Seeds of Wisdom RV and Economic Updates Wednesday Morning 3-26-25
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BIG WIN FOR CRYPTO: OPERATION CHOKEPOINT 2.0 POLICIES ROLLED BACK
David Sacks, the White House crypto czar, celebrated a big victory today. He announced that the Federal Deposit Insurance Corporation (FDIC) is following the U.S. Office of the Comptroller of the Currency (OCC) in removing “reputational risk” as a factor in bank supervision.
This change effectively rolls back the controversial Operation Chokepoint 2.0 policies, which had led to the unfair debanking of crypto companies.
Sacks said that this is a big step forward for crypto. Operation Chokepoint 2.0, which was supported by figures like Senator Elizabeth Warren, used vague criteria like “reputational risk” to target crypto businesses.
This meant that institutions could be punished for negative publicity, whether true or not. The new policy change will make banking criteria more objective and fair, preventing political influence from hurting the crypto sector.
Sacks also credited Senator Tim Scott for his leadership in pushing these changes, especially through the Financial Institution Reform and Modernization (FIRM) Act. This move is expected to create a better environment for crypto businesses and could lead to higher prices for digital assets in the future.
Fox Business’ Eleanor Terrett added more context, explaining why “regulation by enforcement” doesn’t work. She explained that Ripple has spent between $150 million and $200 million in legal fees over the years, only to end up in the same position it was in when the SEC first filed the lawsuit in 2020. The SEC likely spent taxpayer dollars as well.
XRP holders were also negatively impacted, as exchanges removed the token, causing its value to drop. Many other crypto projects also became hesitant to build in the U.S. for fear of being targeted by the SEC. Terrett criticized SEC Chair Gary Gensler for focusing resources on crypto firms while missing major issues like FTX, 3AC, and Celsius, which caused real harm to investors.
@ Newshounds News™
Source: Coinpedia
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SEC SCHEDULES FOUR NEW ROUNDTABLES FOR CRYPTO TASK FORCE
The SEC is aiming to discuss and solve regulatory issues around crypto trading, custody, tokenization, and decentralized finance.
The SEC's Crypto Task Force announced Tuesday it will host four more roundtables on crypto and digital asset regulation.
The roundtables would run from April to June, building on the agency's efforts to create clearer rules for the industry.
Crypto roundtables are a way for the SEC to "hear a lively discussion among experts" in order to understand current regulatory issues and what the Commission can do to “solve them," Commissioner Hester Peirce, who leads the task force, said in a statement.
Sessions for the roundtables are slated to discuss trading (April 11), custody considerations (April 25), asset tokenization (May 12), and decentralized finance (June 6). The roundtables will take place at the SEC headquarters with both in-person and virtual attendance options.
Just a day after his appointment, acting SEC Chairman Mark Uyeda announced the establishment of the Crypto Task Force on January 21 to develop clear regulatory frameworks and registration paths for crypto companies.
By March, the SEC had assembled key figures and industry experts to help bolster these efforts.
The SEC's plan to host four more crypto roundtables follows on from the task force's first one held last Friday, which examined how securities laws might apply to digital assets.
"Spring signifies new beginnings, and we have a new beginning here, a restart of the commission's approach to crypto regulation," Commissioner Peirce said during that session.
Backstage at the first roundtable, Commissioner Peirce told Decrypt that the agency is also exploring how it could "provide some kind of framework or some kind of markers" to craft rules for NFTs as an asset category.
That followed its pronouncement on Thursday last week that crypto mining does not violate securities laws.
The move aligns with broader crypto policy changes under President Donald Trump, who has been supportive of the industry both during his campaign trail to become the first "crypto president" and right after his electoral win.
Since he began his second term as POTUS, Trump has signed an executive order establishing a strategic crypto reserve, moved to acquire as much Bitcoin as possible, and helped push a stablecoin bill forward, among other key initiatives he’s done so far for the crypto industry.
@ Newshounds News™
Source: Decrypt
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