Crypto

President Biden vetoes bill that sought to strike down SEC’s crypto reach

President Biden vetoes bill that sought to strike down SEC's crypto reach

The decision could give the SEC more control over how it views cryptocurrency

US President Joe Biden has vetoed legislation to overturn US Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121, immediately receiving backlash from the crypto industry.

“We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” said the Blockchain Association in a May 31 X post following Biden’s contention that the legislation would undermine the SEC’s authority.

“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” wrote Biden in his May 31 letter to Congress after it voted to reverse crypto accounting guidelines which require companies to record crypto holdings as liabilities.

Biden said he vetoed the legislation because “My administration will not support measures that jeopardize the well-being of consumers and investors.”

House lawmakers voted to reverse the SAB-121 by a 228 to 182 margin before the Senate voted to repeal the current SEC guidelines by a 60-38 vote.

The crypto community as a whole has been venting their discontent with the decision on social media, maintaining that it only suppresses innovation and impedes productivity during a difficult time in the industry. This is a slap in the face to innovation and financial freedom,” said Digital Chamber chief policy officer Cody Carbone in an X post on May 31.

“To say that this is incredibly disappointing from this white house – at an incredibly pivotal time – is an understatement,” asserted Ripple CEO Brad Garlinghouse.

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