Fox Business Reporter: US Democratic House Member Darren Soto Asks Kamala Harris for Crypto-Friendly Policies

Fox Business Reporter: US Democratic House Member Darren Soto Asks Kamala Harris for Crypto-Friendly Policies

Fox Business reporter Eleanor Terrett reported via Twitter that "US Democratic House member Darren Soto asked Democratic vice presidential nominee Kamala Harris to: - Repeal the Statement on Accounting for Liabilities of Crypto Assets (SAB 121) from the Financial Accounting Standards Board (FASB) - Pass the Financial Innovation and Technology Act of the 21st Century (FIT21) and establish a framework for encouraging regulation - Recognize the importance of crypto, especially for remittances Soto's request highlights the growing interest in cryptocurrency regulation among policymakers. The Financial Innovation and Technology Act of the 21st Century (FIT21) would create a new regulatory framework for digital assets, including cryptocurrencies. The bill was introduced in the House of Representatives in June 2020 and is currently in committee. The Statement on Accounting for Liabilities of Crypto Assets (SAB 121) is a controversial accounting standard that requires companies to record the fair value of their cryptocurrency holdings on their balance sheets. This standard has been criticized by some in the cryptocurrency industry, who argue that it is too burdensome and does not accurately reflect the value of crypto assets. Soto's request to Harris is a sign that there is growing support for crypto-friendly policies among Democrats. If Harris were to become vice president, she would be in a position to influence the Biden administration's approach to cryptocurrency regulation.