Cryptocurrencies

President Biden Stands Firm on SEC Crypto Policy in Veto Decision

As a top crypto news site editor from cryptochronicle.xyz, President Joe Biden has vetoed a resolution to overturn the US Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121. The resolution to repeal the SEC’s guidelines had strong bipartisan support in Congress, with the House of Representatives voting 228 to 182 in favor of the repeal and the Senate following with a 60 to 38 vote. Despite these votes, Biden chose to uphold the guidelines, sparking discontent within the crypto community.

The SAB 121 guidelines, scheduled to take effect on April 11, require banks to include customers’ digital assets on their balance sheets, a requirement criticized for hindering innovation. In his May 31 letter explaining the veto, Biden emphasized the importance of maintaining the SEC’s authority, stating that any reversal of the SEC staff’s judgment could undermine the SEC’s broader authorities on accounting practices. Biden expressed his administration’s commitment to working with Congress to establish a balanced regulatory framework for crypto, supporting the responsible development of digital assets and payment innovation to strengthen US leadership in the global financial system.

The response from the crypto community was swift and critical, with many expressing frustration on social media platforms. Cody Carbone, chief policy officer at the Digital Chamber, described the veto as “a slap in the face to innovation and financial freedom.” Ripple CEO Brad Garlinghouse also criticized the decision, calling it incredibly disappointing at a pivotal time.

The debate continues within the crypto industry as advocates for the repeal argue that the guidelines are overly restrictive, while supporters believe they are necessary for safety measures. In other news, Senators Elizabeth Warren and Bill Cassidy have requested information from drug enforcement agencies on actions against the use of crypto in the fentanyl trade.

Aaron, with a Master’s degree in Economics, Politics, and Cultures of East Asia, brings a decade of experience in the FinTech industry to his role as a passionate analyst and go-to person for all things related to digital currencies. He aims to make blockchain and Web3 education more accessible to beginners and is quoted by multiple established outlets, with a keen interest in researching market trends and uncovering the next big thing.

Leave a Reply

Your email address will not be published. Required fields are marked *

Our Company

Get Latest Updates!

    Get all the latest updates on the crypto scene, including access to exclusive airdrops.

    cryptochronicle.xyz @2024. All Rights Reserved.