LIVE**Breaking News: Biden's Bold Move!**
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President Biden has thrown his weight behind SEC Chair Gary Gensler amidst a heated debate in Congress over cryptocurrency regulation. In a bold stand, Biden vows to defend SAB 121, a critical measure aimed at bolstering crypto asset security by mandating custodians to account for liabilities and assets.
**Congressional Clash:**
Led by Rep. Mike Flood, critics assail SAB 121, citing concerns over regulatory coherence and lack of public consultation. The House's contentious vote to repeal the measure underscores the deep divide within Congress over crypto oversight.
**Biden's Backbone:**
With unwavering support for Gensler and the SEC, Biden's administration contends that curtailing regulatory powers could sow financial instability in the burgeoning crypto market, amplifying uncertainty.
**What Lies Ahead:**
As the resolution heads to the Senate, its fate hangs in the balance amid dwindling bipartisan backing. Biden's looming veto threat adds a layer of suspense, intensifying the struggle for control over crypto regulation.
**The Ripple Effect:**
This showdown epitomizes the clash between innovation and regulation, casting a spotlight on the evolving dynamics of the crypto landscape. Stakeholders and regulators brace for the ripple effects as the battle for control over crypto regulation unfolds.
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