Oddbean

Watch "Lizzy Takes The L (Bitcoin)" by Bitcoin University on Storm.pub! Link: https://storm.pub/watch?v=HDBSj9esSck ---------------------------------------------------------------------- Join the private Bitcoin forum: https://www.bitcoinuniversity.com/bitcoin-forum Be Your Own Bank (Bitcoin): https://www.youtube.com/watch?v=nDsqTIMSpC8&ab_channel=BitcoinUniversity 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/us-senate-passes-measure-withdrawing-sec-accounting-bulletin Senator Warren said to vote no: https://www.youtube.com/watch?v=4E-q06U-JzE&ab_channel=ForbesBreakingNews SEC SAB Number 121: https://www.sec.gov/oca/staff-accounting-bulletin-121 Related tweets: https://x.com/AlexanderGrieve/status/1791147474243162279 https://x.com/saylor/status/1791150877891252260 https://x.com/Eric_BIGfund/status/1791151172889326070 https://x.com/PerianneDC/status/1791245327942443340 USSR leader Chernenko: https://www.reddit.com/media?url=https%3A%2F%2Fi.redd.it%2Fcbhvfhsvww7b1.jpg President Biden says he will veto the resolution: https://www.whitehouse.gov/wp-content/uploads/2024/05/SAP-HJRes109.pdf 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 Disclaimer Neither Bitcoin University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video, on this YouTube channel, or at www.Trader.University or www.BitcoinUniversity.com (henceforth, “the Sites”) should be construed as such by you. This video, channel, and the Sites should be used as educational tools only and are not replacements for professional investment advice. Trading or investing in new and volatile assets like Bitcoin can be risky.