US President Joe Biden vetoed a congressional resolution aimed at rescinding the US Securities and Exchange Commission's (SEC) directive, which was criticized for preventing the cryptocurrency industry from cooperating with banks.
Personnel Accounting Bulletin No. This directive, known as 121, has drawn criticism from both the crypto industry and banking institutions since its publication in 2022. Banks stated that this bulletin introduced prohibitive costs and prevented them from expanding their digital assets custody services for customers.
The congressional resolution, which found bipartisan support in the Senate with 11 Democrats voting in favor, aimed to invalidate the SEC bulletin. The resolution was adopted by the House of Representatives with 182 votes to 228. Proponents of the decision argued that the guidance restricts options for Americans who want to store digital assets at traditional banks.
In his veto message released Friday evening, President Biden emphasized his administration's commitment to consumer and investor protection. “My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said, adding: “Appropriate security measures that protect consumers and investors are necessary to realize the potential benefits and opportunities of crypto asset innovation.”
President Biden has also stated that he is willing to cooperate with Congress on creating a comprehensive regulatory framework for digital assets. “I stand ready to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets,” he added.
Earlier this month, the White House said it opposed a bill passed by the House of Representatives that would create a regulatory framework for digital assets, citing inadequate consumer and investor protections. However, the administration refrained from threatening a full veto and stated that the President was open to negotiating legislation on this issue.
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I EXPLAIN IN DETAIL.
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