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Capitol

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<p>Crypto regulation is taking center stage on Capitol Hill, with heated debates over the Securities and Exchange Commission's (SEC) proposed rules on digital asset custody. The House of Representatives recently voted to overturn the SEC's Staff Accounting Bulletin 121, which would require banks to hold an equivalent amount of assets to match the value of cryptocurrencies held in custody. This move has garnered overwhelming support, with a 228-182 vote, as it aims to prevent the SEC from stifling innovation in the crypto industry.</p>
<p>The controversy surrounding the SEC's actions has shed light on the agency's perceived overreach and unwillingness to engage with crypto companies. Robinhood's CEO, Vlad Tenev, revealed that the company met with the SEC 16 times to discuss registering as a crypto broker-dealer, but the SEC refused to provide a path forward. This stance has drawn criticism from industry leaders, who argue that the SEC's hostility towards crypto is driving businesses out of the United States.</p>
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<p>As the regulatory battle intensifies, political figures are weighing in on the crypto debate. Former President Donald Trump, who has traditionally been pro-dollar, has embraced crypto as a means of promoting innovation and job creation in the US. Conversely, President Biden has threatened to veto the resolution overturning the SEC's crypto custody rule, citing the need to protect investors in the digital asset market.</p>
<p>The clash between crypto advocates and regulators has also sparked discussions about the role of tech giants like Apple in the creator economy. Apple's recent promotional video, which depicted the destruction of traditional artistic tools in favor of an iPad, has been criticized by artists and developers as disrespectful and indicative of a "soulless technology company." This controversy highlights the potential impact of blockchain technology on empowering creators and enabling decentralized marketplaces, which could challenge the dominance of tech giants like Apple.</p>
<p>As the crypto regulatory landscape continues to evolve, it is clear that the battle lines are being drawn between those who embrace innovation and those who prioritize investor protection. The outcome of these debates will have far-reaching implications for the future of digital assets, the creator economy, and the role of traditional financial institutions in a rapidly changing technological landscape.</p>
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U.S. Passes Crypto Bill Against SEC Overreach! | Trump Officially Endorses Crypto

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