President Joe Biden has vetoed a Congressional resolution aimed at overturning the SEC's Staff Accounting Bulletin 121 (SAB 121), a contentious crypto accounting policy, on Friday night. The veto has sparked significant backlash from the crypto community and bipartisan members of Congress. The resolution had garnered substantial support, with 60 votes in the Senate and bipartisan backing in the House. Critics argue that the veto demonstrates the Biden administration's anti-crypto stance and could alienate the 20% of Americans who own crypto assets. President Biden defended his decision, stating that his administration would not support measures that jeopardize the well-being of consumers and investors. Senator Cynthia Lummis has voiced her disappointment, and Republican Senator Ted Cruz, who is an active participant in the crypto space, has also criticized the decision. The veto has intensified efforts to pass the FIT21 Act, a landmark crypto bill, in the Senate.
Following #Biden's veto of the resolution to overturn the #SEC's controversial #crypto rules, U.S. lawmakers have intensified efforts to pass the landmark #crypto bill, FIT21 Act. https://t.co/G3Ff0K4qE6
Biden Just Lost The Crypto Vote https://t.co/mcBXnsbUfT
Senate Urged to Pass Landmark #Crypto Bill After #Biden Vetoes Resolution to Overturn SEC Rules https://t.co/G3Ff0K4qE6
They came after Trump, and now they going to come after your Bitcoin. A vote for Biden is a vote for communism. They fear Bitcoin as it’s the strongest way to protest the rogue regime. Trump is pro crypto. Pro freedom. Don’t be sheep 🐑 Open your eyes liberals. They are… https://t.co/II7oMMDfV0
Biden: "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits... of crypto-asset innovation" https://t.co/NOXtUcRHd7
Biden’s veto of the SEC’s illegal #crypto custody regs is not the end of this fight. Congress can override the veto. Together, we will defend our freedom of speech, digital property rights, and our right to assemble. Come November, we will cast out the anti-crypto army once and… https://t.co/Gy0YD70a9H
A vote for Democrats is a vote to kill crypto https://t.co/h3nyWtBAh3
Crypto policy is complex. But the SAB 121 veto is impossible to square with an agenda that is pro-consumer protection, pro-innovation, or pro-competition. SAB 121 treats digital asset custody by large, regulated financial institutions punitively and differently from that of…
1/ It's tempting to attribute Biden's veto yesterday to a malicious anti crypto stance. But that's incorrect. The truth is Biden and senior members of his administration simply don't care about you, their crypto constituents. They think you don't matter. They don't see you.
SEC: We approved SAB No. 121 because discouraging banks from holding crypto protects investors. Banks: No thanks, we can hold crypto and protect investors. Biden: If Congress passes a Bill to fix this, I will not veto it. Congress: OK, we passed a bill to fix this.… https://t.co/YQBxjTrojY
Great (and wonky) explanation of why Biden’s veto of crypto asset regulatory reform was deeply misguided, and how it will drive the significant crypto constituency towards Trump. https://t.co/McVXpIwEcd
Senator Cynthia Lummis has released her statement regarding Joe Biden Vetoing her crypto bill https://t.co/spY6NW3fOE
Biden vetoes bipartisan bid to abolish SEC guidance on crypto custody https://t.co/ACcyRlg8wP
Republican Senator, Ted Cruz is MINING BITCOIN!! Republicans aren’t just pro-crypto, they believe in it, and participate! Vote Trump 2024, and you’ll see the biggest crypto bull run in HISTORY!! https://t.co/ZJk3CkJvBc
💥BREAKING💥 President Biden vetoes SAB 121 Bill that allows financial firms to hold #Bitcoin and #crypto Do you think the 50 million people that hold and care about #Bitcoin and #crypto will support Biden? https://t.co/l7VyLVNXSZ
But but the government can't do anything that impacts the digital garbage: The bill that would revoke SAB 121 has been vetoed by Biden, which means the ban on large financial institutions from taking custody of Bitcoin remains in place.
