Cryptocurrencies in the US Congress

Republicans in the House of Representatives have introduced a bill that allows banks to open crypto custody. However, the Biden administration said it would veto the bill. In fact, this means that the future of the bill in the current Congress is more than dim.

The position of the administration coincides with the SEC’s Position, which stated that the proposed bill undermines the SEC’s efforts to protect the interests of investors.

This is great. Although not very smart. Banking crypto custody is perhaps one of the most secure places in the world. Banks are fully transparent to regulators and are so tightly controlled that abuse and errors are highly unlikely.

I would be very interested to know how many investors have applied to the SEC to protect against malicious bank crypto custody? However, this is a question that the SEC will not answer exactly.

In fact, the Commission simply opposes any project that promotes cryptocurrencies. Not liking the crypto is already becoming irrational. Agree, protecting those who do not need protection is a rather strange approach.

Bill stopped in Congress. Nothing extraordinary happened - the parties once again fixed positions.

This is perhaps the first time that the Administration has expressed such strong support for the SEC. 

As for the claim, of course, I support the bill. I do not think that its adoption would lead to significant consequences, but any expansion of the cryptocurrency sphere I consider a blessing.

On the positive side, I would like to note the very fact that such a bill has been introduced. We see that the US legislature has significant forces supporting the cryptocurrency business. This is a positive sign, showing that cryptocurrencies have serious prospects.

#SEC #Cryptocurrencies #USCongress