FIT21 bill a ‘watershed moment’ for crypto despite CFTC-SEC friction
FIT21 is the first bipartisan legislation of its kind to pass in either chamber of Congress, but is its dual-agency model workable?
FIT21 is the first bipartisan legislation of its kind to pass in either chamber of Congress, but is its dual-agency model workable?
The changes encompassed several areas, including the ability of both external and domestic funds to invest in crypto tokens.
The outcome of the elections will be a pivotal moment for the implementation of the MiCA regulatory framework and the approval of the first spot Ether ETF.
The promotional plugin steals cookies from users, which hackers use to bypass password and two-factor authentication verification and log into the victim’s Binance account.
Previously known as Okcoin Europe, OKX began serving users in the Netherlands in 2021 after registering with the Dutch central bank.
Maple Finance launches Syrup, a DeFi protocol offering secured institutional lending, amid lingering skepticism from the FTX-Alameda fallout.
According to Odaily, hours before US President Biden vetoed a congressional resolution aimed at overturning SAB 121, the American Bankers Association (ABA), the largest lobbying group in the US banking industry, penned a letter on May 31, attempting to sway his decision. The ABA stated in the letter that preventing regulated banking organizations from effectively providing large-scale digital asset protection services would harm investors, customers, and ultimately the financial system. They argued that SAB 121 represents a significant departure from the long-term accounting treatment of custodial assets and threatens the industry's ability to provide safe and reliable digital asset custody for its customers. The ABA added that limiting banks' ability to provide these services leaves customers with virtually no well-regulated, trustworthy options to protect their digital asset portfolios, ultimately exposing them to greater risk. For some in the cryptocurrency industry, the ABA's support for cryptocurrency may come as a surprise, especially considering that last year, reports suggested that the organization helped Senator Elizabeth Warren, who is skeptical of cryptocurrency, draft anti-cryptocurrency legislation known as the 'Digital Asset Anti-Money Laundering Act'. Previously, President Joe Biden vetoed a resolution that sought to overturn the controversial crypto asset accounting standard SAB 121 of the US SEC. In an official statement on May 31, he said, 'Overturning the SEC staff's thoughtful judgment in this way could undermine the SEC's broader authority in accounting practices.' Biden stated, 'My administration will not support measures that jeopardize the welfare of consumers and investors.'
According to Odaily, Anthony Scaramucci, founder and managing partner of Skybridge Capital, has expressed concern over President Joe Biden's stance on cryptocurrency. Scaramucci believes that Biden's position could potentially cost him greatly. He specifically criticized Biden's decision to veto the SAB 121 bill, especially at this crucial time. Previously, President Biden had vetoed a resolution aimed at overturning the controversial cryptocurrency accounting standard SAB 121 set by the U.S. Securities and Exchange Commission (SEC). In an official statement on May 31, Biden stated, 'Overturning the SEC staff's well-considered judgment in this way could undermine the SEC's broader authority in accounting practices.' Biden further stated that his administration would not support measures that jeopardize the welfare of consumers and investors. Scaramucci's comments highlight the ongoing debate surrounding the regulation of cryptocurrencies. As the founder of a major investment firm, his views carry significant weight in the financial community. However, it remains to be seen how Biden's stance on cryptocurrency will evolve and what impact it will have on the industry.
Nigeria's young resident population now feels more bewilderment due to the administration’s recent actions against Nigeria’s crypto industry.
The American Bankers Association claims that United States President Joe Biden's move will "harm investors, customers, and ultimately the financial system."