As soon as the US House of Representatives passed a resolution asking the US Securities and Exchange Commission (SEC) to rescind its anti-crypto banking policies, the White House preemptively announced that it would be vetoed if passed. through.
The resolution reversing the U.S. SEC's 2022 announcement was passed with bipartisan support on Wednesday drawing praise from crypto advocates on and off Capitol Hill.
Amanda Russo, director of communications for the Crypto Council for Innovation, said in a statement:
“Without approving the resolution, the U.S. House of Representatives is taking a position to ensure such significant changes go through the appropriate public rulemaking process. This is critical to maintaining a competitive and innovative financial landscape.”
However, the impact of the vote was tempered by a statement issued by the Biden administration hours earlier.
“The administration strongly opposes the passage of H.J. Res. 109. This would disrupt the SEC's work to protect investors in the cryptocurrency markets and protect the broader financial system. Limiting the SEC's ability to maintain a comprehensive and effective financial regulatory framework for cryptocurrencies would cause significant financial instability and market uncertainty.”
The statement concluded that if the resolution reaches President Joe Biden's desk, he will veto it.
At the heart of the dispute is the usually uncontroversial Staff Accounting Bulletin (SAB)* issued in April 2022. “The obligations under these agreements involve many unique risks and uncertainties not present in non-cryptocurrency asset protection agreements, including technological, legal as well as other regulatory risks and uncertainties,” the notice read.
*SAB reflects the views of the SEC staff on accounting-related disclosure practices.
Russo said:
“Traditionally, SABs are not designed to enact sweeping policy changes, they are intended to clarify existing regulations. However, SAB 121 acts as a new rule, impacting core aspects of the financial and digital asset industries.”
U.S. Rep. Mike Flood (R-Nebraska) has introduced a resolution in the U.S. House of Representatives condemning SAB 121, while a companion resolution has been introduced in the U.S. Senate.
“It is unfortunate that the SEC attempted to circumvent the rulemaking process while falsely claiming that SAB 121 was simply non-binding staff-level guidance,” Flood said.
Longtime critic of the SEC, U.S. Rep. Tom Emmer expressed strong support for the U.S. House resolution today.
“This resolution is an essential effort to protect users and promote innovation in the digital asset market. It is important to prevent power grabs under SEC regulations.
SAB 121 introduces unnecessary and avoidable concentration risks in the digital asset ecosystem, making our markets less fair, less orderly, and less efficient,” said Emmer. said earlier this week, adding on Twitter that SEC Chairman Gary Gensler is violating his agency's mission.
Source: https://tapchibitcoin.io/biden-de-doa-phu-quyet-du-luat-de-huy-bo-chinh-sach-ngan-hang-tien-dien-tu-cua-sec-hoa- ky.html