But but the government can't do anything thst impacts the digital garbage: The bill that would revoke SAB 121 has been vetoed by Biden, which means the ban on large financial institutions from taking custody of Bitcoin remains in place.
U.S. President Biden Vetoes Resolution Overturning SEC Guidance https://t.co/nEgcbLqets via @coindesk @nikhileshde
Before anyone says "but thought you don't care about politics". Still don't. This is about money and crypto. Biden could have done nothing but he actively made the choice to veto. Simple. Dems are anti-crypto. This is a big enough issue to vote on.
U.S. President Joe Biden said he would not support “measures that jeopardize the well-being of consumers and investors” after vetoing a resolution that would have overturned the SEC’s controversial SAB121. @tikta_ reports https://t.co/uXdfiTZ9bg
By vetoing SAB121 Biden just ✅ Angered 60 Million crypto holding Americans ✅ Angered 60 senators on both sides ✅ Demonstrated democrats are not pro crypto despite saying they are moving that way ✅ Secured a loss this election All with one pointless signature https://t.co/EK8Y1E4YoW
Nail in the coffin for the argument democrats were becoming pro crypto https://t.co/pZekHKFsPp
Biden Veto tells you everything you need to know about your friends "in crypto" If they vote for Biden they have no money invested and are lying about how much they have in the space. Vote Trump or Risk More political clown-politics https://t.co/0kHo3bcLZW
I’m no political savant, but alienating the 20% of voting Americans that own crypto 5 months before the election seems like a losing move. https://t.co/zWhlXhACeJ
Crypto bros losing their damn minds but here’s the truth , as AI GPT4o says: “President Biden's veto of H.J.Res. 109 has sparked significant reactions within the crypto community, with many interpreting it as bearish for Bitcoin and other cryptocurrencies. Here are the key… https://t.co/CEIh8Avtij https://t.co/f8S7ENzti5
We’re incredibly disappointed, but not surprised, that the President has vetoed the repeal of SAB121. 60 Senators on both sides of the aisle saw how this could protect consumers in the digital asset market and we were hopeful that the President would recognize that. It’s more…
People try to convince you Biden is warmimg up for the crypto industry, and then he proceeds to raise his middle finger and veto the resolution to overturn the SEC's Staff Accounting Bulletin No. 121 (SAB 121). https://t.co/UDIjSWL8bK
Biden just vetoed the first pro-crypto bill to come across his desk (SAB 121 repeal). So, those overtures to the crypto ecosystem this week were fake? Perhaps he thinks with the Trump conviction, he doesn't need the crypto vote anymore 🤷♂️ https://t.co/K6yv3Ev9hb
Stop voting for Democrats who are openly hostile towards crypto. https://t.co/WxIBJadWHK
Biden issues Friday night veto of bipartisan bill repealing SAB121. Biden “crypto industry outreach” reminds me of @GaryGensler inviting crypto industry players to “come in and register.” 👇 https://t.co/YhONev7c1k
Very disappointed that President Biden vetoed the SAB 121 CRA. Bipartisan votes in Congress should have sent a strong signal to the Biden Admin that their SAB 121 is misguided and should be nullified. Senate action on #FIT21 is crucial - I remain committed to passing this…
Biden’s veto is shameful. @POTUS is anti-crypto, no other way to interpret this. https://t.co/X3IhpxrOq2
The SAB 121 spin from Biden defenders tonight: - Biden promised a veto so had to follow through, but is still pivoting on issues like SEC policy; and - Biden doesn’t speak for the party, which has a large and growing number of supporters. The response from crypto voters: 🖕
The SAB 121 spin from Biden defenders tonight: - Biden promised a veto so had no choice, but is still pivoting on other issues, like SEC policy; and - Biden doesn’t speak for the party, which has a large and growing number of supporters. The response from crypto voters: 🖕
President Joe Biden has vetoed the repeal of SAB 121, citing concerns for consumer and investor welfare.
