The US Securities and Exchange Commission (SEC) has faced another embarrassing setback, issuing an anti-cryptocurrency bill Proposal By the regulator it was completely closed before United States Senate. Stuart Alderotti, Ripple's chief legal officer (CLO), publicly celebrated this result, marking a noteworthy victory for the cryptocurrency industry.
The SEC's anti-cryptocurrency bill has faltered
On March 31, 2022, US securities Proposed Employee Accounting Bulletin No. 121 (SAP121), requiring financial institutions responsible for customers' crypto assets to record or record these digital assets as liabilities on their balance sheets. This bill is considered… to threaten to the decentralized nature of the cryptocurrency industry and US regulatory custodial services Named By Alderoty as an “unauthorized overreach” by the Chairman of the Securities and Exchange Commission, Gary Gensler.
In a near-unanimous decision with bipartisan support, the House and Senate agreed Parliament They voted strongly against the controversial SAB-121 proposal.
Paul Grewal, Legal Director of Cryptocurrency Exchange Coinbase a statement In a post to
Furthermore, Alderotti commemorated the Senate's rejection of the SEC's anti-cryptocurrency bill. Confirming That Gensler's attempt to control the cryptocurrency industry was spiraling out of control. He also mentioned that Ongoing efforts by regulators to control the industry Anything beyond its scope will no longer be tolerated, highlighting that technological innovation should not be a partisan issue.
MicroStrategy co-founder and former Chief Executive Officer (CEO), Michael Saylor as well Comment On the bill being invalidated by the SEC in Circular X, celebrating the Senate's bipartisan decision.
“Wall Street wants Bitcoin, the House wants Bitcoin, and now the Senate wants Bitcoin,” Saylor said.
For now, the failure of the SEC's proposed bill represents a major blow to regulators Aggressive stance on cryptocurrency regulation. This comes in the wake of the agency's legal battle with… ripple and a series of enforcement actions and lawsuits against cryptocurrency companies such as UniSwap, Coinbase, Binance, MetaMask, and more.
Moreover, the repealed bill highlights the increase Impact of the crypto industry In both technological and political circles, securing recognition among lawmakers and traditional banking institutions in the United States.
Pro-Ripple Lawyer Calls SEC Actions 'Regulatory Insanity'
And in another X post, John E. Deatonan attorney and pro-XRP advocate described The SEC's aggressive enforcement actions have dismissed the cryptocurrency industry as “regulatory insanity.” He revealed that the US Securities and Exchange Commission had been used as a weapon before Senator Elizabeth Warrendiscounting cryptocurrency to support its political agendas.
As spokesperson for the SEC's SAB-121 bill, Warren expressed support for the anti-cryptocurrency proposal, arguing that by approving the rule, investors would have better protection against risks associated with cryptocurrency volatility.
Deaton revealed that the SEC's attempt to “protect investors” was laughable given that the regulator caused more financial distress for the investors it claims to protect. He also stated that Warren was putting her own agendas above hers Investor protection.
Chart from Tradingview.com
