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BIG NEWS: SEC PLANS TO CUT 10 REGIONAL OFFICE LEADERS AS PART OF DOGE-DRIVEN COST-CUTTING PLAN
The U.S. Securities and Exchange Commission (SEC) plans to remove the top leaders at its 10 regional offices as part of a broader cost-cutting initiative. As reported by Reuters, according to sources familiar with the matter, the SEC informed directors across these offices on Friday that their positions will be eliminated as part of a plan set to be submitted next month.
This move is part of a larger push for cost reductions under the Trump administration, which has been focused on purging federal agencies and cutting expenses. The SEC, which oversees the U.S. capital markets, is responding to pressure from President Donald Trump to reduce staff and expenses.
SEC leaders have been asked to suggest major budget cuts. As part of cost-cutting, a new department DOGE, led by Elon Musk is involved, and Musk has demanded federal employees list their recent accomplishments or risk being fired.
The decision to eliminate the regional directors, which requires approval from the three-person SEC commission, comes as the agency has already started scaling back its crypto enforcement efforts.
The SEC has offices from San Francisco to Miami, where officials lead investigations into public companies, brokers, and investment advisers. These directors play a crucial role in enforcement and examination decisions, making their removal a significant change within the agency.
The reorganization plan will be submitted by SEC leaders, including Acting Chairman Mark Uyeda, and is expected to focus on restructuring operations to improve efficiency.
Reacting to the same, former SEC lawyer Marc Fagel said, “It’s almost like the head of DOGE, previously charged with securities fraud and currently the defendant in an ongoing SEC enforcement action, isn’t entirely free of conflicts in dismantling the SEC’s effectiveness.”
@ Newshounds News™
Source: Coinpedia
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OHIO INTRODUCES BILL PREVENTING STATE TAXES ON CRYPTO PAYMENTS
The legislation also requires state pension funds to evaluate investing in crypto exchange-traded funds, and covers the right to self-custody and crypto mining.
Lawmakers in the US state of Ohio have introduced a bill that prohibits the state legislature from imposing taxes on digital assets when used as a payment method.
Ohio House Bill 116, introduced on Feb. 24 by Representative Steve Demetriou and co-sponsored by Tex Fischer, Brian Lorenz, Ty D. Mathews, Riordan McClain and Josh Williams, aims to amend existing legislation preventing municipalities from imposing extra taxes or fees on crypto assets beyond those applied to traditional fiat transactions.
“The general assembly shall not enact a bill that proposes to impose a fee, tax, assessment, or other charge on digital assets used as a method of payment for goods and services,” it reads.
The bill defines “digital assets” as cryptocurrencies, stablecoins and non-fungible tokens.
The bill clarifies that taxes usually applied to legal tender, such as state or sales taxes, would still apply to crypto transactions, but there should be no new levies.
The “Ohio Blockchain Basics Act” also stated that no state agency or political subdivision may prohibit individuals from accepting crypto assets as payment for goods and services.
Right to self-custody, crypto mining
The bill also lets its residents retain the right to self-custody their digital assets using hardware or self-hosted wallets and partake in crypto staking.
Additionally, activities such as mining, staking, and exchanging crypto assets for other crypto assets do not require “money transmission” licensing under existing Ohio laws.
Individuals are also permitted to engage in crypto mining in residential areas if they comply with local zoning regulations. Meanwhile, mining businesses are explicitly allowed in industrial zones and cannot be unfairly targeted by local zoning changes.
Under the proposed legislation change, Ohio state retirement funds will also be required to evaluate the potential risks and benefits of investing in a crypto exchange-traded fund and report back to the General Assembly within a year.
Ohio representatives have been proactive with crypto-related bills in recent months. In September, Ohio Senator Niraj Antani introduced a bill requiring the state to accept cryptocurrency for payment of state taxes and fees.
In December, Ohio House Republican leader Derek Merrin introduced HB 703, aiming to establish a strategic Bitcoin reserve for the state.
Meanwhile, Ohio Senator Sandra O’Brien introduced another bill in February to create an “Ohio Bitcoin Reserve Fund,” with a five-year hodling period.
@ Newshounds News™
Source: CoinTelegraph
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SOUTH DAKOTA FOLLOWS MONTANA’S LEAD, THROWS WATER ON BITCOIN RESERVE PLANS
While South Dakota lawmakers rejected the bill citing volatility concerns, Rep Logan Manhart plans to push for its revival next year.
South Dakota lawmakers dealt another blow to Bitcoin advocates on Monday when they voted to axe a bill that would have allowed the state to invest in Bitcoin.
In a key move, the House Commerce and Energy Committee voted 9-3 to defer HB1202 until the 41st day of the session, a procedural decision that effectively killed the bill, as the session concludes in no more than 40 days.
South Dakota’s decision follows a similar outcome in Montana, where lawmakers shot down a Bitcoin reserve bill in a 41-59 vote last week.
The proposal, introduced by State Representative Logan Manhart (R-S.D.), sought to permit the state to allocate up to 10% of its public funds into Bitcoin investments as a way to diversify its financial portfolio.
“It’s a commonsense update to South Dakota’s investment strategy by allowing a limited allocation of state funds into alternative assets that have consistently proven to preserve value, particularly in inflationary environments,” Manhart said, as cited in the South Dakota Public Broadcasting report.
Matt Clark, South Dakota’s State Investment Officer, raised concerns about Bitcoin’s volatility and lack of intrinsic value.
@ Newshounds News™
Source: Decrypt
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