Quick Take:
U.S. President Joe Biden has vetoed a bill aimed at overturning the SEC's controversial SAB 121, which establishes accounting standards for firms that custody cryptocurrency.
The President emphasized the need for appropriate guardrails to protect consumers and investors while fostering crypto-asset innovation.
President Biden vetoed the bill to overturn the SEC's bulletin SAB 121, a move seen as crucial for establishing accounting standards for firms that hold cryptocurrency.
In a letter to the U.S. House of Representatives, Biden stated, "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."
Joe Biden's letter addressed to the House of Representatives. Source: The White House
The bill had passed both the House and Senate earlier this month. The House approved it with a vote of 228-182, largely along party lines but with some bipartisan support. The Senate followed, voting 60-38, with Senate Majority Leader Chuck Schumer and other Democrats supporting the measure.
However, overturning a presidential veto requires a two-thirds majority in both houses of Congress.
Veto Plan:
Last month, the White House indicated that President Biden would veto the measure, citing concerns that limiting the SEC's regulatory abilities could lead to financial instability and market uncertainty.
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