Regulation
House Vote on SEC SAB 121 Postponed After Biden Letter
The House of Representatives has delayed the vote to override President Biden’s veto on the SEC’s anti-crypto rule, SAB 121, after allegedly receiving a dramatic letter from President Biden.
House Vote on SEC SAB 121 Postponed
The House vote to override President Biden’s veto on the SEC’s Staff Accounting Bulletin No. 121 (SAB 121) has been postponed. Initially set for Wednesday, July 10, the vote will now occur on Thursday, July 11, at approximately 10:30 AM.
The delay occurred after President Biden allegedly sent a letter to the House, which prompted the postponement of the vote. The content of the letter is still unknown.
🚨NEW: The House has just moved this vote to tomorrow due to the fact that it now has to hold a debate on a completely different topic.
The vote on H.J. Res. 109 is now scheduled for around 10:30AM on Thursday, July 11th. https://t.co/UL34fJLF9A
— Eleanor Terrett (@EleanorTerrett) July 10, 2024
Representative Patrick McHenry, who has publicly spoken against the SEC’s rule, showed his concern and annoyance at the delay. McHenry claimed that the rule is anti-crypto since it forces companies storing cryptocurrencies for clients to book these assets as liabilities on their balance sheets. He said, “We should not be doing business this way.”
Background on SAB 121
Released in 2022, the SAB 121 by the SEC is a set of tough accounting standards for companies that deal with cryptocurrencies. Opponents of the rule, including some of the most active members of the cryptocurency community, state that the rule hampers business development and adds excessive regulation to the market.
The rule requires firms to recognize crypto assets as liabilities, a move that is perceived to hinder the expansion of crypto custodian services to other traditional financial institutions.
The House and Senate had earlier on approved a motion to repeal SAB 121 with bipartisan support. However, President Biden vetoed the resolution, and hence the current push to counter his veto. This delay has a ripple effect on the ongoing discourse on cryptocurrency regulation in the United States. President Biden’s letter influenced some of the lawmakers, raising concerns on the possibility of the lawmakers having enough votes to counter the veto.
A two-thirds vote is needed to override a presidential veto in the House of Representatives, and this is quite difficult considering the current political situation.
Some of the sources indicate that many Democrats who propelled the repeal may now be in support of Biden especially with the impending elections.
Political and Market Reactions
The postponement of the vote has caused different reactions from the stakeholders. A recent poll found that Republican voters have a positive perception of cryptocurrency and prefer laws that are clearly defined by their elected officials instead of regulatory agencies.
In the meantime, the Biden administration’s position regarding the retention of SAB 121 is a clear indication that the cryptocurrency market will remain closely monitored. This position might hamper the market sentiment as well as the confidence of the investors in the crypto space.
The House will reconvene on Thursday to address this critical issue, with all eyes on whether the veto can be successfully overridden or if President Biden’s position will prevail.
Read Also: Ripple CEO Brad Garlinghouse Breaks Silence On Crypto-Whitehouse Roundtable
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the filing for Fidelity’s spot Solana (SOL) Exchange-Traded Fund (ETF).
This marks a key development in the financial industry, as Fidelity seeks to list its Solana ETF on the Cboe BZX Exchange. The acknowledgment comes after Fidelity submitted a proposed rule change, paving the way for the potential approval of the product.
Fidelity’s Spot Solana ETF Proposal
The SEC’s acknowledgment follows Fidelity’s filing to list and trade shares of the Fidelity Solana Fund under the Cboe BZX Exchange. The proposed rule change, initially submitted on March 25, was later amended on April 1, 2025, to clarify certain points and add additional details.
The amended proposal aims to list the Solana ETF under BZX Rule, which pertains to commodity-based trust shares. According to the Cboe BZX Exchange, Fidelity plans to register the shares with the SEC through a registration statement on Form S-1.
Fidelity’s experience with crypto ETFs, having launched the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), has prepared it for this new initiative. FBTC has drawn substantial interest, accumulating nearly $17 billion in assets, while FETH currently manages around $975 million.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
The U.S. Senate Banking Committee has voted to approve Paul Atkins’ nomination for the role of Chair of the Securities and Exchange Commission (SEC). The vote, which took place on Thursday, passed with a narrow margin of 13-11, along party lines.
