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As per the White House announcement, the administration of President Joe Biden has informed the Securities and Exchange Commission (SEC) of its plan to reject a joint resolution on crypto policy should it make it to the president’s desk.
In an attempt to reverse the SEC’s Staff Accounting Bulletin (SAB) No. 121, the White House has voiced significant opposition to the proposed joint resolution. Disrupting the SEC’s attempts to protect investors in cryptocurrency asset markets and preserve the larger financial system is the goal of the resolution, which was presented in the House in February.
The Biden administration emphasized concerns that invoking the Congressional Review Act could restrict the SEC’s ability to ensure appropriate regulations for crypto-assets, potentially leading to financial instability and market uncertainty.
The proposal sparked a discussion between the Democratic and Republican heads of the House Financial Services Committee. Representative Maxine Waters opposed the resolution, arguing that SEC accounting requirements are crucial for openness in the digital asset market, while Representative Patrick Henry supported it, stressing the necessity for institutions to safely manage Americans’ digital assets.
Rep. McHenry asked for a tally of the yes and no votes following the first signs that the resolution had passed the House. On the other hand, the resolution’s processes were delayed until after further information was released. A two-thirds majority vote in the House would be needed to overturn President Biden’s veto.