US President Joe Biden's office announced that his administration plans to veto a joint resolution affecting crypto policy at the Securities and Exchange Commission (SEC) if it reaches Congress. The White House said it was "strongly opposed" to members of the House of Representatives trying to pass a joint resolution that it claimed would undermine the SEC's efforts to "protect investors in crypto-asset markets and secure the overall financial system."

“SAB 121 was issued in response to technological, legal and regulatory risks that caused significant losses to consumers,” the Biden administration said. "By invoking the Congressional Review Act, it could also inappropriately restrict the SEC's ability to provide appropriate protections and address future issues related to cryptoassets."

Democratic and Republican leaders appeared before the House of Representatives on May 8 to debate the resolution. Republican Rep. Patrick Henry argued that SAB 121 gives the SEC the authority to "determine how financial institutions and firms protect Americans' digital assets," urging lawmakers to refer to H.J.Res. He called on 109 to support it.

Maxine Waters, a Democrat in the House of Representatives and a member of the committee, opposed the joint resolution, arguing that the SEC accounting rule provides greater transparency in the digital asset space. Waters stated that he intended to address the "unique risks and uncertainties" associated with cryptocurrencies and called McHenry's efforts "harmful" and "biased."

H.J.Res. After consideration in the House of Representatives, where it appeared to have passed by a voice vote of 109, Representative McHenry requested that the yes and no votes be counted. The speaker of the parliament postponed proceedings on the resolution "until a time to be announced." Under the U.S. Constitution, the House of Representatives can override Biden's veto with a two-thirds majority vote.#crypto#SEC #Biden

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