Biden Faces Pivotal Decision on Controversial Crypto Regulation

The US Senate passed Joint Resolution 109 to overturn the SEC’s Staff Accounting Bulletin (SAB) 121, which mandates digital asset custodians to report liabilities and corresponding assets for all custodied cryptocurrencies. Twelve Democratic Senators supported this resolution. In the House, 21 Democrats also backed it. The White House indicated that President Biden plans to veto the resolution, citing concerns about limiting the SEC’s ability to guard against crypto-related risks. The president has ten days to veto or sign the resolution. The Senate's vote signals Congressional disapproval of the SEC's approach to regulating crypto assets.

Read in-depth analysis on this topic at: https://theweb3.news/policy/biden-faces-pivotal-decision-on-controversial-crypto-regulation/

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