Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
The U.S. Senate joined the House of Representatives in voting to repeal a controversial U.S. Securities and Exchange Commission accounting rule that imposed burdensome capital requirements on crypto custodians. That’s a relatively big deal, considering the so-called Staff Accounting Bulletin, a.k.a. SAB 121, was one of the few things the crypto and banking industries have been aligned in opposing.
It’s hard to read the tea leaves of the vote, which almost suggests something of a realignment among legislators willing to pass decent crypto regulations . Then again, there are a number of reasons why it’d make sense to ditch SAB 121, not the least of which is that the nonpartisan Government Accountability Office found the SEC forced it through without proper congressional oversight.
Meanwhile, Columbia Business School associate professor Austin Campbell said that Thursday’s vote proves that crypto is bipartisan. “This is a American issue, not a partisan one,” he
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