### 🚨 Bad News for Bitcoin and Altcoins from President Biden! 🚨
U.S. President Joe Biden has just vetoed a House Joint Resolution that aimed to overturn Staff Accounting Bulletin 121 (SAB 121) from the U.S. Securities and Exchange Commission (SEC).
🔍 **What is SAB 121?**
SAB 121 is an SEC accounting guideline requiring financial institutions holding cryptocurrencies for customers to record these assets on their own balance sheets. Critics argue this complicates collaborations between financial institutions and crypto companies.
During his veto, President Biden emphasized his commitment to protecting consumers and investors, declaring he won't back "any measures that would jeopardize the welfare of consumers and investors." 🛡️
Biden explained, “Invoking the Congressional Review Act in this Republican-led decision would inappropriately restrict the SEC's ability to establish necessary safeguards and address future challenges.”
He reiterated his intention to work with Congress on digital asset market legislation, highlighting the importance of "appropriate guardrails that protect consumers and investors." 🏦👥
Earlier, Senator Ron Wyden (D-Ore.), who supported the resolution, voiced his concerns at the Consensus 2024 conference. He noted that this guidance imposes different standards for crypto compared to other financial sector assets.
