossible for banks to provide custody services for digital assets.
According to Austin Campbell, founder and managing partner of Zero Knowledge Consulting, the rule, which was unilaterally adopted by the SEC, would possibly harm the rights of cryptocurrency holders. “There is no economic reason to hold capital against assets a company does not own, and this was clearly done simply to prevent regulated financial entities from providing custody services,” he said. he said. He further noted that this guidance benefits unregulated custodians.
As reported by U.Todaythe US House of Representatives voted to overturn the guidance on May 9.
About the author
Alex Dovbnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience covering everything related to the booming industry – from price analysis to Blockchain disruption. Alex has authored over 1,000 stories for U.Today, CryptoComes, and other fintech media outlets. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets. He can be reached at alex.dovbnya@u.today.