Bittime – In a surprising turn of events, US President Joe Biden has vetoed the cancellation of Staff Accounting Bulletin 121 (SAB 121), despite strong bipartisan support. This move has sparked various reactions in the crypto community.
Background of SAB 121
SAB 121, issued by the SEC, includes controversial accounting guidelines that many see as unfavorable for the cryptocurrency sector. Critics argue that these guidelines prevent investment banks from offering large-scale cryptocurrency custody services.
Also read: Joe Biden Rejects Cancellation of SAB 121: Consumer Protection is a Priority!
Bipartisan Support for Repeal
On May 16, in a rare display of bipartisanship, both Democrats and Republicans voted to repeal SAB 121, passing the resolution by a vote of 60-38. The White House has previously warned that a reversal of this policy could harm the SEC's ability to protect cryptocurrency investors. True to his promise, the administration indicated that President Biden would veto cancellation if necessary, and he did so on June 1.
Also read: US Congress Shocks the World: Cancellation of SAB 121 Gives New Hope for Bitcoin in America!
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Criticism and Disappointment Over the Veto of SAB 121
This veto has disappointed many in the crypto community, who see SAB 121 as detrimental and contrary to majority opinion in the House and Senate. The Blockchain Association provides commentary on going beyond the SEC and Congress' efforts toward regulatory progress.
Biden's argument
In a letter to Congress dated May 31, Biden defended his decision, stating, “This considered reversal of judgment by SEC staff risks undermining the SEC's broader authority regarding accounting practices.” He added, “My administration will not support measures that endanger the well-being of consumers and investors.”
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Reaction from the Crypto Community
Charles Hoskinson, co-founder of Cardano, expressed his disappointment on social media, stating, “The War on Crypto Continues.” Galaxy Digital CEO Mike Novogratz shared similar sentiments.
Support for Biden's Stance
Not everyone in the crypto sector disagrees with Biden's decision. Bitwise CEO Hunter Horsley previously noted, “US lawmakers want to encourage sensible crypto development in the US. Not some lawmakers. Majority. 2024 is the beginning of the mainstream era.” This perspective suggests that while Congress is increasingly interested in crypto, the White House remains cautious about the implications.
Impact on the Future
Biden's veto of repeal of SAB 121 highlights the ongoing tension between regulatory prudence and legislative support for cryptocurrencies. This decision could have significant implications for his campaign in the upcoming presidential election, as the debate over crypto regulation continues to grow.
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