Biden misses chance to ‘correct’ position on crypto — Senator Lummis

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United States President Joe Biden has missed the opportunity to “correct” his position on cryptocurrency assets by vetoing the repeal of controversial cryptocurrency accounting guidelines, according to pro-crypto U.S. Senator Cynthia Lummis.

“Congress gave the administration the opportunity to correct its position on crypto assets,” Lumiss declared in a May 31 statement on X following Biden’s decision to veto a Congressional resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.

Lummis argued that Biden went against the “will of the American people” by intervening and preventing the guidelines from being revoked. However, she noted her commitment to continue fighting the matter.

“I will not stand idly by as the administration attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this administration seems hellbent on stifling,” Lummis wrote.

Source: Cynthia Lummis

The SAB 121 guidelines mandate that firms holding customers’ crypto assets in custody must record them as a liability on the balance sheet, along with the requirement of it having a corresponding asset, making it an unattractive option for publicly reporting banks.

Lummis sent a letter to Biden just hours before the statement

It comes only hours after Lummis sent a letter to Biden pleading with him not to veto the recent Congressional repeal of the SEC’s SAB 121.

“By inappropriately issuing guidance instead of engaging in notice and comment rulemaking, the SEC’s rulemaking was able to avoid a vote by the full commission on a contentious policy,” the lawmaker wrote.

Related: Biden may rethink SAB 121 vote veto due to political support for crypto

While both the House of Representatives and Senate votes were in favor of overruling the controversial guidelines, there has been a ramp-up in Senators vocally showing their support for cryptocurrency.

Republican Senator Ted Cruz, another pro-crypto government official, announced to his 6.3 million X followers that he has started Bitcoin (BTC) mining. “I just bought 3 Bitcoin miners that started hashing today in Iraan, TX. I’m proud to join the ranks of Texas Bitcoin miners,” Cruz wrote in a May 31 X post.

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