Joe Biden Ready for Veto: It Could Upset Cryptocurrency Supporters - Koin Newsletter

**US President Joe Biden is ready to veto a motion approved by the House of Representatives in favor of Securities and Exchange Commission (SEC).

The SEC's accounting statement No. 121 (SAB 121) states that banks that hold cryptocurrencies belonging to customers must show them on their own balance sheet.

Crypto monetary community argues that this would be very costly for banks, and that is why banks are not approaching the cryptocurrency sector.

Councilman Mike Flood said SEC Chairman Gary Gensler was using the memo to prevent large publicly traded banks from "storing digital assets".

Joe Biden, on the other hand, is ready to veto the motion approved by the parliament. In a statement yesterday, Biden said, "SAB 121 was issued as a response to the technological and legal risks that have already been witnessed and have led to significant losses for consumers." *Said.

SEC, SAB published Statement No. 121 as if it were just a guideline. However, the Office of Government Accountability (GAO) clarified that this should be treated as a rule and therefore should have been submitted to Congress.

The statement also includes articles on how companies should inform the public about their cryptocurrency activities.

If this is **rejected" after being reviewed in Congress, it will prevent the implementation of similar clauses in the future. Seeing this as a risk, Biden made the following statement:

"Restricting the SEC's ability to establish a comprehensive and effective financial regulatory framework for cryptoassets would lead to severe financial instability* and **market uncertainty." *