United

Litecoin

Biden

Donald Trump

<div class="finbold">
 <p class="paragraph">In a recent statement from the Executive Office of the United States President Joe Biden, the President’s Administration announced that he would veto <a rel="noopener noreferrer nofollow" title="legislation" href="https://thebittimes.com/tag/legislation.html">legislation</a> enabling highly <a rel="noopener noreferrer nofollow" title="regulated" href="https://thebittimes.com/tag/regulated.html">regulated</a> financial firms to act as custodians for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies.</p>
 <p class="paragraph">Specifically, the Administration of the incumbent US President voiced its strong opposition to the passage of House Joint Resolution (H.J. Res.) 109, adding that President Biden would veto it if he were to see it, according to the document from May 8.</p>
 <figure class="wp-block-image size-full"><img decoding="async" width="850" height="713" src="https://cdn.thebittimes.com/images/2024/05/09/3f5ac43f17fa0ab9522dcfd62bd8d5ca.webp" alt class="wp-image-174896" srcset="https://cdn.thebittimes.com/images/2024/05/09/3f5ac43f17fa0ab9522dcfd62bd8d5ca.webp 850w, https://cdn.thebittimes.com/images/2024/05/09/3f5ac43f17fa0ab9522dcfd62bd8d5ca.webp 300w, https://cdn.thebittimes.com/images/2024/05/09/3f5ac43f17fa0ab9522dcfd62bd8d5ca.webp 768w" sizes="(max-width: 850px) 100vw, 850px">
  <figcaption class="wp-element-caption"><em>Biden’s opposition to the legislation. Source: </em><em>The White House</em>
  </figcaption>
 </figure>
 <h2 class="wp-block-heading" id="h-opposing-arguments">Opposing arguments</h2>
 <p class="paragraph">Indeed, listing the reasons for the President’s opposition to this legislation, the statement said that it would interfere with the work of the US Securities and Exchange Commission (SEC) and invalidate the regulations that the Administration deemed more valuable:</p>
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 <blockquote class="wp-block-quote">
  <p class="paragraph">“[It] would disrupt the [SEC’s] work to protect investors in crypto-asset markets and to safeguard the broader financial system [and] would invalidate SEC Staff Accounting Bulletin 121 (SAB 121), which reflects considered SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets.”</p>
 </blockquote>
 <p class="paragraph">On top of that, the Administration said that the SAB 121 was a “response to demonstrated technological, legal, and regulatory risks that have caused substantial losses to consumers,” as well as adding that such <a rel="noopener noreferrer nofollow" title="legislation" href="https://thebittimes.com/tag/legislation.html">legislation</a> if adopted, could threaten financial stability:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“By virtue of invoking the Congressional Review Act, it could also inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-assets, including financial stability. Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-assets would introduce substantial financial instability and market uncertainty.”</p>
 </blockquote>
 <h2 class="wp-block-heading" id="h-rival-s-crypto-friendly-stance">Rival’s crypto-friendly stance</h2>
 <p class="paragraph">Meanwhile, such opposition to <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-friendly laws has earned the current US President (more) criticism, including from his rival in the presidential race and former US President, Donald Trump, who recently mocked Biden for, as he believes, not understanding the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> industry.</p>
 <p class="paragraph">At the same time, Trump contrasted Joe Biden’s <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> views to his own, according to which he was “fine with it,” whereas the Democratic Party and the SEC was “very much against it,”&nbsp; as he told his supporters at an exclusive dinner at his Mar-a-Lago resort in Palm Beach, Florida.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/president-biden-to-veto-regulated-crypto-custody-legislation-tbt87885.html">https://thebittimes.com/president-biden-to-veto-regulated-crypto-custody-legislation-tbt87885.html</a></p>

President Biden to veto regulated crypto custody legislation

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TheBitTimes

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