Bad News for Bitcoin and Altcoins from US President Biden!

U.S. President Joe Biden recently announced that he vetoed a House Joint Resolution that would repeal Staff Accounting Bulletin 121 of the U.S. Securities and Exchange Commission (SEC).

SAB 121 is an #SEC accounting guideline that directs financial institutions that hold cryptocurrencies for customers to keep the assets on their own balance sheets. Critics of the directive say it makes it very difficult for financial institutions to work with crypto companies.

During his veto decision, #Biden said he would not support “any measures that would jeopardize the welfare of consumers and investors.”

“By invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC's ability to establish appropriate guardrails and address future issues,” Biden said in the statement.

In his statement, #Biden reiterated his previous comments about wanting to work with Congress on legislation addressing the digital asset market and said “appropriate guardrails that protect consumers and investors are necessary.”

Earlier Friday, Sen., a member of Biden's party who voted for the resolution. Ron Wyden (D-Ore.) said at the Consensus 2024 conference that this guidance sets a different standard for crypto than other assets in the financial sector.
$BTC