House Democrat Urges Support for Biden Veto of Bill to Nullify Crypto Accounting Guidance

IconCryptoNewsTerminal Staff09 Jul, 2024

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House Democrat Urges Support for Biden Veto of Bill to Nullify Crypto Accounting Guidance

House Majority Whip Katherine Clark has called on her Democratic colleagues to support President Joe Biden's veto of a bill that would overturn crypto asset custody accounting guidance (SAB 121) for financial institutions. The bill, H.J. Res. 109, passed the House with bipartisan support but was vetoed by Biden in December 2022. Biden argued that the bill would undermine investor protections and financial stability. Clark, in a letter to fellow House Democrats, urged them to reject attempts to override Biden's veto, saying that the accounting guidance is "essential to ensuring that crypto assets are held and accounted for in a safe and responsible manner." She also argued that overturning the guidance would "create uncertainty and confusion in the marketplace" and "put consumers at risk." The House is expected to vote on whether to override Biden's veto in March 2023.

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