🌙 Biden Declares War on Crypto

Just as the U.S. House of Representatives approved a resolution demanding that the SEC roll back its anti-crypto banking policies, the White House preemptively declared that it will be vetoed if passed.

Author

Mike Gavela
May 08, 2024

Crypto Roundup - May 8

The U.S. House Financial Services Committee has pushed forward several bills aimed at creating a clearer legal framework for cryptocurrencies, despite controversies such as the FTX collapse. Concurrently, there is significant pushback against the SEC's recent policies, particularly its requirement for financial institutions to report customer crypto assets on their balance sheets. Legislators have even included an amendment in a recent spending bill to restrict SEC Chair Gary Gensler's regulatory actions against the crypto industry, reflecting a strong legislative effort to shape the future of crypto regulations​.

Top Stories:

  • House advances crypto bills: Key crypto-focused legislation moves forward in the U.S. House, aiming to establish a unified legal framework for digital assets.

  • SEC faces legislative pushback: Lawmakers advance a resolution against SEC's SAB 121, reflecting growing scrutiny over the agency's regulatory approach.

  • Amendment targets SEC's authority: A recent spending bill includes a provision to restrict SEC's regulatory capabilities on cryptocurrencies, indicating a significant congressional resistance to the SEC's current strategies.

TOP STORIES

House Votes to Erase SEC Crypto Policy While President Biden Vows Veto

The House of Representatives voted in favor of a resolution to oppose the SEC's crypto accounting policy, Staff Accounting Bulletin No. 121, as President Biden defends it.

www.coindesk.com/policy/2024/05/08/house-poised-to-vote-on-erasing-sec-crypto-policy-while-president-biden-vows-veto

SEC Wants More Than Just a 'Slap On the Wrist' Against Ripple - Decrypt

The SEC has pushed back against Ripple's claim that it should pay fewer fines—arguing that $2 billion is much more appropriate.

decrypt.co/230010/sec-demands-ripple-pay-2-billion-no-slap-on-wrist

FTX Claimants Will Get Their Solana NFTs Back—But FTT Holders Get Nothing - Decrypt

A reorganization plan could see FTX customers and creditors receive up to $16.3 billion in total compensation, but not those that held FTT.

decrypt.co/229892/ftx-claimants-get-solana-nfts-ftt-holders-get-nothing

FUNDRAISES

It's Not a Token Offering, It's a 'Node Sale': Sophon Blockchain Raises $60M

The blockchain project's founders aren't even publicly named, but they've enjoyed remarkable success in fundraising, partly thanks to this increasingly popular fundraising method, where the longer you wait, the higher price you pay.

www.coindesk.com/tech/2024/05/08/its-not-a-token-offering-its-a-node-sale-sophon-blockchain-raises-60m

OTHER HEADLINES

Crypto, CBDCs and Stablecoins Are the Future, Says Former CFTC Chair - Decrypt

Executive chairman of non-profit Digital Dollar Project says the future is "crypto, CBDCs, stablecoins, and more."

decrypt.co/229896/crypto-cbdcs-and-stablecoins-are-the-future-says-former-cftc-chair

Scoop: Justin Sun shot down BitTorrent moderation despite porn concerns

Justin Sun pushed a no-moderation policy at file-sharing giant BitTorrent, according to documents received by Protos.

protos.com/scoop-justin-sun-shot-down-bittorrent-moderation-despite-porn-concerns

Proposed US Blockchain Integrity Act would ban crypto mixers for 2 years

Five Democratic congressmen have proposed a bill to ban cryptocurrency mixers for two years while the Treasury Department studies and reports on them.

cointelegraph.com/news/us-house-bill-crypto-mixers-ban-blockchain-integrity-act

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