🚨 Bad News for Bitcoin and Altcoins from US President Biden!🚨
U.S. President Joe Biden has just announced that he vetoed a House Joint Resolution aimed at repealing Staff Accounting Bulletin 121 (SAB 121) from the U.S. Securities and Exchange Commission (SEC).
🔍 **What is SAB 121?**
SAB 121 is an SEC accounting guideline that requires financial institutions holding cryptocurrencies for customers to keep these assets on their own balance sheets. Critics argue this makes it challenging for financial institutions to collaborate with crypto companies.
During his veto decision, 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." 🛡️
“By invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC's ability to establish appropriate guardrails and address future issues,” Biden explained.
He reiterated his desire to work with Congress on legislation for the digital asset market, stressing the need for "appropriate guardrails that protect consumers and investors." 🏦👥
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. He noted that this guidance sets a different standard for crypto compared to other assets in the financial sector.
