LIVE🚨 Bad News for Bitcoin and Altcoins from US President Biden! 🚨
President Joe Biden has just vetoed a House Joint Resolution that aimed to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121).
🔍 **What is SAB 121?**
SAB 121 is an SEC guideline requiring financial institutions holding cryptocurrencies for customers to keep these assets on their own balance sheets. Critics say this makes it hard for financial institutions to work with crypto companies.
In his veto decision, President Biden stressed his commitment to protecting consumers and investors, stating he won't 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 set up proper protections and address future issues,” Biden explained. He emphasized his desire to work with Congress on digital asset market legislation, stressing the need for "appropriate guardrails that protect consumers and investors." 🏦👥
Earlier, Senator Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, expressed concerns at the Consensus 2024 conference. He noted that this guidance sets a different standard for crypto compared to other assets in the financial sector.
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