President Joe Biden affirmed the Administration's commitment to strict financial regulations by rejecting a Congressional resolution seeking to rescind the SEC's Staff Accounting Bulletin No. 121 (SAB 121).
The resolution, which received significant support from Republican and some Democratic members, passed both the House of Representatives and the Senate on May 16.
Biden's Veto Preserves SEC's Crypto Oversight
Introduced in March 2022, SAB 121 requires financial institutions to report their customers' digital assets. Critics claim that this rule imposes heavy operational and financial burdens on companies dealing with cryptocurrencies. Senator Cynthia Lummis, a key supporter of the resolution, stated that SAB 121 creates risks by placing consumers' assets on corporate balance sheets in the event of bankruptcy.
Facing backlash from crypto industry leaders and several lawmakers, Congress repealed SAB 121. In the first vote in the House of Representatives, 228 members supported its cancellation, while 182 members opposed it. A week later, the Senate voted 60-38 to repeal the rule. However, more of these votes were needed to override the presidential veto.
In a statement accompanying the document, Biden emphasized that his Administration will not support any measures that could harm consumers and investors.
"By invoking the Congressional Review Act, this Republican-led decision would unnecessarily restrict the SEC's ability to enact appropriate regulations and address future issues. A reversal of a decision considered in this manner could undermine the SEC's broader authority over accounting practices "My administration will not support measures that would jeopardize the welfare of consumers and investors," he said.
Reactions to Biden's veto have been mixed within the crypto community. While some see this as a necessary step to protect investors, others see it as an impediment to financial innovation.
âSEC actions blocking Bitcoin custody services by highly regulated U.S. financial firms restrict financial innovation and competitiveness. This could lead to businesses relocating to countries with more favorable regulations, resulting in a loss of capital, talent, and technology for the U.S. For American citizens, this âRestrictions may put them at a disadvantage compared to those in other countries by limiting access to financial innovation and investment diversification,â he said.
Despite the veto, Biden stated that he wanted to take measures to protect investors by cooperating with Congress for the digital asset market and emphasized the need for measures. This decision demonstrates the ongoing debate about balancing innovation with consumer security and how to regulate the crypto industry.
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