As a long-term crypto investor with a keen interest in the regulatory landscape, I view Senator Cynthia Lummis’ advocacy for Bitcoin legislation as a positive step towards fostering innovation and protecting consumer interests within the crypto space. Her experience and expertise, gained through her service on the Senate Banking Committee, positions her well to navigate the complexities of cryptocurrency regulation.
Recently, U.S. Senator Cynthia Lummis expressed her advocacy for Bitcoin-related legislation by displaying “Bitcoin laser eyes” on platform X.
After the Senate passed H.J.Res. 109 legislation, a move was made to reverse the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121. In simpler terms, following the Senate’s approval of H.J.Res. 109, an attempt was made to annul SAB No. 121 issued by the SEC.
Senator Lummis Advocates for Bitcoin Legislation
U.S. Senator Cynthia Lummis from Wyoming is recognized for her strong support of Bitcoin. She believes in its reliability as a valuable asset and a shield against inflation. As a member of the Senate Banking Committee, her goal is to establish a regulatory structure that encourages crypto innovation while ensuring consumer protection.
We are so ₿ack.
— Senator Cynthia Lummis (@SenLummis) May 16, 2024
The Senate has recently approved a bill intended to weaken SAB 121, a regulation that tightly controls financial institutions’ ability to serve as custodians for digital assets such as Bitcoin. Through the Congressional Review Act, House Joint Resolution 109 seeks to abolish these hindrances, enabling regulated financial entities to offer custody services for cryptocurrencies.
Before the law’s approval, Senator Lummis spoke out against SAB 121. She criticized it as a deceptive regulation masquerading as accounting advice, which was devised and enacted by SEC staff without the endorsement of the majority commissioners.
More recently, Senators Lummis and Wyden wrote to Attorney General Merrick Garland voicing their worries about a perceived discrepancy in the DOJ’s interpretation of “money transmission” regulations compared to FinCEN’s established definition. They contended that this variation could potentially outlaw essential crypto network functions, thereby hindering responsible financial innovation within the United States.
White House Cites Investor Protection Concerns
The White House has made it clear that they are against the recently passed legislation. A recent announcement revealed that President Biden intends to veto the bill should it be presented to him for signing. His rationale could be that reversing SAB 121 would weaken the SEC’s efforts to shield investors in crypto markets and maintain the stability of the financial sector as a whole.
Opponents of SAB 121 contend that this regulation is overly stringent, hindering financial institutions from catering to the escalating interest in Bitcoin offerings. They maintain that these establishments, boasting robust compliance structures and advanced security measures, are capable of effectively handling the risks inherent in digital asset storage.
The Senate’s approval of H.J.Res. 109 does not guarantee its implementation, as a presidential veto from President Biden could halt its progress. If he exercises this power, the resolution’s advancement will be thwarted, keeping existing restrictions on financial institutions’ handling of digital assets in place. The president has three options: signing the bill into law, vetoing it, or taking no action, which would result in the bill’s automatic enactment without his signature.
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2024-05-17 21:46