Wall Street Asks Biden Not to Veto Congress' Rejection of SEC Crypto Policy
Summary
Wall Street banks and Congress members urge President Biden to reverse his stance on vetoing a resolution to overturn the SEC's crypto accounting policy. The controversial policy, SAB 121, would impact how banks treat customers' digital assets, affecting their ability to do business with crypto companies. Bipartisan support in Congress rejects the policy, with concerns about its impact on banking organizations and the crypto industry. Biden's veto threat is met with opposition from both Republicans and Democrats, including Senate Majority Leader Chuck Schumer and Sen. Ron Wyden. SEC Chair Gary Gensler defends SAB 121 as a response to crypto turmoil and investor harms. Biden's final decision is expected by Monday.
