Compliance Wednesday: Latest Regulatory Updates in Crypto
Hey everyone,
Welcome back to Compliant Wednesday with the latest batch of policy updates from our around the world:
🇺🇸 US House may vote to overturn Biden’s veto on crypto accounting
🇮🇹 Bank of Italy plans MiCA guidelines
🇺🇸 North Carolina Governor vetoes CBDC ban bill
🇺🇸 US House may vote to overturn Biden’s veto on crypto accounting
The US House may vote to overturn President Biden’s veto of SAB 121, a rule regarding the accounting of cryptocurrencies on balance sheets. The House and Senate originally voted to overturn the veto, but now need a two-thirds majority in both chambers. The vote is scheduled for next week, and bipartisan support is crucial. The resolution to overturn the rule received bipartisan support previously, and both Biden and Trump are paying more attention to digital asset-related issues leading up to the 2024 presidential election.
Our take:
This is a critical moment for crypto regulation in the U.S. Overturning the veto would bring the fair and clear regulation we need. We believe a balanced approach to regulation is key to the industry’s success.
Read more here.
🇮🇹 Bank of Italy plans MiCA guidelines
The Bank of Italy is planning to release guidelines for applying the MiCA in the near future. The governor criticized Bitcoin and Ethereum as “unbacked” cryptocurrencies, and stated that the focus of crypto investors is mainly on selling at higher prices rather than serving the functions of traditional money. The bank aims to protect cryptocurrency holders and ensure compliance with regulations, with potential fines for violations in the crypto market.
Our take:
Regulatory clarity is essential for the growth and stability of the crypto ecosystem. The upcoming MiCA guidelines will provide the framework that protects investors without neglecting security.
Read more here.
🇺🇸 North Carolina Governor vetoes CBDC ban bill
North Carolina Governor Roy Cooper has vetoed a bill that would ban the state from using a US Federal Reserve-issued central bank digital currency (CBDC). The bill had received overwhelming support in the state’s House and Senate, but Cooper deemed it premature and vague. Critics argue that Cooper missed an opportunity to support a law that would benefit North Carolina residents and send a message opposing CBDC. However, Federal Reserve Chair Jerome Powell has stated that the US is not close to recommending or adopting a central bank digital currency.
Our take:
Governor Cooper’s decision to veto the CBDC ban bill highlights the need for thoughtful and well-informed legislation. Forward-thinking and inclusive policies are the way to go forward.
Read more here.
And that’s it! What do you think about this week’s news? Let us know in the comments!
