United States President Joe Biden vetoed a resolution that would have repealed SEC Staff Accounting Bulletin (SAB) No. 121.
“Reversing the considered judgment of the SEC staff in this manner risks undermining the SEC’s broader powers,” Biden wrote in a formal response to Congress’s vote to repeal cryptocurrency accounting guidelines, which require institutions holding crypto assets to register cryptocurrencies with finance and exchanges. regarding accounting practices. Properties on the liabilities side of their balance sheets.
The guidelines were set to take effect on April 11, but were met with significant backlash from the cryptocurrency community and lawmakers.
House lawmakers voted to overturn the SEC guidance by a margin of 228-182 and passed the bill in the Senate. Once there, senators voted to repeal SAB-121 by a large majority of 60-38.
“We are disappointed that the administration has chosen to ignore the bipartisan majorities in both houses of Congress that have recognized the harm caused by SAB 121,” cryptocurrency advocacy group the Blockchain Association announced in its article .
U.S. Sen. Cynthia Lummis said Biden violated “the will of the American people” by intervening and preventing the guidelines from being repealed.
Israel launches digital shekel experiment
Israel intends to accelerate the development of its central bank digital currency (CBDC), the digital shekel. The Bank of Israel (BoI) plans to involve various service providers in the joint development of an advanced digital payments ecosystem centered around the digital shekel.
The Rosalind Project is a joint experiment between the Bank for International Settlements (BIS) and the Bank of England. It aims to develop prototypes of application programming interfaces (API).
As part of this challenge, the BOI will provide an isolated environment connected by an application programming interface (API) layer. Participants will compete to create real-time CBDC payment systems for the general public.
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Paraguay continues its crackdown on cryptocurrency mining
A property containing 2,738 cryptocurrency mining units was seized in Salto del Guerra, Paraguay, after the National Electricity Administration (ANDE) discovered an unmetered electricity connection in the area.
A bill to ban cryptocurrency mining and other cryptocurrency-related activities is being presented to the country’s Senate, awaiting comprehensive legislation and guarantees from the national energy provider.
ANDE used artificial intelligence and energy distribution analytics to focus on electricity theft, estimated to be worth 1.1 billion guarani ($146,000) per month.
Five transformers were also seized from the property. Those carrying out this illegal operation could face criminal charges.
At least two other operations against illegal cryptocurrency farms – including one in Salta del Guaira – were carried out in Paraguay in May, although the results of these raids were more modest. All government actions involved multiple agencies, including the Paraguayan National Police.
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Hong Kong bans all unlicensed cryptocurrency exchanges
All cryptocurrency exchanges that have not applied for an operational license from the Hong Kong Securities and Futures Commission (SFC) are legally required to immediately cease operations in the region.
In a bid to reduce the risks faced by investors, Hong Kong regulators have issued a clear ultimatum to cryptocurrency exchanges: either apply for a license by February 29, or close their operations within three months.
During this period, more than 22 cryptocurrency exchanges have applied for licenses to maintain their presence in the region. However, many of these scholarships ultimately decided to withdraw their applications before the deadline.
While most exchanges provided no reason for the sudden turn of events, Hong Kong-based Gate.HK cited the need for a “complete overhaul” of its trading platform before it could comply with the Hong Kong regulatory requirements.
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