đŁBad news for Bitcoin and Altcoins from US President Biden!âïž
US President Joe Biden recently announced that he vetoed a joint House resolution that would repeal the US Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121.
SAB 121 is an#SECaccounting guideline that directs financial institutions that hold cryptocurrencies for clients to keep the assets on their own balance sheets. Critics of the directive say it makes it very difficult for financial institutions to work with crypto companies.
During his veto decision,#Bidensaid he would not support âany measure that could jeopardize the well-being of consumers and investors.â
âBy invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC's ability to establish appropriate guardrails and address future issues,â Biden said in the statement.
In his statement,#Bidenreiterated his previous comments about his desire to work with Congress on legislation addressing the digital asset market and said that "adequate guardrails that protect consumers and investors are necessary."
Earlier on Friday, the senator, a member of Biden's party, voted in favor of the resolution. Ron Wyden (D-Ore.) said at the Consensus 2024 conference that this guidance sets a different standard for cryptocurrencies than other assets in the financial sector.
