EddieJayonCrypto
9 May 24
The U.S. House of Representatives passed a resolution to overturn the SEC's anti-crypto banking policies with bipartisan support, but the White House has indicated it will veto the resolution if it reaches President Biden's desk. The resolution aims to nullify a 2022 SEC bulletin, with proponents ar...
The U.S. House of Representatives has passed a resolution to overturn the SEC's anti-crypto banking policies, facing a potential White House veto. The resolution seeks to ensure proper public rulemaking for significant financial changes, particularly targeting the SEC's Staff Accounting Bulletin (SAB) 121, which is perceived as enacting sweeping policy changes. Despite bipartisan support in the House, the Biden administration opposes the resolution, citing concerns about potential financial instability and market uncertainty resulting from limiting the SEC's regulatory framework for crypto-assets. The passage of the resolution was followed by a statement from the Biden administration indicating a readiness to veto it, emphasizing the need to protect investors in crypto-asset markets and the broader financial system. The controversy revolves around SAB 121, widely criticized for introducing unnecessary risk into the digital asset ecosystem and violating the SEC's statutory mission, leading to strong opposition from lawmakers such as Rep. Mike Flood and longtime SEC critic Rep. Tom Emmer. The resolution's aim to nullify the 2022 SEC bulletin garnered praise from crypto advocates, emphasizing the importance of maintaining a competitive and innovative financial landscape through proper public rulemaking processes. However, the potential veto from the White House poses a significant obstacle, setting the stage for a continuing clash between government authorities and advocates for the digital asset industry.
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