🚨 Bad news for Bitcoin and Altcoins from US President Biden!🚨

US President Joe Biden has just announced that he has vetoed a joint House resolution seeking to repeal the US Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121).

🔍 **What is SAB 121?**

SAB 121 is an SEC accounting guideline that requires financial institutions holding cryptocurrencies for clients to hold these assets on their own balance sheets. Critics argue that this makes it challenging for financial institutions to collaborate with crypto companies.

During the veto decision, President Biden emphasized his commitment to protecting consumers and investors, stating that he will not support “any measures that could endanger the well-being of consumers and investors.” 🛡️

“By invoking the Congressional Review Act, this Republican-led decision would inappropriately restrict the SEC’s ability to establish appropriate safeguards and address future issues,” Biden explained.

He reiterated his desire to work with Congress on legislation for the digital asset market, emphasizing the need for “appropriate safeguards that protect consumers and investors.” 🏦👥

On Friday, Sen. Ron Wyden (D-Ore.), a member of Biden's party who voted in favor of the resolution, expressed concern at the Consensus 2024 conference. He noted that this guidance sets a different standard for encryption compared to with other assets in the financial sector.