The Breakdown A Congressional Letter Pushing Back on Gensler's Rogue SEC
May 19, 2024
Representatives from both parties unite to advocate for the repeal of SAB 121, a memo impacting digital assets in publicly traded banks. They critique SEC Chair Gensler's stance on digital assets and discuss the evolving political landscape surrounding crypto regulations.
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Bipartisan Push Against Anti-Crypto Guidance
- This week saw bipartisan efforts to overturn anti-crypto guidance impacting the field's development.
- Democrats opposed the White House and SEC, signaling a new phase in crypto political battles.
SEC's Hostility and SAB 121
- The SEC, under Gary Gensler, is perceived as hostile towards cryptocurrency, creating roadblocks to common-sense regulation.
- SAB 121, requiring banks to hold digital assets on their balance sheets, contradicts typical bank custody practices.
Digital Assets' Staying Power
- Digital assets are here to stay, regardless of personal opinions, and require the same investor protections as other assets.
- BlackRock's Bitcoin spot ETF application signaled mainstream acceptance of crypto, ending the idea of its demise.