2024

Bitcoin

Gary

Spot

<p>Congressman Nickel urged the SEC to withdraw their Staff Accounting Bulletin 121 (SAB121), stating that the law is preventing American banks from providing custodial services for digital assets, which might drive customers towards less regulated offshore options.</p> 
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   <p lang="en" dir="ltr">Today, I sent a letter to <a href="https://twitter.com/SECGov?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@SECGov</a> Chair Gary Gensler calling on the agency to withdraw its Staff Accounting Bulletin 121. Unfortunately, the SEC is turning <a href="https://twitter.com/hashtag/crypto?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#crypto</a> into a political football &amp; forcing <a href="https://twitter.com/POTUS?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@POTUS</a> to unnecessarily choose sides on an issue that matters to many Americans. <a href="https://t.co/F3L8fZSNR0" target="_blank">pic.twitter.com/F3L8fZSNR0</a></p>— Rep. Wiley Nickel (@RepWileyNickel) <a href="https://twitter.com/RepWileyNickel/status/1790776562050052248?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">May 15, 2024</a>
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<p>Despite consensus among parties to eliminate SAB 121, Nickel alleges that the SEC has ignored his pleas and has not engaged in a dialogue. He stresses the inconsistency of facilitating Spot Bitcoin ETPs while restricting banks from holding these digital assets on a large scale, which may ignite systemic risks in the financial world.</p> 
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  <img decoding="async" src="https://lh7-us.googleusercontent.com/6bzPYaP_NYiTCfB0nyP8RovumhGI3oAda6RIBbltHrNIY1aXOaZmJRf-XO-NWMOxkg0Os3o8Lko2ePzTsCN89lKNpWW-VTW6Q3FiPtEevJb3TDN1PihIfJmvWA8u-u8VjJ_1Acu5zWY4iCH_h4mIX1s" alt="Letter to SEC Chair by Congressman Nickel">
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   Image Source: <a href="https://nickel.house.gov/uploadedfiles/nickel_sab121_letter_to_sec.pdf" target="_blank" rel="noreferrer noopener nofollow">Nickel House</a>
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<p>The SEC’s oversight of SAB121 has raised doubts about whether the committee is truly committed to ensuring transparency in the rulemaking processes, which is at the core of the cryptocurrency regulation problem.</p> 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 <p><strong>Also Read: </strong><a href="https://www.cryptotimes.io/2024/05/09/house-rejects-sec-rule-on-cryptocurrency-custody/" target="_blank" data-type="link" data-id="https://www.cryptotimes.io/2024/05/09/house-rejects-sec-rule-on-cryptocurrency-custody/" rel="noreferrer noopener">House Rejects SEC Rule on Cryptocurrency Custody</a></p> 
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Rep. Nickel Urges SEC Withdrawal of Crypto Custody Rule

The Crypto Times

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