The US President, Joe Biden, rejected the congressional resolution H.J. Res. Legislation 109 aims to remove a directive from the US Securities and Exchange Commission known as SAB No.121, which is considered unfavorable towards cryptocurrency. Biden’s decision is noteworthy as it coincides with speculation that the current administration was trying to win over cryptocurrency supporters.

The US President, Joe Biden, rejected the congressional resolution H.J. Res. Proposal 109 aims to revoke SAB No.463, a guidance measure from the SEC that is considered detrimental to the cryptocurrency industry. It is noteworthy that Biden’s decision comes as there are rumors that the current government was trying to appeal to cryptocurrency voters in the upcoming US elections. In related news, Trump is becoming a prominent figure in the advocacy for crypto in the US. Biden warns that repealing SAB 121 could put investors’ interests at risk. SAB 121, introduced by the SEC on March 31, 2022, mandated that financial institutions holding cryptocurrencies for clients must include them on their balance sheet, preventing them from protecting these assets. The directive faced backlash for its apparent opposition to crypto. This guidance, which the SEC used to avoid the usual rulemaking process that involves input from stakeholders, was seen as contentious. In May, Congress voted to repeal SAB 121, with the House voting 228-182 and the Senate voting 60-38 to overturn the SEC’s staff accounting bulletin. Biden has recently turned down the resolution for a number of reasons. He explained that revoking the guidance would improperly weaken the SEC’s authority to establish proper regulations and address forthcoming problems. Moreover, the President of the United States voiced concerns that the suggested resolution may potentially jeopardize American investors by subjecting them to certain dangers and uncertainties. Biden stated: