🚨 **Breaking News: President Biden Vetoes Resolution Affecting Bitcoin and Altcoins!** 🚨
U.S. President Joe Biden has vetoed a House Joint Resolution that sought to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121).
🔍 **Understanding SAB 121:**
- SAB 121 is an SEC accounting guideline.
- It mandates financial institutions to list cryptocurrencies held for customers on their own balance sheets.
- Critics argue this makes collaboration between financial institutions and crypto companies more difficult.
**Key Points from President Biden's Veto:**
- Emphasized consumer and investor protection.
- Opposes any measures that might harm consumer and investor welfare. 🛡️
- Believes the Republican-led resolution would limit the SEC's ability to create necessary safeguards. ⚖️
- Advocates for working with Congress on legislation for the digital asset market.
- Stresses the importance of appropriate regulations to protect consumers and investors. 🏦👥
**Additional Insights:**
- Senator Ron Wyden (D-Ore.) expressed concerns over SAB 121 at the Consensus 2024 conference.
- Wyden noted the guidance imposes a different standard for crypto compared to other assets in the financial sector.
**Stay tuned for more updates!**
