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President Biden rejects the bill that aimed to remove the contentious SEC crypto policy

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President Biden rejects the bill that aimed to remove the contentious SEC crypto policy

President Biden has used his veto power to reject legislation pertaining to crypto that was approved by both the House and the Senate.

The law aimed to overturn the SEC’s guidelines that mandated some corporations to classify crypto assets as liabilities on their balance sheets, regardless of whether they were holding the assets on behalf of clients.

Biden contends that the elimination of the advice will impede the SEC’s capacity to enforce protective measures and safeguard investors. He holds the belief that eliminating the guideline poses a threat to undermining the SEC’s wider powers in relation to accounting practices.

The law, sponsored by the Republican party, was approved by the House with a vote of 228 to 182, with the backing of 21 Democrats. In the Senate, the measure passed with a vote of 60 to 38, with eleven Democrats in favor.

Biden’s decision to veto coincides with the increased attention and scrutiny that Bitcoin and crypto are now receiving in the realms of politics and regulation.

Last week, Former President Trump initiated the acceptance of contributions in crypto, pledging to advocate for the business and the rights of investors to personally own their assets.

Four weeks ago, Senator Cynthia Lummis opposed the Biden administration’s strict bitcoin rules.

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