Schlagwort: crypto news

• Biden vetoes bill targeting SEC crypto rules, citing concerns over regulatory authority.
• Crypto industry criticizes Biden’s decision, calls it setback for innovation and financial freedom.
• The veto raises questions about Biden’s stance on crypto regulation and engagement with industry.

U.S. President Joe Biden has taken a decisive stance in the ongoing debate surrounding cryptocurrency regulation by vetoing the bill that aimed at overturning a Securities and Exchange Commission (SEC) regulation regarding crypto accounting standards.

The regulation in question, known as SAB 121, set specific guidelines for firms holding cryptocurrency assets, requiring them to record these assets as liabilities on their balance sheets.

Joe Biden upholds SEC’s authority over accounting practices

In an official statement dated May 31st, President Biden emphasized the importance of maintaining the SEC’s authority over accounting practices, stating that a reversal of the SEC’s decision could potentially undermine broader regulatory efforts aimed at protecting consumers and investors.

Biden’s veto underscores his administration’s commitment to implementing regulatory guardrails that ensure the safety and stability of financial markets while also acknowledging the potential benefits of crypto-asset innovation.

As previously reported, the bill, which sought to repeal the SEC’s cryptocurrency accounting guidelines, had garnered bipartisan support in both the House and Senate.

However, despite the House passing the measure with a 228-182 vote and the Senate voting 60 to 38 in favor of the repeal, the veto requires a two-thirds majority from both houses to be overturned.

Backlash over Biden’s decision to veto the bill

The decision to veto the bill has sparked immediate backlash from various quarters, particularly within the cryptocurrency industry.

Critics argue that the veto represents a setback for innovation and financial freedom, with some describing it as a “slap in the face” to those advocating for a more flexible regulatory approach.

The Blockchain Association, a prominent crypto advocacy group, expressed disappointment with the administration’s decision, highlighting the bipartisan consensus reached in both chambers of Congress.

Similarly, Cody Carbone, Chief Policy Officer at the Digital Chamber, disparaged the veto, emphasizing its potential chilling effect on innovation within the crypto space.

The veto has also raised concerns within the crypto community regarding the administration’s stance on cryptocurrency regulation.

Despite speculation that the Biden campaign had been engaging with crypto industry stakeholders to adopt a more pro-crypto stance, the veto suggests a different approach.

In response to the veto, Moe Vela, a senior advisor to Unicoin and former senior advisor to Biden, called for a more nuanced discussion on the integration of crypto into the financial system, urging both candidates to articulate their perspectives and plans for the future of crypto regulation.

Sheila Warren, CEO of the Crypto Council, expressed displeasure with the veto, suggesting that publicly stated positions on crypto regulation could be difficult to walk back once articulated.

As the cryptocurrency regulation debate continues in the U.S., all eyes now turn to both houses to see whether they can raise a two-third majority too overturn the president’s veto.

The post Joe Biden has vetoed bill aimed at overturning SEC crypto accounting standards appeared first on CoinJournal.

• Elon Musk denies discussing crypto with Trump amid speculation.
• Lately Trump has been actively promoting Bitcoin (BTC), possibly as a way to attract voters.
• There is speculation of a potential advisory role for Musk in Trump’s 2024 presidential campaign.

Elon Musk, the CEO of Tesla and SpaceX, in a post on X has firmly denied reports suggesting he discussed cryptocurrency with former President Donald Trump.

This denial comes amid growing speculation and multiple reports claiming the two influential figures have been conversing about crypto-related matters.

Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do

— Elon Musk (@elonmusk) May 30, 2024

Bloomberg started it stating Musk advised Trump on Crypto

The controversy began when a Bloomberg report suggested that Musk had counseled Trump on cryptocurrency policy, igniting significant interest and speculation within the media and the cryptocurrency community.

Adding fuel to the fire, DogeDesigner, a notable figure in the crypto community, tweeted about Musk and Trump allegedly discussing cryptocurrency policy.

These rumors surfaced as Trump, the leading candidate for the 2024 Republican presidential nomination, has been vocally promoting Bitcoin and other digital assets on the campaign trail. He recently even promised to free Silk Road creator Ross Ulbricht if re-elected.

