• Biden vetoed a bipartisan resolution to invalidate SEC’s SAB121, prioritizing consumer and investor protections.
• SAB121, issued in 2022, is criticized for making digital asset services prohibitively expensive for banks.
• Biden’s veto highlights the ongoing need for a balanced regulatory framework for digital assets.

A congressional resolution to nullify the SEC’s controversial Staff Accounting Bulletin 121 (SAB121) has been vetoed by President Joe Biden. The president emphasized the need for strong consumer and investor protections even in the face of bipartisan support in Congress to repeal SAB121.

SAB121, which the SEC released in 2022, has drawn harsh criticism from banks and the cryptocurrency sector. They argue that providing digital asset services would be impossible due to the guidance’s high pricing. According to banks, they are unable to expand these services because of the high expenses related to SAB121. They consequently contend that this restricts Americans’ ability to keep digital assets in conventional banks.

President Biden reaffirmed his administration’s commitment to investor and consumer protection in his veto statement. He declared that policies endangering their welfare would not have the support of his administration. He also emphasized the significance of responsibly preserving the positive benefits of crypto-asset innovation. Additionally, Biden stated that he was willing to collaborate with Congress to develop a fair regulatory framework for digital assets.

Representative Mike Flood of the United States House of Representatives recently tweeted his displeasure with the veto. Flood emphasized the significance of cryptocurrencies and digital assets for the financial future of the United States. In order to provide digital asset services, he urged banks to collaborate with regulators, just as they do for other asset classes. He also vowed to keep working with his colleagues to oppose SAB121 and the SEC’s position on cryptocurrencies.

The resolution to repeal SAB121 was vetoed by President Biden, which is a significant development in the ongoing discussion about digital asset regulation. The ruling emphasizes the administration’s commitment to investor and consumer protection. It also emphasizes how important it is for Congress, regulators, and the financial sector to keep engaging and working together to create a comprehensive regulatory framework for digital assets. 

Read Also

• Biden Poised to Veto H.J. Res. 109 over SEC Digital Asset Rules
• USA Makes History: Wall Street, House of Representatives, and the Senate Wants Bitcoin (BTC), Will Joe Biden Veto the Nation’s Vote?
• Governor has vetoed the California ‘BitLicense’ Bill
• Chibi Clash Raises $3M in Private Round to Build Fantasy Web3 Gaming Universe
• CFTC Chair Clashes With SEC Chair, Says Ethereum Is a Commodity

The post Biden’s Veto Sparks Crypto Clash: Will SEC’s Ruling Stifle Financial Innovation? appeared first on Crypto News Land.

Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0

PRC Comment Policy

Your comments MUST BE constructive with vivid and clear suggestion relating to the post.

Your comments MUST NOT be less than 5 words.

Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.

Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.

Constructive REPLY to comments is allowed