Ethereum
Leak Reveals Shocking Wall Street Shift at SEC That Could Cause Price Chaos for Bitcoin, Ethereum, XRP, and Cryptocurrencies
Bitcoin has made a strong comeback this year, boosting the price of Ethereum, XRP, and the broader cryptocurrency market.although traders are bracing for a “terrifying” price drop.
The price of bitcoin recently fell below $60,000 per bitcoin after surpassing $70,000 in early June, with a billionaire bitcoin buyer recently revealing a huge reversal.
NOW, as radical policy plan puts bitcoin on $16 trillion collision course with goldA leak from the U.S. Securities and Exchange Commission (SEC) has raised expectations that Wall Street could be about to get more involved in the bitcoin and cryptocurrency market.
Register now for the free CryptoCodex—A daily five-minute newsletter for traders, investors, and the crypto-curious that will keep you up to date and ahead of the Bitcoin and cryptocurrency market bull run.
ForbesProject 2025 Prepared Bitcoin for a $16 Trillion Price Showdown with GoldBy
Gary Gensler, chairman of the United States Securities and Exchange Commission (SEC), is waging a war… [+] against bitcoin, ethereum, XRP and other cryptocurrencies in recent years, causing wild price fluctuations.
© 2023 Bloomberg Finance LP
Some companies and financial institutions have agreed to terms with the SEC that would allow them to circumvent controversial cryptocurrency accounting guidelines that effectively prevent banks from holding cryptocurrencies on behalf of their customers, according to an unnamed source. said The news.
SEC Staff Accounting Bulletin 121, known as SAB 121, requires banks and other companies that hold cryptocurrencies to record their customers’ cryptocurrency holdings as liabilities on their balance sheets, making it complicated and costly.
Wall Street firms have shown the SEC that they have the technology and procedures in place to allow customers to recover their cryptocurrencies as they would any other asset in the event of bankruptcy, an unnamed source also said. said The block.
This week, the Democratic-controlled House of Representatives voted to uphold President Joe Biden’s veto of SAB 121.
“SAB 121 is one of the most egregious examples of the regulatory overreach that has defined Chairman Gary Gensler’s tenure as [SEC]”, House Financial Services Committee Chairman Patrick McHenry, R-N.C., said in his comments reported by Blockworks.
Register now for CryptoCodex—A free daily newsletter for the crypto-curious
The price of bitcoin has skyrocketed over the past year, boosting the price of ethereum, XRP, and… [+] cryptocurrency market.
Forbes Digital Assets
“This limits consumers’ options for safely storing their digital assets, upending decades of banks’ custody practices and increasing concentration risk.”
The crypto industry had hoped that Republicans’ growing acceptance of bitcoin and cryptocurrencies could prompt the Democratic Party to shift from its largely anti-cryptocurrency stance.
“President Biden vetoed the first digital asset bill ever passed by the House and Senate,” McHenry said. “It has never been clearer: This administration would rather play politics and side with power-hungry bureaucrats than the American people.”
In May, Michael Saylor, executive chairman of software company-turned-bitcoin buyer MicroStrategy, called on lawmakers to scrap SAB 121 after the U.S. Senate joined the House in seeking to remove the SEC’s crypto policy before President Biden vetoed it.
“Wall Street wants bitcoin, the House wants bitcoin, and now the Senate wants bitcoin,” Saylor posted on X.