{"id":21762,"date":"2024-06-01T13:00:55","date_gmt":"2024-06-01T10:00:55","guid":{"rendered":"https:\/\/coinengineer.io\/?p=21762"},"modified":"2024-06-01T12:18:40","modified_gmt":"2024-06-01T09:18:40","slug":"biden-blocks-legislation-against-sec-crypto-rules","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/","title":{"rendered":"Biden Blocks Legislation Against SEC Crypto Rules"},"content":{"rendered":"<p><strong>Joe Biden<\/strong>, the U.S. President, vetoed a measure aiming at reversing a contentious <a href=\"https:\/\/www.sec.gov\/\">Securities and Exchange Commission<\/a> bulletin defining accounting rules for companies handling cryptocurrencies.<\/p>\n<p><em>&#8220;My administration will not support measures that jeopardize the well-being of consumers and investors<\/em>,&#8221; stated <strong>President Biden<\/strong> in a letter issued to the U.S. House of Representatives and uploaded to the White House website. &#8220;<em>Appropriate guardrails that protect consumers and investors are necessary to harness the possible benefits and opportunities of crypto-asset invention.&#8221;<\/em><\/p>\n<p><span style=\"color: #0000ff;\"><em>Related: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/bitcoins-growing-influence-in-u-s-elections\/\">Bitcoin\u2019s Growing Influence in U.S. Elections<\/a><\/em><\/span><\/p>\n<p>The legislation to eliminate the staff accounting bulletin of the Securities and Exchange Commission, sometimes known as SAB 121, passed the House and Senate earlier this month. Originally voting 228\u2013182 to approve the legislation, the House consisted largely of Republicans, while 21 Democrats did sign on. A week later, some Democrats\u2014including Senate Majority Leader Chuck Schumer, D-N.Y.\u2014voted in favor of the proposal as the Senate voted 60 to 38.<\/p>\n<p><em><span style=\"color: #0000ff;\">Related: <a style=\"color: #0000ff;\" href=\"https:\/\/coinengineer.net\/blog\/u-s-senate-votes-60-38-to-overturn-sec-crypto-rule\/\">U.S. Senate Votes 60-38 to Overturn SEC Crypto Rule<\/a><\/span><\/em><\/p>\n<p>Overcoming a veto calls for a two-thirds majority from both chambers of Congress.<\/p>\n<div class=\"flex flex-grow flex-col max-w-full\">\n<div class=\"min-h-[20px] text-message flex flex-col items-start whitespace-pre-wrap break-words [.text-message+&amp;]:mt-5 juice:w-full juice:items-end overflow-x-auto gap-2\" dir=\"auto\" data-message-author-role=\"assistant\" data-message-id=\"685cacd0-2413-4860-8e41-bd671a0992bc\">\n<div class=\"flex w-full flex-col gap-1 juice:empty:hidden juice:first:pt-[3px]\">\n<div class=\"markdown prose w-full break-words dark:prose-invert dark\">\n<h2>Biden&#8217;s Stand on SEC Crypto Regulation<\/h2>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<p>In a &#8220;statement of administration policy&#8221; issued by the White House last month, <strong>President Biden<\/strong> declared he would reject the bill. The White House specifically declared that <em>&#8220;limiting the SEC&#8217;s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty.&#8221;<\/em><\/p>\n<p><strong>Biden<\/strong> has vetoed laws before that the Senate and House approved with bipartisan support. For instance, Bloomberg Law reports that the president rejected a resolution in May to reverse a joint employer rule enacted by bipartisan margins by both the Senate and the House.<\/p>\n<p>Concerns in the crypto sector that the bulletin could hinder banks from securing digital assets have generated debate over the past year. Companies that hold bitcoin have to note consumer crypto holdings as liabilities on their balance sheets.<\/p>\n<p><em>&#8220;Time and again, we have seen crypto firms fail and watched as their customers lined up at the bankruptcy court in hopes of getting what they thought was legally theirs,&#8221;<\/em> an SEC spokesman said in a statement to The Block last month. <em>&#8220;We have also witnessed the dangers to investors in companies that conceal these assets off the balance sheet. These revelations give investors a vital line of sight into the degree of risk crypto custodians take.&#8221;<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Joe Biden, the U.S. President, vetoed a measure aiming at reversing a contentious Securities and Exchange Commission bulletin defining accounting rules for companies handling cryptocurrencies. &#8220;My administration will not support measures that jeopardize the well-being of consumers and investors,&#8221; stated President Biden in a letter issued to the U.S. House of Representatives and uploaded to<\/p>\n","protected":false},"author":6,"featured_media":21763,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[6033,1711,39],"class_list":["post-21762","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-crypto-regulation","tag-joe-biden","tag-sec"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer<\/title>\n<meta name=\"description\" content=\"President Biden vetoed a bill aiming to reverse the SEC&#039;s crypto accounting rules, emphasizing the need to protect consumers and investors.