Trump Sets Sights on Developing U.S Crypto Stock Pile
Goood morning Lion's I trust you have been safe and well and winding down for the week as we approach market closures, the cryptocurrency market has seen some slight corrections. However, Solana continues to expand it's value as their MemeCoin market continues to generate significant transaction volume and fees.
The network is the latest to perform well under the current market conditions with more and more people joining the network in an attempt to expand their wealth and cash in on all the action. But today, we're staying close to Trump's movement's within the Cryptosphere and how he is trying to position the U.S as a centre of digital assets.
U.S Crypto Stockpile
The latest news to emerge from the U.S that focuses on Trump meeting his election commitment for a more deregulated Cryptosphere that puts the U.S central to the Decentralised Finance (DeFi) world is he's recent action was for he's administration to evaluate the potential for a U.S National stockpile of Cryptocurrency.
While the news sent investment in the sector skyrocketing it pulled back shortly after due to the fact he's action fell short of he's initial commitment to actually create a U.S Bitcoin reserve, which is what he promised at the election and this latest move, falls short of meeting it.
What's this mean for his campaign commitment?
There is quite a lot of online discussions and commentary surrounding this move and some are pulling the "he failed" line, while we can criticise Trump for a lot of his topics and behaviours. This move is in line with government process and procedures. Without the motion or bill to enter congress a Bitcoin stockpile can not be commenced.
Trump will need the support of Congress to make this happen and in order to do that he requires all the relevant information, data and arguments for and against. Unlike many other aspects in life, politics is complex with competing agenda's and views and opinions. This leads to drawn out long processes and sometimes delays in getting outcomes. While we can criticise and complain about "red tape" some red tape is important and required in order to ensure everyone is represented including crypto supporters.
But it isn't all bad news with things already moving in favour of crypto investment and reform in regards to the U.S Securities and Exchange Commission (SEC).
https://img.inleo.io/DQmVzZw8uZG9o33tT8obqbQJEJDyfTjGZFUJpvca2JRU3y8/Trump%20Sets%20Sights%20on%20Developing%20U.S%20Crypto%20Stock%20Pile%203.jpg
SEC Removes SAB 121
The Staff Accounting Bulletin 121 (SAB 121) which has been called controversial, has been officially. SEC Commissioner Hester Peirce announced the change on X a move that was met with widespread cheer from the crypto community. The CEO of Mara Holding was among the first to express gratitude for the long awaited update.
SAB 121 was introduced in 2022 and required crypto wallets to record both a liability and a corresponding asset for crypto holdings on behalf of customers. These holdings had to be marked to fair value at each reporting period, regardless of actual control over the assets. Critics argued this approach was overly burdensome and misaligned with traditional accounting principles, leading to unnecessary complexity and higher compliance costs.
The replacement, SAB 122, aligns accounting practices for crypto assets with established Financial Accounting Standards Board (FASB) and International Accounting Standards (IAS) rules. This change provides clearer guidance, reduces ambiguity and allows firms to use traditional accounting standards to evaluate custodial and control arrangements.
image sources provided supplemented by Canva Pro Subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services
Posted Using INLEO