this post was submitted on 04 Jun 2024
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politics

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[–] [email protected] 25 points 5 months ago (1 children)

The resolution would have repealed the Securities and Exchange Commission’s Staff Accounting Bulletin 121, which sought to force financial institutions that are holding crypto to keep the digital assets on their own balance sheets, as Coindesk recently explained.

Can someone explain why they are so upset at this?

[–] [email protected] 25 points 5 months ago (2 children)

Because they don't want crypto to be traceable.

[–] [email protected] 25 points 5 months ago

Bitcoin is exceptionally traceable, this seems more about preventing banks and financial firms from hiding solvency issues from SEC and the public's analysis by off sheeting crypto holdings.

[–] [email protected] 3 points 5 months ago

Ding ding ding!

[–] [email protected] 22 points 5 months ago

Anything that makes cryptobros seethe is alright in my book.

[–] [email protected] 20 points 5 months ago (1 children)

Amusingly, the phrase Crypto Fascist does and does not apply here.

[–] [email protected] 6 points 5 months ago

Can’t believe I never thought of that. I’ll bet people start misusing the term soon and maybe it’ll take on a new meaning

[–] [email protected] 2 points 5 months ago

I’m pretty annoyed by this too, but this is 100% missing the forest for the trees

[–] [email protected] 1 points 5 months ago

Molly White's been covering the lobbying of the crypto industry recently on her podcast/blog Citation Needed.