What Did Biden Do Behind-the Scenes While Trump Was Convicted Last Week?

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Last week, Biden, knowing America would be focused on the Trump verdict, authorized Ukraine to attack Russia using weapons inside of Russia, launched a strike on Yemen’s capital, and then he vetoed a cryptocurrency bill that would have repealed accounting rule SAB 121. Staff Accounting Bulletin (SAB) 121 mandates that institutions holding crypto assets must record these holdings as liabilities on their balance sheets. The veto inhibited Americans’ personal freedoms to invest and transact using cryptocurrency. An estimated 50 million Americans hold cryptocurrency.

In addition, Senator Cynthia Lummis, a key supporter of the failed resolution to repeal of SAB 121, said that the rule that has been left standing jeopardizes consumers’ assets during bankruptcy by placing them on institutional balance sheets.

Russia and China have solidified their partnership to end the US dollar as the world’s Reserve currency. Putin signed a decree to allow retaliatory seizure of US assets in Russia, to seize hundreds of billions of US dollars inside Russia, real estate and businesses owned by Americans. Russia is also officially done with the dollar and the underlying Swift system that settles transactions. Russia is launching a decentralized system with China.¬†

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(Note: NeedToKnow.news is a media outlet and does not give financial advice or endorse any cryptocurrencies, stocks or other investments. Investors should do their own due diligence and research).

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Biden Vetoes Congress’ Pro-Crypto Resolution, Supports SEC Stance

  • President Joe Biden vetoed a Congressional resolution aimed at overturning the SEC’s Staff Accounting Bulletin No. 121 (SAB 121).
  • Critics argue that SAB 121 imposes significant burdens on cryptocurrency firms and risks consumers’ assets in bankruptcy scenarios.
  • Despite facing criticism, Biden expressed a willingness to work with Congress on appropriate legislation for the digital asset market.

President Joe Biden has vetoed a Congressional resolution seeking to overturn the SEC’s Staff Accounting Bulletin No. 121 (SAB 121), reinforcing the Administration’s commitment to strict financial regulations.

The resolution, which garnered significant support from Republicans and some Democrats, passed both the House and Senate on May 16.

Biden’s Veto Maintains SEC’s Crypto Oversight

SAB 121, introduced in March 2022, requires financial institutions to report customers’ digital assets. Critics argue that this rule places heavy operational and financial burdens on firms dealing with cryptocurrencies. Senator Cynthia Lummis, a key supporter of the resolution, claimed that SAB 121 jeopardizes consumers’ assets during bankruptcy by placing them on institutional balance sheets.

Facing backlash from crypto industry leaders and several lawmakers, Congress repealed SAB 121. The House of Representatives voted first, with 228 members supporting the repeal and 182 opposing it. A week later, the Senate voted 60-38 to overturn the rule. However, more than this vote count was needed to prevent a presidential veto.

In the statement accompanying the document, Biden stressed that his Administration will not back any measures that could harm consumers and investors.

‚ÄúBy virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC‚Äôs ability to set forth appropriate guardrails and address future issues. This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC‚Äôs broader authorities regarding accounting practices. My Administration will not support measures that jeopardize the well-being of consumers and investors‚ÄĚ, Biden stated.

Read full article here…

CoinMarketCap:      https://finance.yahoo.com/news/biden-vetoes-resolution-overturn-sec-052318429.html

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Phillip Mezzapelle
Phillip Mezzapelle
1 month ago

The political scene in Washington DC sinks to a new low.

Tom Ball
Tom Ball
1 month ago

They can blame it on demented Joe if they want to , but I know who is destroying the US dollar and why.
Their greed is unsurpassed.