United

Biden

Joe Biden

Polygon

Donald Trump

<div class="finbold">
 <p class="paragraph">After not using this same power last week, Joe Biden surprised the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency market by vetoing a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-related bill. This step-back decision happened amid Donald Trump’s <a rel="noopener noreferrer nofollow" title="conviction" href="https://thebittimes.com/tag/conviction.html">conviction</a> in an unprecedented election where <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currencies could play an important role.</p>
 <p class="paragraph">On May 31, nearing the end of the day and week, Joe Biden vetoed congressional disapproval of the U.S. Securities and Exchange Commission’s (SEC) accounting bulletin on crypto assets—the SAB 121.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.”</p>
 </blockquote>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Bitcoin price explosion: Chart patterns identify explosive BTC levels to watch <span class="self-center text-xs text-slate-500">25 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Ethereum or Solana? We asked ChatGPT-4o which web3 crypto is a better buy for 2024 <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Crypto startup creates turmoil with ZK trademark application, Polygon fights back <span class="self-center text-xs text-slate-500">18 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    PEPE Mania: PEPE's market value tops all major NFT collections combined <span class="self-center text-xs text-slate-500">20 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <p class="paragraph">Notably, Biden’s administration previously declared it would not use the veto on another crypto-related bill as Donald Trump gained popularity. His first decision was related to the FIT21 Act, approved on May 22 with 279 to 136 votes.</p>
 <h2 class="wp-block-heading" id="h-donald-trump-s-conviction-and-joe-biden-s-crypto-step-back">Donald Trump’s conviction and Joe Biden’s crypto step back</h2>
 <p class="paragraph">Donald Trump was charged and convicted of 34 counts of falsification of business records in the first degree. This criminal conviction has shaken the presidential election and opened space for Biden to step in favor of the SEC.</p>
 <p class="paragraph">Interestingly, Trump started gaining popularity among <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency enthusiasts with a <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-friendly approach in a currently hostile regulatory environment. On the other hand, Biden gained a few points by declaring he would not veto the FIT 21 Act.</p>
 <p class="paragraph">However, the surprising turn of events has clarified Joe Biden’s position about cryptocurrencies, which may affect this year’s elections. Known investors have commented on the decision.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">Biden just lost the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> vote. <br><br>What a stupid, stupid mistake. pic.twitter.com/4pk6nTczTl</p>— Avichal – Electric ϟ Capital (@avichal) May 31, 2024
   </blockquote>
  </div>
 </figure>
 <h2 class="wp-block-heading" id="h-wall-street-lobbying-groups-urged-joe-biden-not-to-veto">Wall Street lobbying groups urged Joe Biden not to veto</h2>
 <p class="paragraph">Not only the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency community opposed this veto but even Wall Street representatives have previously urged Biden to reconsider his stance. Surprisingly, lobbying groups in the finance and stock markets sent a letter to the President asking him to “reverse course” a few hours before the official announcement.</p>
 <p class="paragraph">This lobbying pressure happened as Joe Biden’s administration hinted they would not allow Congress to challenge the SEC authority. Therefore, this is what the letter stated:</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“SAB 121 effectively precludes regulated banking organizations from offering digital asset custody at scale since it treats the assets as if they are owned rather than simply custodied by a banking organization. Institutions that are forced to record custodied digital assets on balance sheet are subjected to higher capital, liquidity, and other prudential requirements, unlike their non-bank competitors.”</p>
 </blockquote>
 <p class="paragraph">Nevertheless, some cryptocurrency developers argued that this was a positive outcome for the original ethos of crypto. According to <em>Mike in Space</em>, creator of Bitcoin Stamps, this veto has long-term positive effects on the self-custody industry.</p>
 <figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
  <div class="wp-block-embed__wrapper">
   <blockquote class="twitter-tweet" data-width="500" data-dnt="true">
    <p lang="en" dir="ltr">The knee jerk reaction here is to think this is bad, but why the fuck do we want to create more incentives for banks to custody Bitcoin? The bank lobby will next want to outlaw self-custody.<br><br>Long-game this might actually be better: harder to make the case against self-custody if… https://t.co/L9xrCMepmI</p>— Mike In Space (@mikeinspace) May 31, 2024
   </blockquote>
  </div>
 </figure>
 <p class="paragraph">Now, the United States awaits further developments in the following weeks, which may define the direction of 2024’s presidential elections. Crypto investors speculate whether the country will become more or less friendly to innovation and place their bets accordingly.</p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/joe-biden-steps-back-vetoes-crypto-bill-after-trump-conviction-tbt90843.html">https://thebittimes.com/joe-biden-steps-back-vetoes-crypto-bill-after-trump-conviction-tbt90843.html</a></p>

Joe Biden steps back, vetoes crypto bill after Trump conviction

Table of Contents

TheBitTimes

Other articles published on Jun 1, 2024

Penguiana Project Reaches Milestone with $4 Million Valuation

Bitcoin Drives Rising Internet Usage

Hong Kong Orders Immediate Shutdown of Unlicensed Crypto Exchanges

Shiba Inu (SHIB) May Break Major Record This Month, Here's Reason

PENDLE Price: BitMEX’s Arthur Hayes Sacks 100K Coins From Binance, Rally Ahead?

XRP SEC Lawsuit Update: A "Fire Gensler" Campaign & A Biden Veto

Join our free newsletter for daily crypto updates!