This legislative push comes amid growing dismay in the cryptocurrency industry over the veto, which many stakeholders view as a significant setback.
President Biden’s unexpected veto of the resolution aimed at overturning the SEC’s Staff Accounting Bulletin 121 (SAB 121) has sparked widespread concern.
Crypto Industry Reacts to Biden’s Veto
Both the Senate and the House of Representatives had approved the resolution, reflecting broad bipartisan support for addressing the perceived restrictive nature of SAB 121. Industry stakeholders argue that the bulletin imposes overly stringent guidelines on the custody of digital assets.
In response to the veto, lawmakers have renewed their calls for the passage of the FIT21 Act. The U.S. House of Representatives approved the FIT21 Act on May 22, despite opposition from SEC Chair Gary Gensler and the White House. The bill was originally introduced in July of the previous year by Representatives French Hill, Glenn “GT” Thompson, Dusty Johnson, Tom Emmer, and Warren Davidson, with Congressman Patrick McHenry co-sponsoring the legislation.
Source: X
The FIT21 Act aims to promote financial innovation while ensuring robust protections for investors. It seeks to clarify regulatory oversight, reduce ambiguity, and foster a more conducive environment for the growth of digital assets. By providing a well-defined framework, the bill intends to balance the need for innovation with the imperative of investor protection.
More About Biden’s Veto
Senator Cynthia Lummis, a vocal advocate for the cryptocurrency industry, expressed her frustration with the administration’s stance. Commenting on Biden’s veto, she stated, “I will not stand idly by as this administration attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this administration seems hellbent on stifling.”
Source: X
Also, congressman French Hill expressed his disappointment on Friday, saying: “Bipartisan votes in Congress should have sent a strong signal to the Biden administration that their SAB 121 is misguided and should be nullified. Senate action on FIT21 is crucial — I remain committed to passing this landmark legislation into law.”
Finally, Majority Whip Tom Emmer, who has criticized the Biden administration for weaponizing the legal system and convicting former U.S. President Donald Trump, opined, “Under Joe Biden, things have only gotten worse.” He detailed that “illegal immigrants are invading our borders,” “Families are struggling,” and “Chaos has erupted across the globe.” The congressman added: “And where has the Biden administration’s focus been? Weaponizing the legal system against their political opponents.”
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