🚨 Big Update: President Biden Supports SEC Chairman Amid Conflict Over Cryptocurrency In Congress 🚨

President Biden has firmly endorsed SEC Chairman Gary Gensler amid congressional uncertainty over cryptocurrency regulation. Despite the House's controversial vote to overturn the SEC's key cryptocurrency accounting method, Biden remains poised to veto Joint Resolution 109 if it reaches his desk.

🔍 Main points:

- Overview of SAB 121: Effective April 2022, SAB 121 requires cryptocurrency custodians to account for the liabilities and assets of custodial cryptocurrency on the balance sheet, to Enhance crypto asset security.

- Congressional Opposition: Led by Rep. Mike Flood, critics say SAB 121 lacks legislative coordination and public input, casting doubt on its validity.

- Regulatory perspective: Biden's team asserts that limiting the SEC's regulatory authority could cause financial instability and uncertainty in the expanding cryptocurrency sector.

🔜 What's next:

- Confrontation in the Senate: The resolution advances to the Senate, facing an uncertain fate, especially without bipartisan support.

- Possible veto: As Biden's potential veto looms, the resolution's fate hangs in the balance, underscoring the ongoing battle over cryptocurrency regulation.

💡 Meaning:

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