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"President Biden vetoed a bill aiming to reverse the SEC&#039;s crypto accounting rules, emphasizing the need to protect consumers and investors.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-01T10:00:55+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-01T09:18:40+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tanju Akb\u0131y\u0131k\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/\",\"name\":\"Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg\",\"datePublished\":\"2024-06-01T10:00:55+00:00\",\"dateModified\":\"2024-06-01T09:18:40+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\"},\"description\":\"President Biden vetoed a bill aiming to reverse the SEC's crypto accounting rules, emphasizing the need to protect consumers and investors.\",\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg\",\"width\":1200,\"height\":630,\"caption\":\"Biden Crypto\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Biden Blocks Legislation Against SEC Crypto Rules\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546\",\"name\":\"Tanju Akb\u0131y\u0131k\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g\",\"caption\":\"Tanju Akb\u0131y\u0131k\"},\"url\":\"https:\/\/coinengineer.net\/blog\/author\/cetanju\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer","description":"President Biden vetoed a bill aiming to reverse the SEC's crypto accounting rules, emphasizing the need to protect consumers and investors.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/","og_locale":"en_US","og_type":"article","og_title":"Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer","og_description":"President Biden vetoed a bill aiming to reverse the SEC's crypto accounting rules, emphasizing the need to protect consumers and investors.","og_url":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/","og_site_name":"Coin Engineer","article_published_time":"2024-06-01T10:00:55+00:00","article_modified_time":"2024-06-01T09:18:40+00:00","og_image":[{"width":1200,"height":630,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg","type":"image\/jpeg"}],"author":"Tanju Akb\u0131y\u0131k","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Tanju Akb\u0131y\u0131k","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/","url":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/","name":"Biden Blocks Legislation Against SEC Crypto Rules - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg","datePublished":"2024-06-01T10:00:55+00:00","dateModified":"2024-06-01T09:18:40+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546"},"description":"President Biden vetoed a bill aiming to reverse the SEC's crypto accounting rules, emphasizing the need to protect consumers and investors.","breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/06\/biden-crypto.jpg","width":1200,"height":630,"caption":"Biden Crypto"},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/biden-blocks-legislation-against-sec-crypto-rules\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Biden Blocks Legislation Against SEC Crypto Rules"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/286f3a00b45c1661961e40ff0a1c7546","name":"Tanju Akb\u0131y\u0131k","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/a027c5acae1ab2c3649244f87d705ac7ee359dd7e3222b84cb1d32ba3a8d2e18?s=96&d=mm&r=g","caption":"Tanju Akb\u0131y\u0131k"},"url":"https:\/\/coinengineer.net\/blog\/author\/cetanju\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/21762","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=21762"}],"version-history":[{"count":3,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/21762\/revisions"}],"predecessor-version":[{"id":21768,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/21762\/revisions\/21768"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/21763"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=21762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=21762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=21762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}