United

Biden

Gary

Challenge

In the United States, the crypto-regulations debate reaches new heights as lawmakers move to cease the rules of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. SAB requires the crypto firms to reserve the assets in its balance sheet. 
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 <a href="https://twitter.com/hashtag/HappeningNow?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#HappeningNow</a>: The House is debating <a href="https://twitter.com/USRepMikeFlood?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@USRepMikeFlood</a>'s H.J.Res. 109, a CRA to nullify the <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SECGov</a>'s disastrous Staff Accounting Bulletin 121. 📺 Tune in 🔗<a href="https://t.co/kTrdVi79Bu" target="_blank">https://t.co/kTrdVi79Bu</a>— Financial Services GOP (@FinancialCmte) <a href="https://twitter.com/FinancialCmte/status/1788241617071034494?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 8, 2024</a>
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Lawmakers who are against this have come up with resolutions that will help in declaring the SEC’s move null and void. The SEC’s action is said to have violated the notice-and-comment process before taking any action.&nbsp; 
However, SEC chairman Gary Gensler and other SEC staff support SAB 121 as they stress the significance of this regulation for protection of investors and also ensuring market transparency. 
The constant debate between regulators and industry participants clearly reflects the difficulty of coming up with solutions that develop the crypto space at the same time protect investors from falling victims of misdeeds. 
The society is consistently monitoring the effects of the financial regulator’s actions as they are keen on knowing how the decisions made by the government will influence the future of cryptocurrencies in the United States. 
Also Read:<a href="https://www.cryptotimes.io/2024/05/09/president-biden-ready-to-veto-bill-changing-crypto-custody-rules/">President Biden Ready to Veto Bill Changing Crypto Custody Rules</a>

US Lawmakers Challenge SEC’s Crypto Policy

The Crypto Times

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