Stephen Peepels, chief legal officer at MANTRA, said that the Senate passed stablecoin regulation, but later both the "House and the Senate" agreed that SAB109 was a "terrible idea," resulting in a veto. Peepels made these remarks during the State of Crypto Regulations panel at Binance Blockchain Week.
"The Senate passed some regulation about stablecoins, and the House didn't look at it," said Peepels. "Then finally, both the House and the Senate agreed that [SAB109] was a terrible idea, and the President vetoed it."
According to CryptoSlate, H.J. Res. 109, which aimed to overturn the Securities and Exchange Commission's (SEC) SAB 121 rule, was vetoed by President Biden. The resolution sought to prevent the SEC from requiring financial institutions to list customer-held crypto assets as liabilities.
A report from Social Capital Markets indicates that SEC fines against the crypto industry increased by 3018% in 2024, rising from $150.26 million in 2023 to $4.68 billion. Since 2013, the SEC has issued over $7.42 billion in fines to crypto firms and individuals, with 63% of this total occurring in 2024.
Peepels serves as chief legal officer at MANTRA, where he leads discussions on regulatory issues and market trends. His expertise spans over 15 years in cross-border capital transactions, private equity, and compliance. He has advised corporations on regulatory challenges and guided multinational companies on trade regulations, sanctions, and compliance programs.
MANTRA is a blockchain platform that tokenizes real-world assets while adhering to regulatory requirements. It supports developers and users with low-cost transactions, identity verification, and Know Your Customer/Anti-Money Laundering (KYC/AML) compliance. Built on Cosmos SDK with Inter-Blockchain Communication (IBC), MANTRA enables secure cross-chain transactions, decentralized identity (DID), and governance.
Binance Blockchain Week is a conference bringing together innovators, founders, investors, regulators, and officials to discuss blockchain's future and Web3 developments. The theme of this year's conference is "Momentum." According to the event's website: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."
