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Biden Vetoes H.R. Res. 109, Maintaining SEC's SAB 121 on Crypto Custody
May 31, 2024, 11:20 PM
President Joe Biden has vetoed a bill that would have allowed highly regulated financial firms to custody Bitcoin and other cryptocurrencies. The bill, known as H.R. Res. 109, had bipartisan support and aimed to repeal the SEC's SAB 121, which imposes stringent accounting guidelines on crypto assets. Despite the urging of eight Congressmen and one Senator, Biden's veto maintains the current restrictions, arguing that the bill would inappropriately constrain the SEC's ability to set appropriate guardrails and address future issues. This decision has sparked significant criticism from the crypto community and political figures, highlighting a clear division in the approach to crypto regulation between the Biden administration and its detractors.
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