Biden's Veto Reveals Cryptocurrency Rift And Regulatory Struggle

The US House of Representatives fell short in overturning President Joe Biden's veto of a resolution impacting a Securities and Exchange Commission rule on cryptocurrency treatment by banks.

The attempt to override H.J.Res. 109 failed by 60 votes, lacking the required two-thirds majority.

This outcome likely leaves the veto intact, potentially restricting US banks from serving as crypto custodians without future legislative changes.

Representative Patrick McHenry lamented the situation, emphasizing missed opportunities for collaboration on digital asset policy.

Conversely, Representative Maxine Waters noted industry criticism of SEC's clarity on crypto regulation under SAB 121, suggesting discontent with the administration's stance.

President Biden's swift veto on May 31, despite House and Senate support, marks his 12th veto without a congressional override since taking office.

The crypto community has voiced dissatisfaction with these actions, including opposition to the FIT21 Act, which aims to clarify digital asset regulations.

The failed override underscores ongoing US government discord over crypto regulation.

While the Biden administration and SEC maintain stringent policies, advocates for clearer digital asset laws seek continued dialogue and legislative progress.

Future efforts will be pivotal in defining cryptocurrency's role in the US financial landscape.

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