On May 8, the US House of Representatives passed a bill (H.J. Res 109) that would overturn SEC Staff Accounting Bulletin SAB 121, which provides guidance on crypto regulation. The US President Joe Biden, released a statement expressing opposition for the H.J. Res 109 as it would disrupt SEC’s work of protecting investors in the crypto-asset market.
Republican Party Representative Mike Flood, who introduced the bill, said that SAB 121 presented an unfair situation for banks aiming to custody cryptocurrencies. The Financial Services Committee Chairman Patrick McHenry supports H.J. Res 109 as it removes the roadblock for trusted firms to offer crypto custodian services for digital assets. Chairman Patrick McHenry stated,
Through SAB 121, the Commission is trying to dictate how financial institutions and firms safeguard Americans’ digital assets under the guise of so-called staff guidance.
An opposing statement for H.J. Res 109 came from US President Joe Biden, as it would invoke the SEC’s ability to ensure financial ability and address issues related to crypto-assets. It ended with a note stating, “If the President were presented with H.J. Res 109, he would veto it.”
On the other hand, former President Donald Trump spent a day with buyers of his Mugshot Edition NFT. During the event, Trump openly endorsed his acceptance of crypto. He revealed that he is ready to accept crypto payments for his election campaigns. Trump noted,
If you’re in favor of Crypto, you better vote for Trump
As of the scenario in the US on May 8, both US presidential election candidates extended their support to the opposite side. Eleanor Terrett shared her views on X, which are about the contrasting stance of the two frontrunners. While Biden clearly supported the SEC’s regulatory guidelines, Trump said that he would put an end to the hostility towards crypto. In a country like the US, where over 5 million crypto users reside, the actions of Trump and Biden could impact the upcoming elections.
