Victory for Crypto Industry as SEC’s Anti-Crypto Bill Fails in the Senate 🎉
The United States Securities and Exchange Commission (SEC) faced a setback as the anti-crypto bill it proposed was completely shut down by the United States Senate. Stuart Alderoty, Ripple’s Chief Legal Officer (CLO), celebrated this outcome as a significant victory for the cryptocurrency industry.
Senate Rejects SEC’s Proposed Anti-Crypto Bill
The US SEC proposed a bill on March 31, 2022, known as Staff Accounting Bulletin No.121 (SAB121), which mandated financial institutions to record client crypto assets as liabilities on their balance sheets. This bill was seen as a threat to the decentralized nature of the crypto industry and US regulatory custodial services, with Alderoty calling it an “unauthorized overreach” by Gary Gensler, the SEC Chair.
- Bipartisan Support: The Senate and the House of Representatives voted against the controversial SAB-121 proposal.
- Senate’s Decision: A supermajority of approximately 60 yes votes led to the repeal of the bill.
- Crypto Community’s Response: Alderoty and MicroStrategy’s Michael Saylor praised the Senate’s rejection of the bill.
Crypto Industry Gains Recognition Amidst Regulatory Challenges
The failure of the SEC’s anti-crypto bill is a significant setback for the regulator’s strict stance on cryptocurrency regulation. This follows the SEC’s legal battle with Ripple and its enforcement actions against various crypto companies like UniSwap, Coinbase, and Binance. It also signifies the growing influence of the crypto industry in tech and political sectors in the US.
Pro-Crypto Lawyer Criticizes SEC’s Actions
John E. Deaton, a pro-XRP lawyer, criticized the SEC’s aggressive enforcement actions on the crypto industry, labeling it as “regulatory insanity.” He accused Senator Elizabeth Warren of wielding the SEC as a weapon to further her political agendas, particularly her anti-crypto stance.
- Warren’s Support: Senator Warren expressed support for the anti-crypto bill, emphasizing investor protection against crypto volatility.
- Deaton’s Critique: Deaton called out the SEC’s actions for causing financial distress to investors and Warren for prioritizing her political objectives over investor protection.
Hot Take: SEC’s Defeat Highlights Crypto Industry’s Clout 🚀
The Senate’s rejection of the SEC’s anti-crypto bill showcases the growing influence of the crypto industry in challenging regulatory overreach and promoting innovation. This victory not only reflects the industry’s resilience but also underscores the need for a balanced approach to crypto regulation that fosters growth and protects investors.
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