The Bitcoin Layer
Bitcoin's Future Is Bright In USA, Congress Stops Anti-Crypto Agenda
May 13, 2024
Justin Wales, head of legal at Crypto.com, discusses the bright future of Bitcoin regulation in the USA. Topics include Congress blocking anti-crypto SEC agenda, political impact on Bitcoin community, legalities in the crypto industry, cryptocurrency ETFs, and Justin's new book, The Crypto Legal Handbook.
25:59
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Quick takeaways
- Bipartisan support in Congress blocked SEC's anti-crypto policy, showing promising future for Bitcoin regulation in the US.
- State-level regulations provide clarity but uncertainties remain on liabilities for decentralized programs, hinting at evolving legal challenges.
Deep dives
Congress Votes Down SEC's Crypto-Accounting Bulletin
Congress recently voted against the SEC's crypto-accounting bulletin, which required SEC reporting companies to mark cryptocurrencies held under custody as liabilities on their balance sheets. This move, supported by 21 Democrats, signified a rare bipartisan rejection of the SEC's stance, perceived by many as anti-crypto. Despite President Biden's potential veto, the development highlights growing bipartisan support for pro-crypto initiatives.
