Reported 4 months ago
President Joe Biden has vetoed a congressional resolution aimed at overturning US Securities and Exchange Commission guidance that the crypto industry claims has hindered its ability to collaborate with banks. The guidance, known as staff accounting bulletin No. 121, has faced opposition from both the crypto industry and banks since its publication in 2022, with banks arguing that it limits their ability to offer digital asset services due to high costs. Despite passing the Senate and House, Biden's veto message emphasized the need for consumer and investor protections in regulating digital assets, expressing a willingness to collaborate with Congress on establishing a comprehensive regulatory framework.
Source: YAHOO