Sirwin
Sirwin

House and Senate pass resolution attempting to over turn SAB 121

By TwoDogsCaged | TwoDogsCaged | 20 May 2024


As I have been following the crypto fight against the establishment, I came across this bit of information recently. If you following my posts, I believe the SEC is out to get cryptocurrency. I am not sure why, but I speculate it is due to backing fiat and not understanding what cryptocurrency is. I also believe they had a little egg on their face following the FTX debacle. 

Here is a link to SAB 121: https://www.sec.gov/oca/staff-accounting-bulletin-121 In general it was a a bulletin from the SEC specifically and unfairly targeting cryptocurrency. 

Within the last week a resolution was past in an attempt to overturn SAB 121. Now, President Biden stated he will veto the resolution. I hope he does not, but if he does he is harming his attempt to get reelected.  Here is an article talking about the news:

https://www.coindesk.com/policy/2024/05/16/us-senate-votes-to-kill-secs-crypto-accounting-policy-testing-bidens-veto-threat/?_gl=1*1l2munu*_up*MQ..*_ga*MjU4NDY1ODcwLjE3MTU5NzIxNTA.*_ga_VM3STRYVN8*MTcxNTk3MjE1MC4xLjAuMTcxNTk3MjE1MC4wLjAuMTA0Mjg0NzU3MQ.

I also posted the other day there is a bill to set the CFTC as the regulator of cryptocurrency. Imagine if that passes, and if Biden vetoes the resolution to ban SAB 121.  Oh, my will it not look good for him. 

As I have written in the past, good news is important for cryptocurrency. This news and the governments recent attempts to provide reasonable guidance to regulate cryptocurrency is a GREAT thing.

Imagine the moon shot (maybe not immediately) cryptocurrencies will take if cryptocurrencies like XRP are ruled commodities!

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TwoDogsCaged
TwoDogsCaged

Cryptocurrency is a fascinating idea, one that has many confused, scared and dismissive of the concept. However, it also is intriguing and likely a large part of the future.

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