Ethereum

United

Biden

Bitcoin

<a href="https://bitcoinworld.co.in/president-biden-vetoes-bill-that-would-have-eliminated-controversial-sec-crypto-policy/" title="President Biden Vetoes Bill That Would Have Eliminated Controversial SEC Crypto Policy" rel="nofollow"></a>
President Biden has followed through on a promise to veto SEC-related crypto bill that recently passed the House and Senate to eliminate controversial SEC crypto policy. 
The bill would have <a href="https://www.sec.gov/oca/staff-accounting-bulletin-121">reversed</a> guidance from the SEC that says certain companies should label crypto assets as liabilities on their balance sheet, even if they are simply holding the assets on behalf of customers. 
In a letter to the House of Representatives, President Biden <a href="https://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/31/a-message-to-the-house-of-representatives-on-the-presidents-veto-of-h-j-res-109/">says</a> the removal of the guidance would hinder the SEC’s ability to implement safeguards and protect investors. 
“SAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets. By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues. 
This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices. My Administration will not support measures that jeopardize the well-being of consumers and investors. 
Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation. My Administration is eager to work with the Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.” 
The Republican-led legislation passed the House in a 228 to 182 vote, with 21 Democrats on board. It passed the Senate 60 to 38, with eleven Democrats supporting the legislation. 
President Biden’s veto comes with Bitcoin and crypto in both the political and regulatory spotlight. 
Former President Trump began accepting donations in crypto last week, vowing to support the industry and investors’ rights to self-custody their assets. 
Meanwhile, the SEC abruptly reversed course on Ethereum ETFs, paving the way for their imminent launch. 
<blockquote>
 Disclaimer: The information provided is not trading advice. Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
</blockquote>

President Biden Vetoes Bill That Would Have Eliminated Controversial SEC Crypto Policy

ItsBitcoinWorld

Other articles published on Jun 4, 2024

OneCoin’s Fugitive ‘Cryptoqueen’ May Have Been Murdered by Her Own Security

Finance Minister Announces Taxation on Cryptocurrency Income

Deutsche Bank and Bitpanda join forces for real-time crypto payments

GameStop Rallies 19% After ‘Roaring Kitty’ Reveals $181.4M Investment on Reddit

My Neighbor Alice (ALICE) Soars 83% in 3 Weeks, But Are Insiders Cashing Out?

Core Scientific Partners with CoreWeave in $3.5 Billion Deal to Expand Operations to AI Infrastru...

Join our free newsletter for daily crypto updates!