The resolution would have repealed the Securities and Exchange Commission’s Staff Accounting Bulletin 121, which sought to force financial institutions that are holding crypto to keep the digital assets on their own balance sheets, as Coindesk recently explained.
Can someone explain why they are so upset at this?
Because they don’t want crypto to be traceable.
Bitcoin is exceptionally traceable, this seems more about preventing banks and financial firms from hiding solvency issues from SEC and the public’s analysis by off sheeting crypto holdings.
Ding ding ding!
Anything that makes cryptobros seethe is alright in my book.
Amusingly, the phrase Crypto Fascist does and does not apply here.
Can’t believe I never thought of that. I’ll bet people start misusing the term soon and maybe it’ll take on a new meaning
I’m pretty annoyed by this too, but this is 100% missing the forest for the trees
Molly White’s been covering the lobbying of the crypto industry recently on her podcast/blog Citation Needed.
