🚨 Bad News for Bitcoin and Altcoins from US President Biden! 🚨

U.S. President Joe Biden has vetoed a House Joint Resolution that aimed to repeal Staff Accounting Bulletin 121 (SAB 121) of the U.S. Securities and Exchange Commission (SEC). This accounting guideline mandates that financial institutions holding cryptocurrencies for customers must keep these assets on their own balance sheets. Critics argue this makes it challenging for financial institutions to collaborate with crypto companies. 📉

Biden stated he won't support “any measures that would jeopardize the welfare of consumers and investors.” He emphasized that the Congressional Review Act decision would improperly limit the SEC's ability to set proper regulations and tackle future issues.

Biden reiterated his commitment to working with Congress on legislation addressing the digital asset market, stressing the need for “appropriate guardrails that protect consumers and investors.” 🛡️

Earlier Friday, Senator Ron Wyden (D-Ore.), a member of Biden's party who supported the resolution, mentioned at the Consensus 2024 conference that this guidance imposes a different standard for crypto compared to other assets in the financial sector.

Stay tuned and be vigilant in these turbulent times! 🚀

#bitcoin☀️ #AltcoinStars #CryptoNewsCommunity #BTC☀ #CryptoRegulation

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