U.S. House Poised to Vote on Erasing SEC Crypto Policy While President Biden Vows Veto
Powered by @unfolded- The U.S. House of Representatives has voted to approve a resolution rejecting the Securities and Exchange Commission's (SEC) cryptocurrency accounting guidance, known as SAB 121, which has been criticized by the digital assets industry and Republican lawmakers.
- President Joe Biden has stated he will veto the resolution if it reaches his desk for approval, citing the potential risks and losses to consumers that led to the issuance of SAB 121.
- The resolution aims to formally disapprove of the SEC's guidance, with support from both Democrats and Republicans, despite Biden's opposition.
- The resolution has sparked debate, with some arguing that it goes too far in its approach and could potentially limit the SEC's ability to regulate crypto-assets in the future.