A group of parliamentarians has introduced a proposal to the US Congress to repeal a provision in the law that allows the Securities and Exchange Commission (SEC) to require banks to include customers' digital assets on their balance sheets.
The group included Senators Wiley Nickel and Cynthia Lummis and Representative Mike Flood.. The initiators of the legislative amendment believe that the adoption of the necessary decision by Congress will significantly affect the acceptance of cryptocurrencies by society and large businesses..
The SEC now has the authority to require that financial institutions not only record equivalent liabilities on their balance sheets for each digital asset they hold, but also include them in reserves for customer liabilities..
“Digital asset market participants have widely criticized the SEC requirement for undermining the operational viability of custody services.. It is clear that the SEC rule hinders the growth of reputable and regulated firms, preventing them from providing Americans with much-needed services in the cryptocurrency market,” Perianne Boring, CEO of the Chamber of Digital Commerce, commented on the senators’ proposal..
The day before, Senator Elizabeth Warren, the main opponent of cryptocurrency innovation in the US Congress, called at a meeting of the Senate Banking Committee to support her law to combat illegal forms of use of digital assets.