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US Senate Overturns SEC’s Anti-Crypto Resolution; Will Biden Veto? Law Deciphered

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The president of the United States is still the final obstacle to the SEC’s problematic anti-crypto resolution being recalled.

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Senators from the United States passed H.J. Res. 109, a resolution that revokes Staff Accounting Bulletin No. 121 of the Securities and Exchange Commission (SEC), by a vote of 60 to 38. Many lawmakers and business leaders have denounced the commission’s rule as stifling innovation because it forces banks to maintain capital maintained against their customers’ digital assets on their balance sheets.

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The Blockchain Association, a crypto advocacy group, said that the Senate vote, which resulted in a stunning 60 “Yeas,” “sends a strong signal that both houses of Congress, across the political divide, clearly disapprove of this rule.”

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To “protect investors in crypto-asset markets and to safeguard the broader financial system,” President Joe Biden stated he intended to veto the bill prior to the resolution being passed by the U.S. House of Representatives.

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The CEO and founder of the Blockchain Trade Association Digital Chamber, Perianne Boring, thinks that the White House might be forced to “rethink its strategy and position” if 21 Democratic senators support the bill. “The tides are turning for crypto in Washington,” in her words.

Outside of politics, the Biden administration might face pressure because not just the cryptocurrency community wants Biden to sign H.J. Res. 109. “President Biden to move quickly to sign this resolution into law to help protect American consumers,” the American Bankers Association has publicly urged.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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