FDIC nominee Goldsmith Romero said banks can hold digital assets
In a July 11 hearing, Federal Deposit Insurance Corporation (FDIC) head nominee Christy Goldsmith Romero testified to Congress that banks should be allowed to hold crypto assets.
When prompted by Sen. Cynthia Lammis, the FDIC nominee responded that crypto is “just another business like any other,” before explaining that it's not the FDIC's role to decide which assets banks should or should hold.
Digital Chamber, a Washington, DC-based crypto advocacy group, has previously expressed interest in Romero's candidacy. In a letter to the Senate Committee on Banking, Housing and Urban Affairs, he mentioned his future position on the crypto industry.
Senator Lummis' question was the only direct mention of crypto during his nomination hearing to review roles at the FDIC, the Securities and Exchange Commission, the United States Treasury and the Financial Stability Board.
Congress failed to repeal Biden's repeal of SAB-121
The final vote fell along party lines and came 60 votes shy of a two-thirds majority, as Congress failed to overturn President Joe Biden's repeal of Staff Accounting Bulletin-121 (SAB-121) on the same day as the nomination hearings.
SAB-121 is an SEC rule that requires banks that hold crypto assets to treat the assets as liabilities on their balance sheets. In a public way, this would disincentivize banks from holding digital assets on behalf of customers.
RELATED: House fails to override Biden's veto on repeal of SEC crypto rule
The ongoing control war in the US
Cryptocurrencies have been thrust into the national spotlight and become a campaign issue since former President Donald Trump declared himself the “crypto-president” and created a fertile campaign battlefield by raising the hot-button issue.
The 2024 election and continued hostility from the SEC has prompted a broad response from industry executives, who are now reaching out to DC lawmakers and launching political initiatives such as The Bitcoin Voter Project and Stand With Crypto Political Action Committee.
On the justice front, the Supreme Court voted to overturn Chevron USA Inc. and the Natural Resources Defense Council, overturning a 40-year-old precedent that allowed federal regulatory agencies to participate in rulemaking without congressional approval. This latest Supreme Court decision could have seismic ramifications across America's administrative territory.
Magazine: Frequent articles: Bitcoin ‘supercomputer' and BTC DeFi coming soon
