Joe Biden Vetoes Bipartisan Resolution To Overturn SEC's Crypto Custody Guidance: '...Will Not Support Measures That Jeopardize Well-Being Of Consumers And Investors'
Portfolio Pulse from Ananya Gairola
President Joe Biden has vetoed a bipartisan resolution aimed at overturning the SEC's crypto custody guidance, citing the need to protect consumers and investors. The resolution sought to nullify the SEC’s Staff Accounting Bulletin (SAB) 121, which outlines accounting obligations for firms safeguarding crypto-assets. The veto comes amid increased political and regulatory focus on cryptocurrencies like Bitcoin and Ethereum.
June 01, 2024 | 5:00 am
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NEGATIVE IMPACT
President Biden's veto of the resolution to overturn the SEC's crypto custody guidance may lead to increased regulatory scrutiny on Bitcoin.
The veto indicates a firm stance on regulatory oversight, which could lead to increased scrutiny and potential short-term negative impact on Bitcoin's price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
Ethereum may face similar regulatory pressures as Bitcoin following President Biden's veto of the resolution to overturn the SEC's crypto custody guidance.
Similar to Bitcoin, Ethereum is likely to experience increased regulatory scrutiny, potentially leading to a short-term negative impact on its price.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80