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Biden VETOES bill that would have allowed regulated financial institutions to custody Bitcoin and other crypto
X ^ | June 1 | Swan

Posted on 06/01/2024 4:04:58 AM PDT by RandFan

@Swan

President Biden VETOES the bill that would have allowed regulated financial institutions to custody Bitcoin and other crypto assets.

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Biden Vetoes Crypto Custody Bill

President Joe Biden vetoed a bipartisan bill that aimed to allow highly regulated financial firms to hold Bitcoin and other cryptocurrencies. The bill sought to repeal the SEC's SAB 121, which sets accounting standards for firms that custody crypto. Critics fear the veto may stifle innovation in the crypto industry, sparking debate among crypto enthusiasts and political commentators. Biden argued that the veto maintains the SEC's authority over accounting practices.

(Excerpt) Read more at x.com ...


TOPICS: Business/Economy; Chit/Chat; Computers/Internet; Conspiracy
KEYWORDS:
"He just cost himself the election" is a popular refrain in comments.

I know FR has a lot of skeptics on this but looking at the comments etc. on X there is a lot of unhappy people mentioning their votes!

1 posted on 06/01/2024 4:04:58 AM PDT by RandFan
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To: RandFan

Such laws/rules exist in Europe already. Germany already went down this path in 2020...allowing credit organizations/banks to hold the currency.


2 posted on 06/01/2024 4:12:52 AM PDT by pepsionice
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To: RandFan
As he vetoed the bill he was heard to mutter, “What's crypto?”
3 posted on 06/01/2024 4:58:08 AM PDT by immadashell (Save Innocent Lives: Ban Gun Free Zones)
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To: RandFan

Brandon vetoed the bill only on a temporary basis. His Staff is still getting the wheels turning on how they and the Big Guy can hit the ground running making major bucks for when he does sign the bill.


4 posted on 06/01/2024 5:20:25 AM PDT by DAC21
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To: RandFan

The US government will never allow competition - they are very, very close to instating their own cashless system ( CBDC).

The recent DTCC ruling ( they control ALL financial transactions in the US) states NO Bitcoin or electronic “ currency “ can be used as collateral, thus making it useless….the attacks on non government crypto will ramp up.

Beware- plan accordingly.


5 posted on 06/01/2024 5:29:19 AM PDT by delta7
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To: delta7
The US government will never allow competition - they are very, very close to instating their own cashless system ( CBDC).

The House passed Elmer's bill just last week, which prohibits the Federal Reserve from issuing a CBDC or using CBDC for monetary policy.

Emmer’s Flagship CBDC Anti-Surveillance State Act Passes House of Representatives
May 23, 2024

https://emmer.house.gov/2024/5/emmer-s-flagship-cbdc-anti-surveillance-state-act-passes-house-of-representatives#:~:text=The%20CBDC%20Anti%2DSurveillance%20State%20Act%20protects%20Americans%20from%20the,a%20central%20bank%20digital%20currency.

6 posted on 06/01/2024 5:52:34 AM PDT by Right_Wing_Madman
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To: Right_Wing_Madman

The House passed Elmer’s bill just last week,
———-
Link please of the SB or HB please. All House and Senate Bills are recorded in the Congressional records.


7 posted on 06/01/2024 7:06:14 AM PDT by delta7
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To: RandFan

Note: I am impartial on private crypto. Think this through: crypto was created to be “ anonymous “, governments hate it.

The EU is the only one that has passed regulations on its use ( besides China that has banned it).

The US House bill still has to vote on it. They will pattern the EU regulations.

The EU regulations here:

“ EU’s cryptocurrency regulation
The European Union introduced the world’s first comprehensive cryptocurrency regulations in May 2023, known as the Markets in Crytpo-Assets Regulation (MiCA).

The European Security and Markets Authority is currently in a consultation process with the public on a number of measures.

Any company issuing or trading cryptocurrency will need a licence, and from January 2026 all service providers will have to obtain the name of senders and beneficiaries, whatever the amount being transferred. Further, any self-hosted wallets holding over 1,000 euros will need to undergo wallet ownership verification for transactions.…”

https://www.weforum.org/agenda/2024/05/global-cryptocurrency-regulations-changing/

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If private crypto must be licensed and all ownership and trades be reported to the government, why own it? I do not think government oversight and regulations on crypto is a good thing, it should be like cash and gold,( both Tier One assets) providing anonymity - …..our government WILL move to TAX all crypto- “regulating “ it means taxation and loss of privacy.


8 posted on 06/01/2024 7:29:49 AM PDT by delta7
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To: delta7

“Private crypto” was always a sales gimmick—not happening on this planet.


9 posted on 06/01/2024 7:33:42 AM PDT by cgbg ("Our democracy" = Their Kleptocracy)
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