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Digg News Relaunch: The Future of Crypto Wallets

Digg News: A New Era for Crypto Wallets In a landscape where digital finance and media converge, the relaunch of Digg News presents a pivotal moment for both crypto enthusiasts and casual consumers alike. The recent reboot, spearheaded by Kevin Rose, not only revitalizes a once-iconic platform but also offers a fresh perspective on how we engage with cryptocurrency. As we navigate this changing terrain, the implications of this move could redefine accessibility to digital assets and the information surrounding them. The Vision Behind the Relaunch Kevin Rose, a notable figure in the tech and cryptocurrency space, aims to revitalize Digg News by integrating innovative wallet features that cater to a growing audience of crypto users. This strategic shift emphasizes the importance of user experience and accessibility, bridging the gap between traditional news consumption and modern digital asset management. Key Features of the Reboot Integrated Crypto Wallet : Users can now mana...

Bipartisan Effort to Challenge SEC Crypto Custodian Rule

Bipartisan Effort to Overturn SEC Accounting Standard on Crypto Custodians

In a notable bipartisan effort, U.S. lawmakers are seeking to overturn a Securities and Exchange Commission (SEC) accounting standard that imposes restrictions on crypto custodians. Senator Cynthia Lummis (R-WY) and Representatives Wiley Nickel (D-NC) and Mike Flood (R-NB) have jointly introduced a resolution in both the Senate and the House of Representatives aimed at repealing SEC Staff Accounting Bill (SAB) 121.

Key Points Highlighted by Lawmakers:

  • Senator Lummis emphasized that the Government Accountability Office (GAO) identified SAB 121 as a rule subject to the Congressional Review Act, highlighting that the standard was issued without Congressional or GAO consultation, rendering it unenforceable.
  • Lummis expressed concerns about granting the SEC regulatory authority over institutions without proper authorization from Congress.
  • Representative Flood criticized the SEC for exceeding the scope of an accounting bulletin, labeling it as an “overreach.”

Impact of SAB 121:

  • Enacted in March 2022, SAB 121 mandates companies custodying cryptocurrency to disclose liabilities and corresponding assets on their balance sheets.
  • Industry bodies, including the American Bankers Association and the Securities Industry and Financial Markets Association (SIFMA), have raised alarms, asserting that SAB 121 deviates significantly from traditional accounting practices for custodied assets, potentially jeopardizing the banking sector’s ability to provide secure custody of digital assets.

Recent SEC Actions and Pushback:

  • The SEC’s approval of multiple spot Bitcoin ETFs in the U.S. earlier this year was met with skepticism from lawmakers and the judiciary.
  • Following a court order that prompted a reassessment of the SEC’s stance on digital assets, Chair Gary Gensler conceded to changing circumstances, hinting at a shift in regulatory approach.
  • U.S. District Judge Katherine Polk Failla questioned the SEC’s broad interpretation of securities laws concerning digital assets, signaling ongoing scrutiny over the regulator’s regulatory tactics.

The bipartisan move to challenge SAB 121 underscores the complex landscape surrounding crypto regulations and the ongoing dialogue between lawmakers, regulators, and industry stakeholders.

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