The US House of Representatives has prepared a pro-cryptocurrency bill. However, Joe Biden has already announced that he will veto it.
Does Joe Biden Not Want to Help the Market?
President Joe Biden has announced that he will veto the congressional bill. Congressmen want to stop banks from being subject to a controversial accounting policy prepared by the Securities and Exchange Commission (SEC).
What's the issue? It's that in the US, banks can store cryptocurrencies for clients. The problem is that they must display these digital assets in their financial statements, which increases the costs of the entire process. This is the SEC's idea.
"Gary Gensler, in his jihad against digital assets, has used supposedly humble guidelines for personnel to basically prevent large banks listed on the stock exchange from taking care of digital assets," said Republican Mike Flood (from Nebraska) during the hearings.
"If you want Americans to be able to safely use digital assets, banks - which are one of the most heavily regulated companies in our country - are probably the best place [to store them]," explained congressman Patrick McHenry.
Biden's Veto
It turns out that the bill has received support not only from Republicans but also from Democrats. However, the White House has already announced that Joe Biden will veto the bill.
The President claims that the SEC's policy is correct because it is an action "in favor of protecting investors in the cryptocurrency market."
"Limiting SEC's ability to maintain complex and effective regulatory frameworks for cryptocurrencies would cause significant financial instability and market uncertainty," said the White House.
All this fits into what Donald Trump is doing, who is once again competing with Biden for the presidency. When asked about his perspective on keeping cryptocurrency companies in the United States during a meeting with his supporters, he confirmed that as President, he will fight for better regulations for them. He pointed out that the current administration (he mentioned Gary Gensler's name) is hostile towards Bitcoin.
Additionally, politicians from the Republican Party are more often pro-cryptocurrency than their Democratic counterparts. Trump is likely fighting for this electorate. Moreover, his recent main rival in the race for the White House, Ron DeSantis, was also fighting for this group of voters. The same is true for Robert F. Kennedy, an independent candidate.
