Crypto community express their frustrations against Joe Biden: SAB 121 vs Biden Administration 

Biden Administration has vetoed a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. 

The SEC’s Staff Accounting Bulletin (SAB) No. 121 requires banks and institutions to disclose their responsibility for safeguarding cryptocurrencies, report these assets as liabilities on balance sheets, and provide detailed risk information. According to the SEC body, SAB 121 ensures transparency and proper risk management but in reality, this is a big barrier to stop institutions & banks from providing custody solutions for the crypto assets. 

On 31 May 2024, U.S. President Joe Biden blocked the SEC’s Staff Accounting Bulletin (SAB) No. 121 and stated that his Administration will not back any measures that jeopardise the well-being of consumers and investors.

The majority of the top crypto advocates criticise Biden for such decisions because the majority of the US Senators voted to block SAB 121. 

Now Lawmakers in the House of Representatives voted 228 to 182 to repeal the SEC’s guidance and sent the bill to the Senate.

US Senator Cynthia Lummis said that President Biden’s action shows that ordinary people no longer have control over the government, which is now run by unknown and unelected officials.

Furthermore, Cynthia said that she believes the government is acting against its citizens, so it is time for people to unite to vote in November to reclaim control of the country. 

However Cynthia didn’t use the name of any US presidential candidate but people believe she indirectly supported former US president Donald Trump, who has been supporting Bitcoin for the last few months, to get political benefits.

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