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DailyBubble News

President Biden threatens crypto with possible veto of Bitcoin custody among trusted custodians

President Joe Biden has shown a willingness to veto legislation that would allow regulated financial institutions to custody Bitcoin and other cryptocurrencies. This stance by the Biden administration could disrupt the work of the US Securities and Exchange Commission (SEC) in protecting investors in the crypto market and ensuring the stability of the broader financial system.

Some have suggested that a Republican administration would be more favorable for the cryptocurrency industry. However, for now, the current Democratic-led regime under President Biden is imposing restrictions on digital assets to limit the SEC’s ability to implement necessary safeguards for the crypto space.

In a recent Statement of Administration Policy, President Biden indicated that he would veto House Joint Resolution 109, which would enable highly-regulated financial firms to custody cryptocurrencies. Politicians like US Congressman Patrick McHenry and Congressman French Hill have voiced support for overturning the SEC’s regulatory measures that they believe hinder the industry’s growth.

On the other hand, individuals like Cody Carbone from The Chamber of Digital Commerce argue against the current administration’s stance, suggesting that a Republican president may provide a more favorable environment for Bitcoin and crypto. Standard Chartered and ex-SEC official John Reed Stark have also expressed similar sentiments, pointing to potential advantages for the industry under a Republican leadership.

Overall, the debate surrounding the regulation of cryptocurrencies and the role of the SEC continues to evolve. The outcome of this legislative battle could have significant implications for the future of the crypto market and its investors.

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