🚨 US President Biden's Veto Signals Stance on Cryptocurrency Regulations! 🚨
President Joe Biden has just made a significant move by vetoing a House Joint Resolution aimed at repealing Staff Accounting Bulletin 121 (SAB 121) from the US Securities and Exchange Commission (SEC).
🔍 What is SAB 121?
SAB 121 is an SEC accounting guideline requiring financial institutions to include cryptocurrencies held for customers on their balance sheets. Critics argue this hampers collaboration with crypto companies.
In his veto decision, President Biden emphasized his commitment to protecting consumers and investors, stating he won't endorse "any measures jeopardizing their welfare." 🛡️
"By utilizing the Congressional Review Act, this Republican-led decision would wrongly limit the SEC's ability to establish necessary guardrails and tackle future issues," Biden explained.
He reiterated his willingness to collaborate with Congress on legislation for the digital asset market, stressing the importance of "appropriate guardrails safeguarding consumers and investors." 🏦👥
Earlier, Senator Ron Wyden (D-Ore.), who voted for the resolution, expressed concerns at the Consensus 2024 conference, highlighting the disparate treatment of crypto compared to other financial assets.
