In a noteworthy legislative move, North Carolina Representative Wiley Nickel, along with Senator Cynthia Lummis and Representative Mike Flood, introduces a Congressional Review Act (CRA) resolution with the potential to reshape the US Bitcoin and crypto landscape. The resolution targets the Securities and Exchange Commission's (SEC) directive, requiring banks to include customer cryptocurrency assets on their balance sheets.
The CRA resolution seeks to overturn the SEC's Staff Accounting Bulletin (SAB) 121, issued in March 2022. Criticized for mandating financial institutions to reflect an equivalent liability for each digital asset held, this directive has been a major obstacle to institutional adoption of Bitcoin and other digital assets.
CEO of the Chamber of Digital Commerce, Perianne Boring, underscores the significance of this legislative move, stating, “SAB 121 has been one of the biggest impediments to institutional adoption of Bitcoin and cryptocurrency. We’re breaking down this barrier to make digital assets more accessible to Americans.” The Chamber applauds the bipartisan resolution, criticizing the SEC for compromising regulatory integrity with SAB 121.
The Token Alliance, part of the Chamber of Digital Commerce, has actively contested SAB 121, engaging with governmental bodies, including the Government Accountability Office (GAO). The Chamber's statement highlights their extensive efforts to challenge the rule, emphasizing the need for transparent and inclusive governance.
US Republican Mike Flood emphasizes the obstructive nature of SAB 121, stating, "SAB 121’s days are numbered – it’s time for it to go!" Patrick McHenry, chairman of the Financial Services GOP, echoes bipartisan agreement against SAB 121, emphasizing its potential threat to consumer protection and digital asset security. The CRA resolution signifies a crucial juncture in reshaping the regulatory landscape for digital assets in the United States.
The introduction of the CRA resolution signals a pivotal moment in the evolving relationship between digital asset markets and US regulatory frameworks. The resolution's potential success holds the key to unlocking barriers hindering institutional adoption, potentially influencing the broader acceptance of Bitcoin and other cryptocurrencies in the institutional space. At the time of writing, Bitcoin is valued at $43,024.
BTC price needs to break $43,900, 4-hour chart | Source:BTCUSD on TradingView.com
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