Lizzy Takes The L (Bitcoin)

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Be Your Own Bank (Bitcoin):
   • Be Your Own Bank (Bitcoin)  

In this video, I discuss how the US Senate has joined the House of Representatives and voted 60-38 in a bipartisan vote to pass a resolution, that overturns an old SEC accounting bulletin, that has made it prohibitively expensive for US banks and other financial institutions to custody Bitcoin and crypto.

That SEC bulletin has required firms to record customer holdings of Bitcoin or crypto as liabilities on their own balance sheets, thus basically deterring most large US financial institutions from becoming Bitcoin custodians.

If you actually want to protect consumers, then having most of the BTC for the spot BTC ETFs sitting at Coinbase Custody presents unacceptable single point of failure risks.

If Biden signs this bill into law, then many US financial institutions will get in the game of Bitcoin custody and help to mitigate these concentration risks.

As for me, I will continue to keep my BTC in my own personal bank in cold storage, using my Coldcard hardware wallet.

Not investment advice! Consult a financial advisor.

US Senate passes measure withdrawing SEC accounting bulletin:
https://www.theblock.co/post/294949/u...

Senator Warren said to vote no:
   • Elizabeth Warren: 'We Should Not Be H...  

SEC SAB Number 121:
https://www.sec.gov/oca/staff-account...

Related tweets:
https://x.com/AlexanderGrieve/status/...
https://x.com/saylor/status/179115087...
https://x.com/Eric_BIGfund/status/179...
https://x.com/PerianneDC/status/17912...

USSR leader Chernenko:
https://www.reddit.com/media?url=http...

President Biden says he will veto the resolution:
https://www.whitehouse.gov/wp-content...

My favorite personal piggy bank:
https://coldcard.com/

I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos. My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#Bitcoin
#crypto

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