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US Senate reverses SEC’s anti-crypto resolution, potential Biden veto looms – Law Decoded

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Recent Developments in Crypto, Investments, and Regulatory Challenges

In a groundbreaking move, United States senators passed a resolution nullifying the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121 in a 60 to 38 vote. This rule required banks to keep customers’ digital assets on their balance sheets, a measure that many lawmakers and industry leaders criticized as stifling innovation.

The passing of the resolution, known as H.J. Res. 109, was met with strong support from both sides of the political divide, with the Blockchain Association calling it a clear signal of disapproval from Congress. However, President Joe Biden expressed his intention to veto the bill in order to protect investors in the crypto-asset markets and safeguard the financial system.

Despite Biden’s stance, there is growing pressure for him to reconsider, with the Blockchain Trade Association Digital Chamber CEO Perianne Boring stating that support from 21 Democratic Party senators could force the White House to rethink its position. Boring believes that “the tides are turning for crypto in Washington.”

In a related development, the State of Wisconsin Investment Board (SWIB) reported investments of $164 million in spot Bitcoin ETFs offered by Grayscale and BlackRock. The SWIB disclosed holdings of over 2.4 million shares in the BlackRock iShares Bitcoin Trust and over 1 million shares in the Grayscale Bitcoin Trust, reflecting the government entity’s confidence in the cryptocurrency market.

Meanwhile, Venezuela has taken a different approach by banning crypto mining in an effort to regulate energy consumption and ensure a stable power supply for its population. The Ministry of Electric Power announced plans to disconnect cryptocurrency mining farms from the national grid, following a recent crackdown on mining devices in the city of Maracay.

In Europe, Microsoft is facing a potential multibillion-dollar fine from the European Union if it fails to respond to a request for information by May 27. The threat stems from a request under the EU’s Digital Services Act regarding the company’s Bing search engine and generative artificial intelligence services.

These developments highlight the evolving landscape of cryptocurrency regulation, investment strategies, and the intersection of technology and government oversight in the digital age.

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