President Biden’s Administration Plans to Veto Resolution Affecting Crypto Policy at SEC

President Joe Biden’s administration is gearing up for a potential showdown with lawmakers over crypto policy at the Securities and Exchange Commission (SEC). The White House has issued a statement indicating that Biden plans to veto a joint resolution that could impact the SEC’s efforts to regulate the crypto-asset market.

The resolution in question, H.J.Res. 109, aims to overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires banks to hold customers’ digital assets on their balance sheets with capital reserves. The Biden administration argues that this rule is crucial for protecting investors and ensuring financial stability in the rapidly evolving crypto space.

Democratic and Republican leaders in the House of Representatives have clashed over the resolution, with Representative Patrick McHenry advocating for its passage to give banks more control over digital assets. On the other hand, Representative Maxine Waters has opposed the resolution, citing the need for transparency and regulatory oversight in the crypto industry.

The House recently voted on the resolution, with initial indications suggesting it may have passed. However, further proceedings have been postponed, leaving the final decision in limbo. If the resolution does ultimately pass, President Biden has made it clear that he will veto it, setting the stage for a potential constitutional showdown.

As the debate over crypto regulation continues to heat up in Washington, the outcome of this legislative battle could have far-reaching implications for the future of digital assets in the United States. Stay tuned for updates on this developing story.