US SEC is ‘bent on choking’ the crypto industry — Coinbase
The United States Securities and Exchange Commission “is serious about the destruction of digital assets,” according to cryptocurrency exchange Coinbase.
The United States Securities and Exchange Commission “is serious about the destruction of digital assets,” according to cryptocurrency exchange Coinbase.
According to Odaily, Roger Bayston, the head of digital assets at Franklin Templeton, has shared his views on the ongoing interaction between financial innovators and the U.S. Securities and Exchange Commission (SEC). He stated that this interaction is fair and part of the process they are involved in. Bayston made these comments at the 2024 Consensus Conference. Like many regulatory bodies, the SEC tends to rely on legal precedents, which are often set in court. Despite frequent skepticism about the SEC's 'open door' policy, Bayston believes that the agency's actions are aimed at protecting the economy and are not insurmountable. He said, 'Without some discipline, persistence, and cooperative behavior with global regulatory bodies, we could not have survived in this trust-based industry for 76 years.' Bayston also noted that the situation with the SEC is changing compared to last year. He said, 'We have always had pleasant contact with the SEC... we are excited about their change in attitude.'
According to Foresight News, US Senator Cynthia Lummis, a supporter of the cryptocurrency industry, has criticized President Joe Biden's decision to veto the repeal of the controversial cryptocurrency accounting standards. Lummis stated that Biden missed an opportunity to 'correct' his stance on cryptocurrency assets. She vowed not to stand by idly and will continue to promote financial innovation. Earlier today, Biden vetoed a resolution aimed at overturning the Securities and Exchange Commission (SEC) cryptocurrency asset accounting standard SAB 121. The decision has sparked controversy and criticism from various quarters, especially those supporting the growth and development of the cryptocurrency industry. Senator Lummis, known for her pro-cryptocurrency stance, expressed her disappointment and pledged to continue her efforts to foster financial innovation.
According to Cointelegraph: In an intensified crackdown on electricity theft, the National Electricity Administration (ANDE) of Paraguay has seized a property hosting 2,738 crypto mining units in Salto del Guairá. The property was targeted after an illegal power connection was detected, with the illicit electricity usage estimated at 1.1 billion guarani ($146,000) per month. Source: Joaquin Moinigo Power-intensive crypto mining is a controversial topic in Paraguay, and the country's senate is examining a bill proposing a ban on crypto mining and related activities pending comprehensive legislation and reassurances from the national power supplier. Then-president Mario Abdo Benítez vetoed a bill regulating cryptocurrencies in the country in 2021, expressing concerns about the crypto mining provisions. Despite being home to major mining operations, including Bitfarms, Marathon Digital, and Tether, illegal mining remains a significant problem in Paraguay. The proposed bill that could temporarily ban crypto-related activities has currently been put on hold, but discussion about it is officially considered "postponed."
According to BlockBeats, on June 1, President Joe Biden announced on a Friday afternoon that he had signed a joint resolution of the House of Representatives, vetoing a resolution that would have abolished the Staff Accounting Bulletin 121 (SAB 121) of the U.S. Securities and Exchange Commission (SEC). SAB 121 is a controversial accounting guidance from the SEC that requires financial institutions holding customer cryptocurrencies to keep the assets on their own balance sheets. Critics of the guidance argue that it makes it very difficult for financial institutions to collaborate with cryptocurrency companies. In his veto announcement, Biden stated that he would not support any measures that 'endanger the welfare of consumers and investors.' He argued that abolishing SAB 121 would limit the SEC's ability to establish appropriate protective measures and address future issues, potentially weakening the SEC's broader powers in accounting practices. Hours before Biden's veto, banking industry groups and congressmen had sent two letters to Biden's desk, asking him to sign the resolution to overturn SAB 121.
Once he completes his four-month sentence at Lompoc prison, Zhao plans to resume his involvement in cryptocurrency.
The SEC is safeguarding the economy, but Roger Bayston sees a change in tone at the regulator.
United States Senator Cynthia Lummis claims that US President Joe Biden “doubled down on his administration’s failed policies.”
Franklin Templeton has started the spot Ethereum ETF "fee war" by being the first to announce its fees in an amended S-1 application, according to ETF analyst Eric Balchunas.
United States President Joe Biden said he vetoed the resolution because "he will not support measures that jeopardize the well-being of consumers and investors."