Trump has been positioning cryptocurrencies as a strategic asset for the United States, emphasizing that the country must be a leader in the field. His personal crypto holdings reportedly exceed $10 million, and the MAGA token, associated with his campaign, recently hit an all-time high of $15.4.

Further adding to the intrigue, The Wall Street Journal reported on May 29 that Trump is considering a possible advisory role for Musk should he win the 2024 presidential election. The report highlighted that, despite a previously tense relationship, Musk and Trump have been engaging in political discussions on various policy ideas, including immigration and crypto.

Musk, however, clarified that he will not be contributing to any presidential campaigns but has allegedly informed Trump of his intention to hold events aimed at discouraging wealthy supporters from backing Joe Biden.

What Elon Musk, Trump relationship mean for crypto

The developing relationship between Musk and Trump has significant implications for the cryptocurrency market. Both individuals possess the ability to influence public attitudes toward digital currencies profoundly.

Their discussions and Musk’s proactive stance on crypto could sway investor sentiment and shape future regulatory policies, potentially impacting the broader adoption and stability of the crypto market.

As the 2024 election approaches, the intertwining of political discourse and cryptocurrency continues to draw attention.

While Musk has denied any crypto talks with Trump, the potential for collaboration between these two influential figures remains a subject of keen interest and speculation.

The post Elon Musk denies having talks with Donald Trump about crypto appeared first on CoinJournal.

• Judge dismisses U.S. SEC’s case against Debt Box, orders SEC to pay $1.8 million in fees.
• The Ruling cites SEC’s bad faith conduct in obtaining asset freeze order.
• Debt Box calls the court’s decision a significant victory against regulatory overreach.

In a significant legal victory for Digital Licensing, the firm known as Debt Box, a federal judge has dismissed the U.S. Securities and Exchange Commission’s (SEC) civil lawsuit and ordered the regulatory body to pay approximately $1.8 million in fees.

The ruling, handed down on May 28 by Judge Robert Shelby in the U.S. District Court for the District of Utah, marks a notable rebuke of the SEC’s actions in this case.

The U.S. SEC on the receiving end

The fees include roughly $1 million for attorney fees and costs, and an additional $750,000 for receiver fees and costs.

This order followed a March court decision that found the SEC had engaged in “bad faith conduct” by seeking a temporary restraining order to freeze Debt Box’s assets based on inaccurate information. This misconduct led the court to threaten sanctions against the commission.

Judge Shelby’s ruling mandated that the SEC cover all attorney fees and costs resulting from the erroneous ex parte relief, with the exception of one $649 fee which he deemed inappropriate.

Debt Box, in a statement released via X, hailed the decision as a major triumph, stating, “This is a significant win for us. It means that the SEC cannot proceed with the case as it stands.”

What was the Debt Box case all about?

The SEC’s lawsuit, initially filed in July 2023, accused Debt Box of orchestrating an illegal $50 million cryptocurrency scheme.

However, Debt Box countered with documentation suggesting that the SEC had made false statements and misrepresentations, which led to the improper restraining order.

This case drew considerable attention within the cryptocurrency community, highlighting issues of regulatory overreach.

Meanwhile, the SEC continues to pursue legal actions against several other crypto firms, including Binance, Kraken, Ripple, and Coinbase.

In response, lawmakers are advocating for clearer regulatory frameworks for digital assets, with proposed legislation like the Financial Innovation and Technology for the 21st Century Act aiming to address these concerns.

The post Judge orders the U.S. SEC to pay $1.8M in Debt Box case dismissal appeared first on CoinJournal.

• 60-38 in the Senate voted in favour of overturning the SEC rule.
• Bipartisan support signals a potential shift in crypto regulation.
• Presidential veto possible.

In a landmark decision, the US Senate has voted to overturn a key Securities and Exchange Commission (SEC) rule that barred regulated financial firms from holding Bitcoin and other cryptocurrencies.

The legislation, known as H.J. Res. 109, previously passed in the US House with bipartisan support and the Senate’s support signals a potential shift in the regulatory landscape for digital assets in the United States.

