🚨 **Major Update: President Biden Backs SEC Chair Amid Crypto Clash in Congress!** 🚨

President Biden has firmly endorsed SEC Chairman Gary Gensler amidst congressional turmoil over cryptocurrency regulation. Despite the House's contentious vote to overturn SEC's critical crypto accounting practice, Biden stands ready to veto Joint Resolution 109 if it reaches his desk.

🔍 **Key Points:**

- **SAB 121 Overview:** Enforced in April 2022, SAB 121 mandates crypto custodians to account for liabilities and assets of custodied cryptocurrencies on balance sheets, aiming to enhance crypto asset security.

- **Congressional Opposition:** Spearheaded by Rep. Mike Flood, critics argue SAB 121 lacks regulatory coordination and public input, casting doubts on its validity.

- **Administration's Stance:** Biden's team asserts that limiting SEC's regulatory authority could trigger financial instability and uncertainty in the expanding crypto realm.

🔜 **What's Next:**

- **Senate Showdown:** The resolution progresses to the Senate, facing an uncertain fate, especially without bipartisan support.

- **Possible Veto:** With Biden's veto looming, the resolution's destiny hangs in the balance, underscoring the ongoing battle over crypto regulation.

💡 **Implications:**

This development marks a pivotal moment in crypto regulation, highlighting the clash between innovation and oversight. As events unfold, stakeholders and regulators alike will closely monitor its impact on the crypto landscape.

#cryptoregulation #BidenSupportsGensler #SECCryptoAccounting #HouseResolution

Stay informed as we track the ramifications of this critical issue on cryptocurrency regulation. 📈