Biden fails to use opportunity to “rectify” stance on cryptocurrency—Senator Lummis


“Double down on his administration’s disastrous policies” is what US Senator Cynthia Lummis said US President Joe Biden did.

According to pro-crypto U.S. Senator Cynthia Lummis, President Joe Biden blew a chance to “correct” his stance on bitcoin assets by vetoing the repeal of contentious cryptocurrency accounting standards.

Lumiss stated on May 31 on X that “Congress gave the administration the opportunity to correct its position on crypto assets” after Biden vetoed a resolution that would have overridden the SEC Staff Accounting Bulletin (SAB) No. 121.

Lummis said that Biden undermined the “will of the American people” by interfering and blocking the revocation of the guidelines. Nevertheless, she emphasized her determination to persist in challenging the issue.

“I will not sit on my hands while the government tries to avoid taking legal action. I will keep fighting for financial innovation and important safeguards for crypto assets, which this administration seems determined to limit,” Lummis said in his letter.

This alternative is not appealing for publicly reported banks since, according to the SAB 121 criteria, organizations that store crypto assets in custody must register them as a liability on the balance sheet. Additionally, there must be a matching asset for this liability.

Lummis pleaded with Biden not to reject the recent repeal of SAB 121 by the SEC in a letter she addressed to him only hours before.

In his letter to the commission, the legislator criticized the SEC for “inappropriately releasing recommendations instead of participating in notice and comment rulemaking” to avoid a vote on a controversial policy.

There has been an increase in senators publicly endorsing bitcoin, even though the House and Senate voted to overturn the contentious standards.

Another government member who is pro-crypto, Republican Senator Ted Cruz, made the announcement to his 6.3 million X followers that he had begun mining Bitcoin. Iraan, TX is where I recently purchased three Bitcoin miners that began hashing today. On May 31, Cruz expressed his pride in being one of the many Bitcoin miners in Texas in a post on X.

Also Read: Tether Raises $150 Million for Bitdeer in Private Placement

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