Bitcoin has surged again this year, leading the price of Ethereum, XRP and the broader crypto market, though traders are bracing for a “scary” price crash.
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The price of bitcoin has recently fallen below $60,000 per bitcoin, after being above $70,000 in early June. A billionaire who bought bitcoins recently revealed that the price has fallen dramatically.
As a radical policy plan puts Bitcoin on a collision course with $16 trillion worth of gold, a leak from the U.S. Securities and Exchange Commission (SEC) has raised expectations that Wall Street will want to move further into the Bitcoin and crypto market.
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Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), is waging a war … [+]
Some companies and financial institutions have agreed to terms with the SEC that allow them to circumvent controversial crypto accounting guidelines that effectively prevent banks from holding cryptocurrencies on behalf of their clients, an anonymous source told Bloomberg.
According to SEC Staff Report 121, better known as SAB 121, banks and other companies that hold cryptocurrencies must record their customers’ cryptocurrency holdings as liabilities on their balance sheets. This is complicated and expensive to do.
The Wall Street firms have demonstrated to the SEC that they have the technology and procedures in place to allow customers to get their cryptocurrencies back, just like any other asset, in the event of a bankruptcy, an anonymous source also said. The block.
This week, the Democratic-controlled House of Representatives voted to uphold President Joe Biden’s veto of SAB 121.
“SAB 121 is one of the most egregious examples of the regulatory overreach that has marked Chairman Gary Gensler’s tenure at the [SEC]” said Patrick McHenry, R-N.C., chairman of the House Financial Services Committee, in remarks reported by Blockwork.
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The price of Bitcoin has risen dramatically over the past year, driving up the price of Ethereum, XRP, and the broader market. … [+]
“It limits consumers’ ability to securely store their digital assets, upending decades of bank custody practices and increasing concentration risk.”
There was hope in the crypto industry that the growing acceptance of bitcoin and crypto among Republicans would lead the Democratic Party to move away from its general anti-crypto stance.
“President Biden has vetoed the first digital asset-specific legislation ever passed by the House and Senate,” McHenry said. “It has never been clearer; this administration would rather play politics and side with power-hungry bureaucrats than the American people.”
In May, Michael Saylor, the executive chairman of software company MicroStrategy, now a bitcoin buyer, called on lawmakers to scrap SAB 121 after the U.S. Senate joined the House of Representatives in scrapping the SEC’s crypto policy before President Biden vetoed it.
“Wall Street wants bitcoin, the House of Representatives wants bitcoin, and now the Senate wants bitcoin,” Saylor wrote on X.