đđBuckle up, BTC enthusiasts! The U.S. Congress may be warming up to crypto, but President Biden could still be a roadblock, says Senator Cynthia Lummis. đ§
In a recent interview, Lummis shared insights on Capitol Hill's evolving views on crypto and the parties still resisting pro-crypto legislation. The big question? Whether Biden will sign H.J.Res. 109 into effect. This resolution, which has bipartisan support, aims to repeal a prior SEC rule that made it tricky for regulated banks to offer crypto custody services. đŠđŒ
Biden had threatened a veto, but the strong bipartisan backing for the act has some hoping he might change his tune. đ”đ¶
However, Lummis warns that the SEC had already cautioned her about a potential Biden veto. Now, she says, the White House will have to reconsider. đ€
Meanwhile, two other crypto-focused bills, FIT21 and the CBDC Anto Surveillance State Act, have passed the House. FIT21 even secured a two-thirds majority vote, enough to override a potential presidential veto if the Senate shows equal support. đđ
Lummis notes that bipartisan support for crypto is growing, but opposition still exists, mainly from the "progressive wing" of the Democratic party. đŹ
Going forward, Lummis encourages the crypto industry to engage with their congresspeople and educate them about digital assets. She sees the 2024 political opportunity as a chance to establish a lasting framework for the digital asset industry. đđ
So, will Biden veto pro-crypto legislation? The crypto world is watching! đđż