Chair

Biden

Wednesday

Gary

The post <a href="https://coinpedia.org/news/3-major-crypto-events-to-watch-next-week-crypto-industry-braces-for-crucial-decisions/">3 Major Crypto Events to Watch Next Week: Crypto Industry Braces for Crucial Decisions</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
There are three major events that will unfold in Washington, D.C., next week. These events are significant to the crypto industry in the U.S. 
Let’s take a look at them in brief –&nbsp; 
<h2 class="wp-block-heading" id="h-biden-s-potential-veto-of-the-sab-121-repeal">Biden’s Potential Veto of the SAB 121 Repeal</h2> 
The Senate recently <a href="https://financialservices.house.gov/news/documentsingle.aspx?DocumentID=409250#:~:text=H.J.Res.%20109%20overturns%20the,as%20custodians%20of%20digital%20assets." target="_blank" rel="noreferrer noopener">passed H.J. Res. 109</a>, a resolution to overturn the SEC’s Staff Accounting Bulletin No. 121. The SAB 121 restricts financial institutions from acting as custodians for digital assets.&nbsp; 
Despite a rare bipartisan agreement in the Senate that passed a&nbsp; 60-38 vote in favour of the Bill, President Biden, with an inclination towards Senator Warren and SEC’s Gensler, threatened the previous week that in case the Resolution reaches his desk, he will use his veto power. Biden has approximately nine more days to decide, and his choice will significantly impact the SEC’s overreach on the crypto industry. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 During the voting process, Senator Cynthia Lummis, a major proponent of the bill overturning, said that “SAB 121 is a rule under the Administrative Procedure Act, disguised as accounting guidance. The SEC staff published it without the approval of the majority of the commission.” 
</blockquote> 
Proponents of the Bill argue that regulated financial firms are well-equipped to handle digital asset custody, and overturning the rule would reduce centralization risks. 
<h2 class="wp-block-heading" id="h-sec-s-decision-on-ethereum-etf">SEC’s Decision on Ethereum ETF</h2> 
The SEC’s decision on VanEck’s spot <a href="https://markets.coinpedia.org/ethereum-etf/" target="_blank" rel="noreferrer noopener">Ethereum ETF</a> application is due by Thursday. Although many believe SEC Chair Gary Gensler will reject it, political pressure is mounting. The Democratic Party is concerned that an anti-crypto stance could harm their election prospects. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Due to the lack of correspondence from the SEC, VanEck CEO Jan van Eck expressed skepticism about the approval, stating, “I would be astonished if the SEC said yes at this point.”&nbsp; 
</blockquote> 
<h2 class="wp-block-heading" id="h-house-vote-on-the-fit21-bill">House Vote on the FIT21 Bill</h2> 
The <a href="https://www.congress.gov/bill/118th-congress/house-bill/4763/text?s=1&amp;r=1&amp;q=%7B%22search%22%3A%5B%22Financial+Innovation+and+Technology+for+the+21st+Century+Act.%22%5D%7D" target="_blank" rel="noreferrer noopener nofollow">Financial Innovation and Technology for the 21st Century Act</a> (FIT21) is scheduled for a House vote by Wednesday or Thursday. This important crypto legislation aims to clarify the regulatory responsibilities of the SEC and CFTC concerning digital assets. The bill has garnered substantial support from the pro-crypto faction in Congress. 
A Crypto Council for Innovation letter, signed by companies such as Coinbase and Circle, has encouraged lawmakers to support the bill’s passage. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 “Regulatory clarity is indisputably more responsible, safer for consumers, and preferable to the status quo,” the CCI stated. 
</blockquote> 
All eyes will be glued to the U.S. government next week, with decisions from President Biden, the SEC, and the House of Representatives holding significant importance for the crypto industry’s regulatory landscape.&nbsp; 
Also Check Out: <a href="https://coinpedia.org/news/kraken-considers-delisting-tether-amid-new-european-regulations/">Kraken Considers Delisting Tether Amid New European Regulations</a>

3 Major Crypto Events to Watch Next Week: Crypto Industry Braces for Crucial Decisions

目錄

CoinPedia News

在 2024年5月18日發表的其他文章

Development Activities Influence Dogecoin Price

Why Did Bitcoin Just Jump 10%? Blockchain Firm Weighs In

Here’s Why XRP Price Can Surge 3000% To Gain $18 Soon

Token Unlocks Impact the Crypto Market

Court Approves Genesis Global’s $3 Billion Repayment Plan, Overruling DCG Challenge

Here’s when Solana could hit $200

訂閱免費電子報，每天收取加密貨幣最新動態！