House Poised to Vote on Erasing SEC Crypto Policy While President Biden Vows Veto
Summary
The U.S. House of Representatives is set to vote on a resolution rejecting the SEC's cryptocurrency accounting guidance, SAB 121. President Biden plans to veto the resolution if it reaches his desk. Critics argue that the SEC's handling of SAB 121 has deterred banks from serving crypto customers and should have been handled as a rule, not staff guidance. The resolution's approval would not only erase SAB 121 but also block similar future implementations. However, some Democrats believe the resolution goes too far and could threaten necessary crypto disclosures. Biden shares concerns about limiting the SEC's ability to regulate crypto-assets, citing potential financial instability and market uncertainty.