Friday evening news dump...Biden vetos SAB 121. #crypto https://t.co/CZNDujWWJZ
Senator Lummis: Congress gave this administration the opportunity to correct its position on crypto assets, but instead of listening to the will of the American people… President Biden doubled down on his administration's failed policies at the expense of American consumers. https://t.co/xJynst2BFZ
I will not stand idly by as this admin attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this admin seems hellbent on stifling. My statement on the president's decision to veto my SAB 121 CRA⬇️ https://t.co/pXjGXPi6fN
So @JoeBiden just vetoed an important piece of crypto legislation today. If he was asked to explain how a blockchain works, could Biden give a concise, coherent, accurate answer?
A must read on what @JoeBiden’s misguided crypto veto means. TL;DR - it’s not good. https://t.co/3GMV1zNxQ7
A Vote For Trump Is A Vote For Crypto. A Vote For Biden Is Four Years Of The Same.
Veto of SAB 121 by Biden shows that there is no real effort in the democratic party to work with crypto. The ETH ETF was approved because the SEC had no grounds to reject it, period. The democrats war of crypto is more full force than it ever has been before.
Veto of SAB 121 by Biden shows that there is no real effort in the democratic party to work with crypto. The ETH ETF was approved because the SEC had no grounds to reject it, period. The democrat's war of crypto is more full force than it ever has been before.
> Trump endorses crypto > Biden pretends to endorse crypto > Trump gets hit with 34 felonies (as every pro crypto person eventually does) > Biden plays the “Fuck Crypto” card face down in defense mode. Many such cases. We’re doomed.
> Trump endorses crypto > Biden pretend to endorse crypto > Trump gets hit with 34 felonies (as every pro crypto person eventually does) > Biden plays the “Fuck Crypto” card face down in defense mode. Many such cases. We’re doomed.
President Biden's veto ignores the voices of the American people and the bipartisan support from Congress. https://t.co/eHJ5WelDSl
Incredibly disappointing that @JoeBiden vetoed the repeal of this nonsensical, anti-business, anti-future, anti-average person rule over BIPARTISAN support. Do people realize how rare bipartisan support on an issue is these days? That’s how bad this rule is. https://t.co/sSIsXuwUAQ
The President’s veto weakens protections for consumers in digital asset markets and upends decades of custody rules. By rejecting the bipartisan consensus of Congress, the Administration is doubling down on its failed approach. Senate action on #FIT21 is more urgent than ever. https://t.co/AoN3rvPndt
Biden twists law to get Trump convicted, then goes right back to being anti-crypto Shameful turn for the USA https://t.co/7h5IgZYFGY
The WH states that it will not support measures that jeopardize the well-being of investors and consumers but SAB121 does exactly that by making it impossible for banks and responsible custodians to safeguard crypto. You should want such institutions to properly custody/safeguard… https://t.co/NiaNZQqT35
President Biden’s veto tonight goes against: ❎ A bipartisan group of 228 House Members ❎ A bipartisan group of 60 Senators led by the Democratic Majority Leader ❎ The GAO’s determination @SECGov violated the Congressional Review Act ❎ SAB 121’s clear harms to consumers…
everyone who said crypto isn't partisan in america was dead wrong @JoeBiden just threw a middle finger up to crypto innovation against the will of both houses of congress an absolutely disastrous decision for the democratic party it will cost them dearly in november https://t.co/BSNEsKu9H0
everyone who said crytpo isn't partisan in america was dead wrong @JoeBiden just threw a middle finger up to crypto innovation against the will of both houses of congress an absolutely disastrous decision for the democratic party it will cost them dearly in november https://t.co/NQBIJMvIdH
"My Administration will not support measures that jeopardize the well-being of consumers and investors." @POTUS vetoes the bid to overturn SEC crypto accounting guidance SAB121. https://t.co/LUpcKAlku8
Biden vetoes the resolution to nullify SAB 121. Process? Who cares. Consumer protection? No thanks. Appeasing Gensler’s crypto vendetta? Sure thing. This is a slap in the face to innovation and financial freedom. #Crypto #Fail https://t.co/4QPhKkhN4r
President Biden’s veto tonight goes against: ❎ A bipartisan group of 228 House Members ❎ A bipartisan group of 55 Senators led by the Democratic Majority Leader ❎ The GAO’s determination @SECGov violated the Congressional Review Act ❎ SAB 121’s clear harms to consumers…
Political checkmate complete. Biden’s anti-crypto stance exposed. Vetoed a bill that attracted 12 Senate Democrats https://t.co/s2IdSksEyr
It’s extremely disappointing @POTUS vetoed the SAB 121 CRA. This ignores multiple bipartisan votes, which sent the Administration a clear message its approach to digital asset policy is misguided. Congress will continue fighting for regulatory clarity for digital assets.
