Headline RoundupJune 2nd, 2024

Biden Vetoes Crypto Resolution Supported by House, Senate, and Banks

Summary from the AllSides News Team

President Joe Biden vetoed a congressional resolution that would have overturned the Securities and Exchange Commission’s (SEC) current approach to cryptocurrencies on Friday.

The Details: The resolution passed both chambers of Congress on May 16 with a 60-38 Senate vote. The resolution targeted the SEC’s Staff Accounting Bulletin 121 which effectively tells banks they should treat crypto assets as liabilities. Banks have expressed discontent with the SEC’s current approach, saying it would make it too expensive for them to handle cryptocurrencies.

Key Quote: Biden said in a statement, “By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.” He added that his administration “will not support measures that jeopardize the well-being of consumers and investors.”

How The Media Covered It: TechCrunch (Center bias) wrote that regulators argue the SEC’s approach is “necessary to protect investors.” ZeroHedge (Lean Right bias) claimed “earlier this month (the White House) said it opposed legislation that passed the House establishing a regulatory framework for digital assets,” but “stopped short of a full veto threat.” Axios (Lean Left bias) cited a May 8 statement in which the White House said Biden would veto this resolution if it reached his desk.

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