Key Takeaways:
- Christy Goldsmith Romero, nominee for FDIC chair, supports banks custodying digital assets, stating crypto should be treated like any other business.
- Congress failed to overturn President Biden’s veto of the SAB-121 repeal, which discourages banks from holding crypto assets.
- Cryptocurrencies are a major campaign issue, with Donald Trump calling himself “the crypto President” ahead of the 2024 election.
Christy Goldsmith Romero, nominee for FDIC chair, expressed support for banks to custody digital assets during her July 11 Congressional testimony.
She stated that crypto should be treated like any other business and it’s not the FDIC’s role to dictate which assets banks can hold.
As the Biden administration’s pick to lead the Federal Deposit Insurance Corp., Goldsmith Romero would face a different kind of cleanup https://t.co/4kc5Yox7Ge
— Bloomberg Crypto (@crypto) July 11, 2024
The Digital Chamber, a crypto advocacy group, endorsed her for her progressive stance on crypto.
On the same day, Congress failed to overturn President Biden’s veto of the SAB-121 repeal, an SEC rule requiring banks to list custodied crypto assets as liabilities, discouraging them from holding these assets.
.@CFTC Commissioner Christy Goldsmith Romero's testimony in support of her @FDICgov Chair nomination: https://t.co/pEmGW8wsdO
— blockchain tipsheet (@blockchaintpsht) July 11, 2024
She has a wide-band of support – from Digital Chamber to Senator Elizabeth Warren.
Live stream: https://t.co/o7Z0akmbV4 pic.twitter.com/R5HgMDz4mG
Cryptocurrencies have become a major campaign issue, with former President Donald Trump calling himself “the crypto President” ahead of the 2024 election.
Additionally, the Supreme Court’s recent decision to overturn a precedent allowing federal agencies to make rules without Congressional approval could impact future regulatory actions.
About The Author
Victor Fawole, a seasoned Web3 content creator and social media influencer, excels in bringing the pulse of the crypto world to our readers.
With a keen eye for emerging trends and a talent for engaging storytelling, Victor’s articles offer a fresh perspective on the ever-evolving digital currency landscape.
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