BTCUSDT: Biden Vetoes Resolution on SEC Guidance
The US President Joe Biden announced his Veto for SAB 121 Crypto Accounting policy led by Congress to bye pass SEC act of Laws and Customers have to keep the Crypto assets privately not showing before banks and Government control. This is totally unhealthy for Valuable Customers and investors. Crypto assets has to properly digitalised under SEC act and then doing saving, trading on Crypto assets is good for US People and protect from Monet laundering persons. So US President Joe Biden Thumbs down for this resolution passed by House of representatives to his desk. This is totally bye passing Banks, Governments, people keep thier own money in the Crypto assets without showing in the public, So Biden Veto is healthy for Consumers and investors in the Crypto Assets holders.
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U.S. President Joe Biden made the decision to sign a veto of a House Joint Resolution on Friday afternoon, thus preventing the repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121). This bulletin has stirred controversy due to its directive for financial institutions holding cryptocurrency for customers to include these assets on their own balance sheets, a move criticized for complicating the relationship between financial institutions and crypto companies.
In his statement accompanying the veto, President Biden emphasized his stance on safeguarding consumers and investors, stating his refusal to support any measures that would endanger their well-being. He expressed concern that the Congressional Review Act invoked by the Republican-led resolution would unduly restrict the SEC’s authority to establish necessary safeguards and address future accounting issues, potentially undermining the SEC’s broader regulatory powers.
President Biden’s statement reiterated his previous calls for collaboration with Congress in crafting legislation addressing the digital asset market, emphasizing the importance of implementing appropriate measures to protect consumers and investors.
The decision to veto came shortly after banking groups and members of Congress sent letters to President Biden, urging him to sign the resolution to overturn SAB 121. The banking organizations highlighted how the guidance impedes regulated banking groups from offering custody services, while lawmakers urged the administration to work with the SEC to rescind the guidance if the veto were to proceed, as previously threatened by President Biden before the House vote on the measure.
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The resolution had garnered easy majorities in both chambers of Congress. Earlier on the same day, Senator Ron Wyden (D-Ore.), a member of President Biden’s party who supported the resolution, criticized SAB 121 for establishing a different standard for cryptocurrency compared to other financial assets during his participation at CoinDesk’s Consensus 2024 conference in Austin, Texas.
BTCUSDT: Biden’s Veto of SEC’s SAB 121 Sparks Backlash
The announcement made by US President Joe Biden regarding his veto of SAB 121, a crypto accounting policy proposed by Congress, signifies a significant divergence from the path laid out by the Securities and Exchange Commission (SEC) laws. The policy, if implemented, would allow customers to maintain their crypto assets privately, outside the purview of banks and government oversight. This approach raises concerns about the transparency and accountability of crypto asset transactions, posing potential risks to both valued customers and investors.
Under the proposed policy, crypto assets would remain unregulated by the SEC, circumventing the established framework for digital asset management. However, President Biden asserts that this approach is detrimental to the interests of US citizens. He argues that properly digitalizing crypto assets under the SEC’s jurisdiction is essential for ensuring the integrity of financial transactions and safeguarding against illicit activities such as money laundering.
President Biden’s veto represents a decisive stance against the resolution passed by the House of Representatives, signaling a commitment to upholding regulatory standards and protecting consumers and investors in the realm of crypto assets. By rejecting the policy, Biden aims to prevent the unchecked proliferation of crypto assets outside the traditional banking system, thereby promoting financial stability and accountability. This veto aligns with the broader goal of ensuring a secure and transparent financial environment for all stakeholders involved in the burgeoning crypto market.
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President Joe Biden has utilized his presidential authority to reject a resolution designed to nullify the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) No. 121. This decision has promptly elicited criticism from the cryptocurrency industry.
In a letter dated May 31, President Biden provided rationale for his action, asserting that the revocation of the SEC’s directives would diminish the commission’s control over accounting standards. Biden articulated, “This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices.” He further underscored his administration’s stance against measures that could imperil the welfare of consumers and investors.
SAB 121 stipulates that entities holding cryptocurrency assets must classify these holdings as liabilities on their financial statements, a provision that has stirred controversy since its inception. The SEC’s directives, slated to become effective on April 11, encountered significant resistance from both the cryptocurrency community and legislators. The House of Representatives voted 228 to 182 in favor of rescinding the directives, followed by the Senate’s 60 to 38 vote in favor of repeal.
The Blockchain Association, an advocacy group for cryptocurrency, expressed dissatisfaction with Biden’s veto, emphasizing that bipartisan majorities in both chambers of Congress had acknowledged the detrimental effects of SAB 121. “We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” the group lamented in a May 31 post on X. Ripple CEO Brad Garlinghouse echoed similar sentiments, remarking, “To say that this is incredibly disappointing from this White House – at an incredibly pivotal time – is an understatement.”
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