๐ฅHot off the press! U.S President Joe Biden has vetoed a resolution to repeal the SEC's SAB 121, a controversial guidance that critics say hampers financial institutions' ability to work with crypto companies. ๐ฆ๐ผ
Biden's stance? He's all for consumer and investor protection. He believes the resolution would limit the SEC's ability to set "appropriate guardrails" and address future issues. ๐ก๏ธ๐ง
But the veto didn't go down without a fight. Earlier, banking groups and Congress members penned letters to Biden, urging him to overturn SAB 121. They argue the guidance blocks banking groups from offering crypto custody services. ๐๐ฌ
Sen. Ron Wyden, a resolution supporter, claims the guidance creates a different standard for crypto than other assets in the financial sector. ๐๐ฑ
What do you think? Is the veto a step forward or backward for the crypto industry? Let's discuss! ๐ฌ๐ #CryptoNews #SECGuidance