Bank

Biden

Joe Biden

April

United States President Joe Biden has <a href="https://cointelegraph.com/news/united-states-president-joe-biden-veto-sab-121-crypto-accounting-rule" rel="noopener noreferrer nofollow">vetoed a resolution</a> that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.&nbsp;
“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” Biden wrote in an official response to Congress voting to repeal the cryptocurrency <a href="https://cointelegraph.com/news/senator-lummis-biden-urging-no-veto-sab-121-repeal" rel="noopener noreferrer nofollow">accounting guidelines, which requires institutions</a> that custody crypto assets to record crypto holdings as liabilities on their balance sheets.
The guidelines were set to take effect on April 11 but were met with considerable backlash from the <a href="https://cointelegraph.com/news/house-votes-nullify-sec-guidance-sab121-crypto-custody" rel="noopener noreferrer nofollow">crypto community and lawmakers alike</a>.
Lawmakers in the House of Representatives <a href="https://cointelegraph.com/news/senator-lummis-biden-urging-no-veto-sab-121-repeal" rel="noopener noreferrer nofollow">voted to repeal the SEC’s guidance</a> by a margin of 228 to 182 and passed the bill to the Senate. Once there, senators voted to repeal SAB-121 by a significant margin of 60 to 38 in favor.
“We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” crypto advocacy group the Blockchain Association declared in its X post.
U.S. Senator Cynthia Lummis <a href="https://cointelegraph.com/news/president-biden-veto-resolution-sec-accounting-crypto" rel="noopener noreferrer nofollow">argued that Biden went against</a> the “will of the American people” by intervening and preventing the guidelines from being revoked.
<h3 data-ct-non-breakable="true" id="israel-launches-digital-shekel-experiment">Israel launches digital shekel experiment</h3>
Israel intends to expedite the development of its in-house central bank digital currency (CBDC), the digital shekel. The Bank of Israel (BoI) plans to involve various service providers in co-developing an advanced digital payments ecosystem centered on the digital shekel.
Project Rosalind is a joint experiment between the Bank for International Settlements (BIS) and the Bank of England. It aims to develop prototypes for an application programming interface (API).
As part of the challenge, the BoI will provide a sandbox environment attached to a layer of API. Participants will compete to build real-time CBDC payment systems for the general public.
<a href="https://cointelegraph.com/news/israel-accelerates-digital-shekel-development" rel="noopener noreferrer nofollow">Continue reading</a>
<h3 data-ct-non-breakable="true" id="paraguay-proceeds-with-crackdown-on-crypto-mining">Paraguay proceeds with crackdown on crypto mining</h3>
Property containing 2,738 crypto mining units was seized in Salto del Guairá, Paraguay after the National Electricity Administration (ANDE) detected an unmetered power connection in the area.&nbsp;
A bill to ban crypto mining and other crypto-related activities is before the country’s senate, pending comprehensive legislation and assurances from the national power supplier.
ANDE used artificial intelligence and power distribution analysis to zero in on the electricity theft, which it estimated was worth 1.1 billion guarani ($146,000) per month.
Five transformers were also seized on the property. The operators of the illegal operation may face criminal charges.
At least two other actions against illegal crypto farms — one in Salta del Guairá — were carried out in Paraguay in May, although those raids had much more modest results. All the government actions involved multiple agencies, including the National Police of Paraguay.
<a href="https://cointelegraph.com/news/paraguay-seizes-2738-crypto-mining-units-power-theft-crackdown" rel="noopener noreferrer nofollow">Continue reading</a>
<h3 data-ct-non-breakable="true" id="hong-kong-kicks-out-all-unlicensed-crypto-exchanges">Hong Kong kicks out all unlicensed crypto exchanges</h3>
All cryptocurrency exchanges that have not applied for an operational license with the Securities and Futures Commission (SFC) of Hong Kong are legally required to cease operations in the region immediately.
In an effort to minimize risks for investors, Hong Kong regulators issued a clear ultimatum to cryptocurrency exchanges: either apply for a license by Feb. 29 or shut down their operations within three months.
During this period, <a href="https://cointelegraph.com/news/hong-kong-ends-crypto-exchange-license-application" rel="noopener noreferrer nofollow">more than 22 cryptocurrency exchanges applied</a> for licenses to maintain their presence in the region. However, many of these <a href="https://cointelegraph.com/news/hong-kong-crypto-license-withdrawals-2024" rel="noopener noreferrer nofollow">exchanges ultimately decided to withdraw</a> their applications just before the deadline.
While most exchanges did not provide any reasons for the surprise turn of events, Hong Hong-based <a href="http://gate.hk" target="_blank" rel="noopener noreferrer nofollow">Gate.HK cited the need for a</a> “major overhaul” of its trading platform before it could comply with Hong Kong’s regulatory requirements.
<a href="https://cointelegraph.com/news/hong-kong-unlicensed-crypto-exchanges" rel="noopener noreferrer nofollow">Continue reading</a>

Biden vetoes House and Senate votes on SEC’s anti-crypto resolution: Law Decoded

Table of Contents

Cointelegraph

Other articles published on Jun 3, 2024

GameStop Purchases Limited by Robinhood as Whale Unveils Identity

Notcoin Price Analysis: NOT Targeting $0.1 After 89% Weekend Rally?

Roaring Kitty Return Yields Investor $300K Unrealized Profit On Ethereum-Based GME Meme Coin

Term Structure Mainnet Launches, Revolutionizing DeFi with Market-Driven Fixed-Income Solutions

'Rigged Casino with Dumb People': Dogecoin Creator Slams Crypto

EU elections ‘wildcard’ could pave the way for first Ether ETF

Join our free newsletter for daily crypto updates!