Regulation
Congress to vote to override Biden’s veto of SAB 121
U.S. lawmakers will vote next week on HJ 109, a bill that would repeal the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). Joe Biden vetoed the bill in May, reinforcing his administration’s commitment to strict financial regulation.
House Majority Leader Steve Scalise’s weekly schedule indicates the resolution could be considered Tuesday or Wednesday of next week.
Biden’s veto of SAB 121 could be overridden
SAB 121 requires financial institutions to list their customers’ digital assets on their balance sheets. Critics argue that the rule keeps digital assets out of the U.S. financial system. House and Senate approve repeal of SAB 121 in May, but the president vetoed it.
Overriding Biden’s veto requires a two-thirds majority vote in both the House and Senate. Alexander Grieve, head of government relations at venture capital firm Paradigm, note that it might be possible to achieve this given the growing political awareness of the sector.
Learn more: Cryptocurrency Regulation: What Are the Pros and Cons?
Cryptocurrency has become a major political topic in the current election cycle. Companies like Coinbase and Ripple are donate to crypto focused people Super Political Action Committee (PAC) Fairshake. In a recent development, Multicoin Capital, a blockchain investment firm, plans to make a donation up to $1 million Solana to support pro-crypto Republican lawmakers.
“Over the next 10 days, Multicoin Capital will match all GROUND “We have donations to Sentinel Action up to $1 million. If you make a SOL contribution during this time, we will double the impact of your contribution through our match,” Kyle Samani, Managing Partner at Multicoin Capital said.
Because of this, President Biden and former President Donald Trump Both companies are courting cryptocurrency investors. Trump has gained support from more industry players due to his more favorable stance on cryptocurrencies. The former president had pledged to support the industry and end the Biden administration’s “war on crypto.”
Learn more: How can blockchain be used for voting in 2024?
Biden has dropped out of the election. Source: Polymarket
On the other hand, President Biden faces growing questions on his ability to run in the November election after a poor debate performance against Trump. Oddsmakers on Polymarket estimate there is a 62% chance he will drop out of the campaign despite his insistence on staying in the race.
“I’m going to say this as clearly as I can: I am the sitting president of the United States. I am the nominee of the Democratic Party. I’m staying in the race,” Biden said. declared.
Disclaimer
In accordance with the Trust Project In accordance with its guidelines, BeInCrypto is committed to providing unbiased and transparent information. This news article aims to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decision based on this content. Please note that our Terms and conditions, Privacy PolicyAnd Disclaimer have been updated.