Contrary to what you might believe from my rhetoric, I am a big @sheila_warren fan and supporter behind the scenes. But it’s time for the Progressive crypto lobby to acknowledge the truth of 2024: The future of crypto in the U.S. depends on the re-election of President Trump. https://t.co/bs7KrJrDN2
If you work in crypto. If you own crypto. If you think you may want to own crypto in the future. If you have a friend who owns crypto (you do). Then the Democrats hate you. Vote accordingly. https://t.co/hEgXOriujw
Contrary to what you might believe from my rhetoric, I am a big @sheila_warren fan and supporter behind the scenes. But it’s time for the Progressive crypto lobby to acknowledge the truth of 2024. The future of crypto in the U.S. depends on the re-election of President Trump. https://t.co/bs7KrJsbCA
This crypto bill got 60 votes in the Senate, not a veto-proof margin but from a quick search looks like the most votes of any bill that Biden has vetoed to date. https://t.co/DSQDzuF009
BREAKING: President Biden vetoed bill disapproving of SAB121 “My administration will not support measures that jeopardize the well-being of consumers and investors”
Biden just lost the crypto vote. What a stupid, stupid mistake. https://t.co/4pk6nTczTl
NEW: U.S. President Joe Biden has made good on a threat to veto a Congressional resolution that would have overturned the SEC's Staff Accounting Bulletin 121. @nikhileshde reports https://t.co/WwiWNExvZx
If you were dumb enough to think that that Biden would become pro-crypto...this is a good example of why you should NOT vote for democrats this election. Trump may have plenty of flaws... but at least republicans havent tried to target & destroy our industry. https://t.co/0rLCVqtKDD
Biden admin thought Trump’s crypto support was threatening, and his walking back of this and ultimately vetoing tells you a lot about how confident they are at a second term after Trump’s conviction. 😮 https://t.co/IkuueQ7UHe
Trump gets sentenced and Biden goes back to being anti-crypto https://t.co/gpgMiRBq2x
If you were dumb enough to that that Biden would become pro-crypto...this is a good example of why you should NOT vote for democrats this election. Trump may have plenty of flaws... but at least republicans havent tried to target & destroy our industry. https://t.co/0rLCVqtKDD
Biden lost the crypto vote for the Democrats forever. Good job
Trump got indicted and Biden went back to being anti-crypto https://t.co/GDxlWG80hp
Trump get indicted and Biden went back to being anti-crypto https://t.co/GDxlWG80hp
And Biden just made himself the anti-crypto candidate in this election Party lines are drawn https://t.co/37kETIpOUj
Biden just showed us exactly where he stands on crypto. He is against us, and just sided with the SEC he is siding with how the SEC wants to handle crypto, instead of supporting Congress who disagrees with how the SEC is handling crypto Biden = anti-crypto Trump = pro-crypto
Best tldr of Democrats stance on Crypto regulation https://t.co/HnhPeYisVV
There you have it. Dems officially hate crypto. https://t.co/NPqIpMpyp5
Pressure is mounting from Congress and Wall Street for President Joe Biden to back off his threat to veto U.S. lawmakers' intention to erase a contentious @SECGov crypto accounting policy. @jesseahamilton and @nikhileshde report https://t.co/dSTx9LJEwi
If Biden let's SAB 121 repeal pass without a veto then maybe I'll take his crypto pivot more seriously. Until then it's just words. We'll know by Monday.