U.S. House Fails to Override Biden’s SEC Veto of Bill That Would End Controversial SEC Guidance
SEC Chair Gary Gensler (Nikhilesh De/CoinDesk)
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House of Representatives
SEC Chair Gary Gensler (Nikhilesh De/CoinDesk)
U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121.
Despite the crypto industry’s high-profile recent wins in Congress, major legislation faces a massive practical roadblock in the Senate, U.S. Rep. Tom Emmer (R-Minn.) acknowledged Wednesday, saying that chamber will want its own say in a big crypto bill, leaving little time in the waning congressional session.
U.S. Capitol Building (Louis Velazquez/Unsplash)
The crypto industry recorded its biggest-ever U.S. policy win on Wednesday when the House of Representatives approved a wide-reaching bill to establish regulations for digital assets markets, recording a 279-136 vote that saw Democrats crossing party lines to support it.
The White House is “eager” to work on a crypto bill. That was the sentiment of its latest statement on Wednesday, putting the administration on-the-record again about wanting new digital assets policies to protect investors. But U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler – the securities watchdog President Joe Biden hired as a member of his transition team and a key regulator – says don’t bother.
The U.S. House of Representatives is poised to vote in favor of a crypto market structure bill as a standalone piece of legislation for the first time.
The Financial Innovation and Technology for the 21st Century Act would hurt investors and hamper the U.S. Securities and Exchange Commission’s work, SEC Chair Gary Gensler said Wednesday.
The U.S. House of Representatives is on the verge of a vote that will represent the closest the cryptocurrency industry has ever been toward finally winning regulation in the U.S., and the sector’s associations and top businesses are encouraging House leaders to support the effort.
The most comprehensive U.S. cryptocurrency legislation to so far make it through a congressional committee will get even further, with the entire House of Representatives set to vote on whether to approve it soon, according to Rep. Patrick McHenry (R-N.C.), the chairman of the House Financial Services Committee.