President Biden To Veto Bill Allowing Financial Firms To Hold Bitcoin
President Joe Biden will veto a bill that allows financial firms to act as custodians for Bitcoin and other crypto currencies. The proposed legislation, H.J. Res. 109, would overturn the SEC’s Staff Accounting Bulletin (SAB) No. 121. This bulletin imposes restrictions on financial institutions regarding the custody of digital assets, under the Congressional Review Act (CRA). “The Administration strongly opposes passage of H.J. Res. 109, which would disrupt the Securities and Exchange Commission’s (SEC) work to protect investors in crypto-asset markets and to safeguard the broader financial system,” The Executive Office of The President stated. “If the President were presented with H.J. Res. 109, he would veto it.” Furthermore, H.J.Res. 109 has already received plenty of bipartisan support. The bill would remove roadblocks that prevent highly regulated financial institutions from acting as custodians for digital assets like B...