US President Joe Biden vetoed a congressional resolution aimed at rescinding the US Securities and Exchange Commission's (SEC) directive, which was criticized for preventing the cryptocurrency industry from cooperating with banks. This decision was made despite long-standing complaints from the crypto industry and banking institutions.
Rejection to Cryptocurrency Rules
Personnel Accounting Bulletin No. This directive, known as 121, has received a variety of reactions since it was published in 2022. Banks argued that this bulletin imposed high costs and prevented them from expanding their digital assets custody services for their customers. The crypto industry claimed that this guideline restricted innovation and growth in the sector.
The congressional resolution, which found bipartisan support in the Senate with 11 Democrats voting in favor, aimed to invalidate the SEC bulletin. This decision, adopted by the House of Representatives with 182 votes against 228, aimed to facilitate the integration of the cryptocurrency sector and the traditional banking system. Proponents of the decision argued that the guidance restricts options for Americans who want to store digital assets in traditional banks.
Biden's Reason for Veto
In his veto message released Friday evening, President Biden emphasized his administration's commitment to consumer and investor protection. âMy administration will not support measures that jeopardize the well-being of consumers and investors,â Biden said and added:
âTo capitalize on the potential benefits and opportunities of cryptoasset innovation, appropriate security measures that protect consumers and investors are necessary.â
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