{"id":31020,"date":"2024-05-20T09:02:30","date_gmt":"2024-05-20T09:02:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/u-s-congress-passes-landmark-crypto-legislation\/"},"modified":"2024-05-20T09:02:30","modified_gmt":"2024-05-20T09:02:30","slug":"u-s-congress-passes-landmark-crypto-legislation","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/u-s-congress-passes-landmark-crypto-legislation\/","title":{"rendered":"U.S. Congress Passes Landmark Crypto Legislation"},"content":{"rendered":"<p><b>(Originally posted on : Crypto News &#8211; iGaming.org )<\/b><br \/>\n<\/p>\n<div>\n<p>In a groundbreaking development, the U.S. Congress has passed its first standalone crypto legislation. The new bill aims to repeal the controversial U.S. Securities and Exchange Commission (SEC)\u2019s Staff Accounting Bulletin No. 121 (SAB 121). Despite this legislative victory, President Joe Biden has signaled his intent to <a href=\"https:\/\/igaming.org\/crypto\/biden-administration-signals-veto-on-crypto-policy-resolution\/\">veto the bill<\/a>, citing concerns about financial stability and market uncertainty.<\/p>\n<p>Last week, the Senate passed a Congressional Review Act (CRA) to overturn SAB 121, marking a significant milestone in financial innovation. U.S. Senator Cynthia Lummis (R-WY) announced the news on social media platform X, celebrating the bill as a triumph against the SEC\u2019s regulatory approach under Chair Gary Gensler. She emphasized, \u201cWe are just getting started,\u201d indicating more legislative efforts are on the horizon. The CRA allows Congress to review and potentially nullify regulations imposed by federal agencies.<\/p>\n<h2><strong>Controversial SAB 121<\/strong><\/h2>\n<p>SAB 121 requires entities holding crypto assets for users to record these as liabilities and corresponding assets at fair value on their balance sheets. This mandate has faced significant criticism for imposing financial burdens on banks and financial institutions, potentially deterring them from offering crypto asset custody services. House Financial Services Committee Chair Patrick McHenry (R-NC) described SAB 121 as cost prohibitive, stating,<em> \u201cSAB 121 requires financial institutions and firms that are safeguarding their customers\u2019 digital assets to hold those assets on their balance sheet, making it cost prohibitive to do so.\u201d<\/em> He added, <em>\u201cStaff Accounting Bulletin 121 is one of the most glaring examples of the regulatory overreach that has defined Gary Gensler\u2019s tenure at the SEC.\u201d<\/em><\/p>\n<p>Earlier this month, the U.S. House of Representatives voted to overturn SAB 121, followed by the Senate\u2019s approval last week. However, President Joe Biden has threatened to veto the decision. A statement from the White House highlighted concerns: <em>\u201cLimiting the SEC\u2019s ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would introduce substantial financial instability and market uncertainty.\u201d<\/em><\/p>\n<\/p><\/div>\n<p><a href=\"https:\/\/igaming.org\/crypto\/u-s-congress-passes-landmark-crypto-legislation\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : Crypto News &#8211; iGaming.org ) In a groundbreaking development, the U.S. Congress has passed its first standalone crypto legislation. The new bill aims to repeal the controversial U.S. Securities and Exchange Commission (SEC)\u2019s Staff Accounting Bulletin No. 121 (SAB 121). Despite this legislative victory, President Joe Biden has signaled his intent [&hellip;]<\/p>\n","protected":false},"author":34,"featured_media":31021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31020"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=31020"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/31020\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/31021"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=31020"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=31020"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=31020"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}