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😱🫨Veto threat from Joe Biden: Critical crypto vote begins in Parliament
The communiqué, also known as SAB 121, makes it burdensome for banks, brokerage firms and other large financial institutions to provide custody services for cryptocurrencies. According to experts, the set of rules that require organizations that store and hold cryptocurrencies to display these assets on their balance sheets will seriously affect the financial statements and requirements of companies and prevent them from providing custody services.
The #JoeBiden administration said in a statement on the issue, “The administration is committed to H, which will disrupt the SEC's work to protect investors in crypto asset markets and secure the financial system. J. Res. he strongly opposes the adoption of 109.” he gave place to his statements. The statement noted that the communique was issued in response to proven technical and legal risks that cause serious harm to consumers. In addition, "Limiting the SEC's ability to provide a comprehensive and effective financial regulatory framework for crypto assets will create significant financial instability and market uncertainty.” it was said.
Patrick McHenry, Chairman of the House Financial Services Committee, called SAB 121 “one of the most notable examples of the SEC's overreach under Gary Gensler.” McHenry said that the notification in question creates obstacles for banks that want to provide custody services for cryptocurrencies, and not allowing banks to participate in the system may leave user assets vulnerable.
On the other hand, another MP, Tom Emmer, said: “Today we will vote for the repeal of Gary Gensler's illegal SAB 121 rule. This rule prevents banks from providing custody services in digital assets for their customers, increasing the risk of concentration in our market and making American digital asset investors vulnerable." said.
The proposal to override SAB 121 is being voted on in the House of Representatives as of 02.55 UTC.