Bipartisan support for H.J. Res. 109 reversal

The decision to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121 garnered significant bipartisan support in both the House and the Senate.

The rule, which had been in effect for two years, prohibited regulated financial institutions from holding cryptocurrencies.

However, lawmakers have moved to invalidate this restrictive regulation with a vote of 60-38 in the Senate and a 228–182 vote in the House.

Supporters of the legislation argue that allowing regulated firms to hold cryptocurrencies will provide consumers with more options and opportunities in the rapidly evolving digital asset market. They contend that regulated institutions are well-equipped to handle the risks associated with cryptocurrency custody, given their existing compliance frameworks and security protocols.

Potential presidential veto

After the overwhelming support for overturning the SEC rule in Congress, the legislation now faces its final test on the desk of US President Joe Biden.

While the White House has indicated that the measure may be vetoed, citing concerns about disrupting the SEC’s work to protect investors in crypto-asset markets, proponents remain hopeful that Biden will recognize the importance of allowing regulated firms to engage in cryptocurrency custody.

Critics of the SEC’s rule argue that it stifles innovation and hampers the ability of financial institutions to meet the growing demand for cryptocurrency services. They point to the recent approval of spot Bitcoin Exchange Traded Funds (ETFs) by the SEC as evidence of the increasing mainstream acceptance of cryptocurrencies and the need for regulatory flexibility in this rapidly evolving space.

Senate decision met with enthusiasm

The decision to overturn the SEC rule has been met with enthusiasm by industry stakeholders, who see it as a positive step towards greater institutional adoption of cryptocurrencies. Many believe that allowing regulated financial firms to hold cryptocurrencies will help to legitimize the asset class and attract more institutional investors.

However, some industry experts caution that regulatory clarity is still needed to ensure the long-term stability and growth of the cryptocurrency market. They emphasize the importance of striking a balance between innovation and investor protection to foster a healthy and sustainable ecosystem for digital assets.

The post US Senate votes to overturn SEC rule, allowing regulated firms to hold Bitcoin appeared first on CoinJournal.

• The AMF has blacklisted Bybit since May 2022 due to regulatory infractions.
• French investors urged to prepare for potential service halt.
• Besides France, Bybit faces global scrutiny and it has already pulled out of Canada and UK.

The French Securities Regulator, Autorité des Marchés Financiers (AMF), has issued a renewed cautionary notice to investors regarding the cryptocurrency exchange Bybit.

The warning stems from Bybit’s non-compliance with French regulations, specifically its failure to register as a digital asset service provider (DASP), rendering its operations illegal in France.

Possible abrupt exit of Bybit from France

Investors are urged to exercise vigilance and prepare for the potential abrupt cessation of Bybit’s services in France.

The AMF emphasizes that it retains the authority, as per the Monetary and Financial Code, to pursue legal action, including blocking Bybit’s website.

Furthermore, retail investors are advised to take preemptive measures to ensure continued access to their assets, should the platform become inaccessible.

This cautionary stance mirrors similar regulatory actions taken against Bybit globally. In March, Hong Kong’s Securities and Futures Commission (SFC) categorized Bybit as an unlicensed exchange and added it to its list of suspicious platforms. This move by the SFC reflects concerns regarding Bybit’s lack of compliance with licensing requirements.

Bybit’s regulatory woes

Although Bybit has applied for licenses in countries like Hong Kong, its history of regulatory challenges extends beyond France. Last year, the exchange withdrew from both Canada and the United Kingdom, citing regulatory pressures. These exits underscore the significant regulatory hurdles Bybit faces in various jurisdictions.

For French investors, the AMF’s warning serves as a critical reminder to prioritize regulatory compliance and due diligence when engaging with cryptocurrency exchanges.

Bybit’s illegal operation in France raises concerns about investor protection, highlighting the importance of adhering to regulatory frameworks.

In light of these developments, French investors are advised to exercise caution and consider alternative platforms that comply with local regulations.

Additionally, staying informed about regulatory updates and heeding warnings from financial authorities can help mitigate risks associated with unlicensed cryptocurrency exchanges like Bybit.

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