Paul Atkins, nominated by President Donald Trump, now moves one step closer to taking over the top regulatory position at the US SEC.
Senate Banking Committee Approves Paul Atkins Nomination
Paul Atkins’ nomination for SEC Chair has received approval despite sharp opposition from Democratic members of the Senate Banking Committee. The vote was entirely split, with Republicans supporting Atkins and all Democrats opposing the decision.
This partisan divide highlights the contentious nature of Atkins’ confirmation, which had been under scrutiny for several reasons.
The committee’s approval now clears the path for Atkins to proceed to the full Senate for a final confirmation vote. Given the Republican-controlled Senate, it is widely expected that Atkins will secure the necessary votes to take over the SEC leadership. With Republicans holding a 53-47 majority in the Senate, the confirmation process is anticipated to move forward swiftly.
This Is A Developing News, Please Check Back For More
Kelvin Munene Murithi
Kelvin is a distinguished writer with expertise in crypto and finance, holding a Bachelor’s degree in Actuarial Science. Known for his incisive analysis and insightful content, he possesses a strong command of English and excels in conducting thorough research and delivering timely cryptocurrency market updates.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Cryptocurrency exchange Kraken has obtained a Restricted Dealer registration in Canada. The registration comes after completing a pre-registration undertaking (PRU) process with Canadian authorities.
The exchange has also announced the appointment of Cynthia Del Pozo as its new General Manager for North America. Del Pozo will oversee Kraken’s growth initiatives in Canada.
Kraken Completes PRU Process In Canada
Kraken’s Restricted Dealer registration marks the completion of a thorough pre-registration undertaking (PRU) process with Canadian regulators. The registration places Kraken under the supervision of the Ontario Securities Commission (OSC). This oversight ensures users have access to secure crypto products within a properly regulated local ecosystem.
According to the Canadian Securities Administrators (CSA), the Restricted Dealer registration is one of eight firm registration types in Canada. This particular classification is used for firms that “do not quite fit under any other category.” It also comes with specific requirements and conditions set by securities regulators.
Kraken’s regulatory achievement comes during a period of change in the Canadian crypto sector. Just months earlier, competitor Gemini exchange announced its departure from the Canadian exchange market by the end of 2024. This was a move that surprised many and raised questions about cryptocurrency regulation clarity in the country.
Kraken Introduces New Canadian GM
Del Pozo has joined Kraken to lead its Canadian operations as the new General Manager for North America. She has nearly 15 years of experience in corporate development, operations, and fintech consulting. Del Pozo will help to guide Kraken’s expansion across Canada during this important phase of crypto’s development in the region.
“Canada is at a turning point for crypto adoption, with a growing number of investors and institutions recognizing digital assets as a vital part of the financial future. I’m thrilled to join Kraken’s mission at this critical moment, and to lead our expansion efforts, ensuring we continue to serve our clients long-term with innovative and compliant products,” said Del Pozo.
In her role, Del Pozo will focus on strengthening Kraken’s regulatory relationships and also scaling the company’s presence throughout North America.
Del Pozo also commented on the registration achievement: “This Restricted Dealer registration is testament to the high bar Kraken has always set for consumer protection, client service, and robust security. We’re excited to continue expanding our world-class investment platform and to deliver innovative products that provide real-world utility to Canadians.”
The Exchange’s Continued Growth In Canada
Over the past two years, the cryptocurrency exchange has shown steady expansion in Canada while working through the PRU process with regulators. During this period, the exchange has doubled its team size and monthly active users.
According to the official blog post figures, the firm now has more than $2 billion CAD in total client assets under custody. Kraken has also increased support for some of the most popular cryptocurrencies. It provides several CAD spot trading pairs that enable Canadians to trade crypto without paying expensive foreign exchange fees.
According to Innovative Research Group’s 2024 Investor Survey, 30% of Canadian investors currently own or have owned cryptocurrencies. Likewise, a KPMG Canada survey discovered that 30% of Canadian institutional investors now have exposure to cryptocurrencies, which means widespread adoption across investor types.
Vignesh
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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