Regulation
That’s why the Senate is attacking the SEC!
7h42 ▪ 3 minute read ▪ by Eddy S.
The battle rages between the Senate and the US stock market regulator. The senators, in fact, openly question the SEC’s repressive approach towards cryptocurrencies. In this trench of regulatory warfare, the Senate seems determined to defend the rise of this emerging universe tooth and nail.
The Senate’s rebuke to the SEC
By repealing Accounting Directive SAB 121, the Senate dealt a major blow to the SEC. With this vote the senators denounce Gary Gensler’s regulation. He wanted to slow down crypto players at all costs by imposing draconian constraints on them. However, against all expectations, its attempt to stifle cryptocurrencies from the beginning proved counterproductive.
Indeed, the SEC’s tough approach it only galvanized cryptocurrency enthusiasts. Far from healing the sector, the controversial directives have instead fueled desires. Lawmakers, institutional investors and even banks have united against Gensler and Biden. They reject this regulatory hold on a universe they see as the future of decentralized finance.
A Senate committed to the crypto cause
With this rebuke to the SEC, the Senate demonstrates that it has definitively embraced the crypto cause. Determined to build a favorable framework, the senators seem to want to adopt the opposite point of view to that of Gensler. They want to make it easier for investors to access this new asset class. At the same time, they want to give crypto companies more freedom to innovate.
Tomorrow the Senate will vote on repealing SAB-121.
It may be the only thing the cryptocurrency and trading industries agree on.
First, to reiterate, SAB-121 is the rule unilaterally adopted by the SEC without consulting the industry which states the following:
Unlike everyone…
— Austin Campbell (@CampbellJAustin) May 16, 2024
Cryptocurrencies: Senate votes against SEC
Faced with this revolt, the head of the SEC shows courage. Gary Gensler persists in his anti-cryptocurrency crusade. Despite the setback in the Senate, he could very well put another coin in the machine.
Despite the SEC’s maneuvering, the battle now appears to be a lost cause for Gensler. The Senate vote marks an important turning point. He paves the way for the massive adoption of cryptocurrencies at the heart of financial institutions. In this ongoing revolution, regulators will play a crucial role, but they will likely have to deal with this new decentralized universe.
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Eddy S.
The world has evolved and adaptation is the best weapon to survive in this wavering universe. The crypto community manager at the base interests me in everything that touches or comes close to the blockchain and its derivatives. With a view to sharing my experience and getting to know a domain that I am passionate about, I am the one who writes informative and décontractés a la fois articles.
DISCLAIMER
The views, thoughts and opinions expressed in this article are solely those of the author and should not be relied upon as investment advice. Do your research before making any investment decisions.