๐จ Bad News for Bitcoin and Altcoins from U.S. President Biden!๐จ
U.S. President Joe Biden has just vetoed a House Joint Resolution that aimed to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121).
๐ **What is SAB 121?**
SAB 121 is an SEC guideline requiring financial institutions holding cryptocurrencies for customers to keep these assets on their balance sheets. Critics argue that this makes it difficult for financial institutions to work with crypto companies.
In his veto statement, President Biden emphasized his commitment to protecting consumers and investors, stating he won't support "any measures that would jeopardize the welfare of consumers and investors." ๐ก๏ธ
Biden explained that using the Congressional Review Act, this Republican-led decision would improperly limit the SEC's ability to set necessary regulations and address future issues.
He reiterated his intention to collaborate with Congress on legislation for the digital asset market, stressing the need for "appropriate guardrails that protect consumers and investors." ๐ฆ๐ฅ
Earlier on Friday, Senator Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, expressed concerns at the Consensus 2024 conference, highlighting that this guidance imposes different standards for crypto compared to other assets in the financial sector.
