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President Biden Vetoes a Bill That Would Have Eliminated the SEC's Controversial Crypto Policy
President Biden made good on his promise to veto SEC-related cryptocurrency legislation that recently passed the House and Senate.
The bill would repeal SEC guidelines requiring some companies to label crypto assets as liabilities on their balance sheets, even if they simply hold the assets on behalf of clients.
In a letter to the House of Representatives, President Biden says that rescinding the guidance would prevent the SEC from implementing safeguards and protecting investors.
“SAB 121 reflects the SEC staff's considered technical views regarding the accounting obligations of certain firms that protect crypto assets. By invoking the Congressional Review Act, this Republican-led resolution would unduly limit the ability of the Securities and Exchange Commission (SEC) to establish appropriate barriers and address future concerns.
This change in SEC staff's deliberation risks undermining the SEC's broader authority over accounting practices. My administration will not support policies that jeopardize the welfare of consumers and investors.
The Republican-led bill passed the House by a vote of 228 to 182, with 21 Democrats participating. It passed the Senate by a vote of 60 to 38, with eleven Democrats supporting the legislation.
President Biden's veto comes as Bitcoin and cryptocurrency have become the focus of both policy and regulatory attention.
Similarly, former President Trump began accepting cryptocurrency donations last week, pledging to support the industry and investors' rights to self-custody their assets.
Meanwhile, the SEC has abruptly changed course on Ethereum ETFs, setting the stage for their imminent launch.
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