🚨🚨Bad News for Bitcoin and altcoin from US President Biden🚨🚨

U.S. President Joe Biden has vetoed a House Joint Resolution aimed at repealing SEC Staff Accounting Bulletin 121 (SAB 121). This SEC guideline requires financial institutions holding cryptocurrencies for customers to keep these assets on their own balance sheets. Critics argue that this complicates collaboration between financial institutions and crypto companies.🇬🇧🦄

In his veto statement, President Biden emphasized his commitment to protecting consumers and investors, stating he will not support measures that could jeopardize their welfare. He criticized the Congressional Review Act decision as an inappropriate restriction on the SEC's ability to establish necessary guardrails and address future issues. Biden reiterated his willingness to work with Congress on legislation to regulate the digital asset market, emphasizing the need for proper protections.🦚

Senator Ron Wyden (D-Ore.), who supported the resolution, expressed concerns at the Consensus 2024 conference that SAB 121 sets a different standard for crypto compared to other financial sector assets.👩‍🏭$BTC $ETH $BNB #Biden #Biden #Biden