The representative of the United States House of Representatives for the state of North Carolina, Wiley Nickel, believes that the bill to repeal the SEC regulation SAB 121 could receive approval from the Senate this week. This and more news in this practical summary daily so that you are always informed with events most recent that occur within the crypto world.
The Senate could repeal SAB 121, the SEC regulations on the custody of cryptocurrencies and digital assets
📍US Rep. Wiley Nickel is optimistic about the possible repeal of SAB 121. The U.S. Senate will vote this week on a bill seeking to repeal SEC regulations, set out in Staff Accounting Bulletin (SAB) 121, that prevent commercial banks from holding custody of digital assets due to the excessive regulatory requirements it imposes that do not apply to the traditional financial industry.
According to Rep. Nickel, the Senate could vote to repeal SAB 121, which has limited banks' participation as custodians of crypto assets. In addition to expressing his optimism, Nickel also sent a letter to SEC Chairman Gary Gensler, requesting the withdrawal of SAB 121.
However, despite its optimism about the upcoming vote in the Senate, Joe Biden's administration has already warned of disapproval and veto of the bill that would nullify SAB 121, if it is approved by the Senate and reaches its final vote. dispatch.
Last week, the House of Representatives vote in favor of the revocation of this SEC regulation.
Oklahoma protects self-custody and cryptocurrency mining
📍Oklahoma Governor Kevin Stitt has signed into law a new law on digital assets. The bill in question, HB 3594, on blockchain technology, digital assets and cryptocurrency mining, has been approved by the governor, which seeks to encourage the creation of a favorable and healthy regulatory environment to grow digital asset innovation in the state.
Through this bill, Oklahoma establishes a series of protections for cryptocurrency users, ranging from the right to self-custody of crypto assets, to running a full node and mining Bitcoin and other cryptocurrencies.
According to the bill, Bitcoin mining is legal in residential areas of the state, as long as existing regulations are followed. The bill also states that cryptocurrency users have the right to custody their own crypto assets and use them as a means of exchange of value upon agreement between the parties, for the purchase of goods and services. On the other hand, the project points out that cryptocurrency users will not be subject to additional taxes for the possession of cryptoassets and that companies dedicated to cryptocurrency mining, which will be treated as data centers, should not be subject to requirements. additional regulatory requirements, in addition to those existing for this type of facilities.
A new cryptocurrency investment company is born
📍Neoclassic Capital, a new company focused on cryptocurrency investment, has been founded by former Goldman Sachs interns. According to the presentation, the new company will focus on financing projects in the crypto industry, from Web3, blockchain technology and digital assets.
This company aims to help close the gap between traditional financial institutions in the investment markets and crypto industry projects, to accelerate the growth and development of digital innovation. The financing of cryptocurrency and blockchain technology projects through Neoclassic Capital will be aimed at those that are in the early stage.
MicroStrategy joins the MSCI World stock index
📍The increase in share prices of MicroStrategy, which owns more than 214.000 BTC, has led the company to be part of the stock index. On May 14, MSCI Inc. announced the incorporation of MicroStrategy into the global stock index. The decision follows the exponential increase in the company's shares, which reflect a growth of almost 90% in the last year.
MicroStrategy, which currently holds 214.400 BTC, with an unrealized gain of about $6.000 billion, is one of the three largest additions to the MSCI World, the global income and index provider said in the statement.
Hashgraph partners with Qatar Financial Center
📍Hashgraph and Qatar Financial Center have partnered to launch a study on digital asset risk. This study seeks to position Qatar as one of the most important centers of financial innovation in the world, said Yousuf Mohamed Al-Jaida, member of the board of directors and executive director of the Financial Center.
The study that both organizations will carry out will be focused mainly on the decentralized finance (DeFi) sector, with the aim of promoting innovation in cryptocurrencies and Web3. Mohamed Al-Jaida noted that the partnership with Hashgraph will support Qatar's vision of “fostering an innovative, regulatory-compliant digital economy” by 2030.
Hashgraph has also partnered with the Ministry of Investment of Saudi Arabia, to carry out a study involving blockchain technology, DLT, Artificial Intelligence and other technological innovations.
Project Agorá calls on the private sector to explore blockchain technology
📍The Bank for International Settlements' wholesale cross-border payments project, Project Agorá, has extended a call to the private sector to explore the potential of blockchain technology. In the call, the project specifies that private sector companies and financial institutions could come together to examine all the advantages that blockchain offers to improve the integrity and speed of wholesale cross-border payments. Likewise, the project indicated that financial institutions will be able to experiment with digital innovation for the creation of new use cases and business models driven by blockchain.
El objetivo the call is to bring together a large and diverse set of regulated financial institutions to test how tokenized deposits can improve the functioning of wholesale cross-border payments.
The call to participate in Project Agorá will be open until May 31, indicated the BIS. Some of the financial institutions that are already part of this project are the Bank of France, the Bank of Japan, the Bank of Korea, the Bank of Mexico, the Swiss National Bank, the Bank of England and the Federal Reserve Bank of New York.
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