Florida Congressman Darren Soto and his colleagues from the Blockchain Caucus aim to put crypto regulation on Kamala Harris's agenda.
Appeal to Kamala Harris
Attorney and Southern Democrat Darren Soto, who is also the US Representative for Florida’s 9th district, aims to attract the attention of Vice President and Presidential candidate Kamala Harris to the regulation of cryptocurrencies in collaboration with his colleagues at the Blockchain Caucus.
Three Key Reforms
As pointed out by Fox Business journalist Eleanor Terrett, the Blockchain Caucus and Soto are working to persuade Harris to focus on cryptocurrency and implement three major reforms for the betterment of the digital asset space in the United States.
Conflict with SAB 121
The first concern that Soto wants the Harris administration to focus on is overturning the US Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (or SAB 121), which requires publicly traded financial institutions to hold digital assets on their own balance. "SAB 121 contradicts a basic rule of bank custody," said Mike Flood, the US representative for Nebraska’s 1st congressional district.
Darren Soto and his colleagues from the Blockchain Caucus hope that their initiatives will lead to significant changes in cryptocurrency regulation in the US.
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