Biden Veto Upholds SEC Crypto Policy Amidst Bipartisan Dispute

President Biden vetoed a bill challenging SEC crypto policy, maintaining current regulations amidst political discord.

In a move with significant implications for the cryptocurrency industry, President Biden has vetoed a bill aimed at altering the Securities and Exchange Commission’s (SEC) approach to crypto assets. The bill, which received bipartisan support, sought to reverse the SEC’s guidance requiring certain companies to classify crypto assets as liabilities on their balance sheets. Despite passing through both the House and the Senate, President Biden’s veto keeps the existing policy intact.

The legislation, championed by Republicans, garnered support from some Democrats, indicating a contentious debate within the political arena. Biden’s decision comes at a time when cryptocurrencies like Bitcoin and Ethereum are under increased regulatory scrutiny. Notably, former President Trump’s recent acceptance of crypto donations has further fueled discussions surrounding the industry’s future. Additionally, the SEC’s sudden reversal on Ethereum ETFs has added complexity to the regulatory landscape. With crypto regulations becoming a focal point of political and regulatory discourse, Biden’s veto underscores the ongoing tensions surrounding the issue.

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