Biden’s Reasons for Veto
- Vetoed H.J. Res.109, which sought to repeal the SEC’s SAB 121.
- Argued that repealing SAB 121 would weaken the SEC’s ability to regulate crypto.
- Believes the rule protects investors from potential risks associated with crypto.
SAB 121: A Controversial Rule
- SAB 121 requires financial institutions to list cryptocurrencies on their balance sheets.
- Critics argue that the rule is anti-crypto and gives the SEC too much power.
Congress’s Attempt to Overturn SAB 121
- House and Senate passed a resolution to repeal SAB 121.
- Biden vetoed the resolution, citing concerns about investor protection.
Biden’s Stance on Crypto
- Biden has expressed a desire to work with Congress on a comprehensive regulatory framework for crypto.
- However, his veto of the SAB 121 repeal suggests that the administration is not yet ready to soften its stance on crypto.
Crypto Voters’ Impact
- An estimated 46 million crypto users in the US may influence the upcoming elections.
- Biden’s veto could alienate these voters, while former President Trump has recently expressed support for crypto development.
