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A resolution aiming to overturn certain SEC directives, could allow banks to hold onto crypto. Passed by the House Financial Services Committee, it now must be voted on in full session before moving to the Senate. If the text is eventually ratified, it would represent a historic turning point for the future of Bitcoin. But also for crypto assets in the United States. Analysis of potential implications and challenges that remain to be addressed.
A financial committee won over to the Bitcoin cause?
The resolution was adopted by a vote of 31 to 20 in committee on February 29, with bipartisan support. Evidence of a growing awareness in Congress of the potential of blockchain innovation.
Some figures in the crypto sphere see it as a blow to the “prejudices” of the SEC and its chairman Gary Gensler, who is hostile to cryptos.
On the other hand, Democrats have praised the vote. Believing that the resolution corrected a “loophole” in the SEC’s policy towards banks and cryptos.
Towards the end of the paralyzing crypto status quo?
By requiring banks to register Bitcoin as a liability, SAB 121 effectively blocks their custody offering, essential to attracting institutional investors. However, the path to the effective adoption of Bitcoin by the American banking sector will remain fraught with obstacles.
However, even if approved by Congress, the resolution could be blocked by a presidential veto. Joe Biden has not yet taken a clear stance on the crypto issue. Above all, the reluctance of the SEC and the FED, who fear for the country’s financial stability. Moreover, it will take time to build a robust regulatory framework.
Banks also remain cautious, aware of the technical challenges and potential volatility of crypto assets on their balance sheets.
The repeal of SAB 121 would undoubtedly be a significant advancement for the adoption of Bitcoin and crypto by the American banking system. But there is still a long way to go before full integration, which will require substantial work on regulation and a gradual shift in mindsets. Whatever happens in the coming weeks, this historic vote will remain a foundational milestone.
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Le monde évolue et l’adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto à la base, je m’intéresse à tout ce qui touche de près ou de loin à la blockchain et ses dérivés. Dans l’optique de partager mon expérience et de faire connaître un domaine qui me passionne, rien de mieux que de rédiger des articles informatifs et décontractés à la fois.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
