What happens if Biden vetoes the Senate's attempt to roll back SEC cryptocurrency regulation?
SAB 121, a controversial rule, requires banks to recognize digital assets as liabilities and maintain a 1:1 USD ratio when acting as cryptocurrency custodians. Critics say this requirement is burdensome and could stifle the growth of cryptocurrencies, while advocates believe it is important for market stability and investor protection. .
The SAB 121 vote marks a major milestone as the first cryptocurrency legislation passed with bipartisan support, signaling growing recognition among lawmakers of the need to address the issue. address the legal challenges facing the digital asset industry. However, the looming veto threat from Biden highlights the uncertainties surrounding the measure's fate when it reaches the President's desk, with the Senate's 60-38 vote not enough to override the veto
