News
Joe Biden’s Veto of Cryptocurrency Bill Angers Crypto Industry
President Joe Biden vetoed a resolution late Friday which passed both the House and Senate and was widely supported by the cryptocurrency industry. And it’s just the latest move by a president who has put himself firmly in the crosshairs of powerful crypto forces who are investing millions of dollars to oust Biden in the upcoming 2024 presidential election.
Google leak shows it may be lying about its search algorithm
The resolution would have repealed Securities and Exchange Commission Accounting Bulletin 121, which sought to force financial institutions that hold cryptocurrencies to keep digital assets on their balance sheets, as Coindesk recently explained.
Biden called the attempt to repeal the SEC decision a “Republican-led resolution,” although there were Democrats who also voted in favor. The President went on to say that the resolution would “inappropriately limit the SEC’s ability to establish appropriate barriers and address future issues” and risk undermining the SEC’s broader authority over various accounting practices.
“My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said in an announcement published online from the White House. “To capitalize on the potential benefits and opportunities of cryptocurrency innovation, adequate guardrails that protect consumers and investors are needed.
The veto angered many online cryptocurrency promoters, including BowTieBill, a crypto newsletter.
“Biden Veto tells you everything you need to know about your ‘cryptocurrency’ friends,” the account reads he wrote. “If they vote for Biden they have no money invested and they lie about how much they have available. Vote Trump or risk more clown politics.”
This sentiment was shared by many other accounts on X, all of which seemed to paint Democrats as an existential threat to cryptocurrency’s survival.
“President Biden’s stance on cryptocurrencies will cost him more than you think,” wrote another prominent bitcoin promoter, Jason Williams on Fridays. “It was a really bad decision to veto that bill. Especially in this critical moment. Especially with Trump betting everything on cryptocurrencies. Gd.”
The Bloc reported recently last week that the Biden administration was raising awareness in the cryptocurrency industry in what was called a “change in tone” around cryptocurrencies. But the Bitcoin brothers are not only focused on the presidential race in the next elections. According to a recent report from New York Times.
The Fairshake super PAC reportedly already spent $10 million in the California primary earlier this year to ensure that progressive Democrat Katie Porter would lose her skepticism on cryptocurrency issues. California’s primary allows only two candidates in the final election, regardless of party, and Porter lost in second place to a largely unknown Republican after the attack ads ran. aimed directly at her. Pro-cryptocurrency Democrat Adam Schiff won first place in the primary.
Two other crypto super PACs, Protect Progress and Defend American Jobs, also spent money on congressional races this cycle. According to the report, Protect Progress spent approximately $1.7 million to promote Democratic candidate Shomari Figures in one of Alabama’s seats in the U.S. House. New York Times.
Donald Trump, the convicted criminal and presumptive Republican nominee for president this November, has come out in favor of cryptocurrencies, despite having expressed skepticism about counterfeit money years ago. Trump and Biden are neck and neck in national polls, with the national average maintained by FiveThirty-Eight showing Trump at 40.9% and Biden at 39.8%. Robert F. Kennedy Jr. polls at 9.7% in the national average.
Biden, in his veto announcement, emphasized that he supports sensible regulation by the SEC, a clear signal that he is not trying to antagonize the cryptocurrency industry, regardless of how it may appear to cryptocurrency power players.
“My Administration looks forward to working with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, that will promote responsible digital asset development and payments innovation and help strengthen industry leadership. United States in the global financial system,” the Biden administration wrote.