Crypto Senator Challenges Biden Administration’s Digital Asset Veto 🚀
A pro-crypto US senator, Cynthia Lummis, criticizes the Biden Administration for vetoing a digital asset bill that had bipartisan support in both the House and the Senate. Lummis accuses the administration of avoiding accountability by rejecting a bill that sought to reverse Staff Accounting Bulletin (SAB) 121 – a significant guidance document from the US Securities and Exchange Commission (SEC).
Message from Senator Lummis
Senator Lummis believes that the SEC should not rely on staff accounting bulletins to dictate policies, especially for industries it does not regulate. She asserts that President Biden’s decision demonstrates a disregard for the American people’s desire for crypto asset regulation reform and instead reinforces failed policies that harm consumers.
- Lummis condemns the administration’s attempt to sidestep the law and pledges to advocate for financial innovation and robust protections for crypto assets that the current administration seems intent on stifling.
Biden’s Justification for the Veto
President Biden defended his veto decision by stating that enacting the bill into law would impede the SEC’s ability to safeguard consumers’ interests. He argued that reversing SAB 121 could limit the SEC’s discretion to establish necessary safeguards and address future challenges in the crypto industry.
- Biden emphasized that upending the SEC staff’s expertise in this matter could undermine the agency’s broader oversight of accounting practices and, ultimately, harm consumers and investors.
Hot Take: Impact on Crypto Regulation 🌟
The clash between Senator Lummis and the Biden Administration reflects the ongoing debate over crypto regulation in the US. While Lummis advocates for a more innovative and consumer-friendly approach, President Biden prioritizes maintaining the SEC’s authority and protecting investors. This disagreement highlights the challenges of achieving consensus on digital asset regulation in the ever-evolving crypto landscape.
The post Senator Cynthia Lummis Blasts Biden Administration Following President’s Decision To Veto SEC-Related Crypto Bill appeared first on The Daily Hodl.
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