Biden Vetoes Pro-Crypto Bill Just Days After Expressing Support for the Industry 

By Ben Knight June 03, 2024 In Cryptocurrency Law, Joe Biden, SEC
  • Current President Joe Biden has cast aside a Bill that would repeal some tough legislation actionable by the Securities and Exchange Commission (SEC).
  • Presently, financial institutions holding crypto for customers must present it on their balance sheets.
  • According to several banks and digital asset companies, this creates difficulties for “regulated banking groups” holding crypto on behalf of their clients.
  • The crypto community was incensed with Biden’s decision.

It was only a matter of time.

The cryptocurrency industry has become a hot topic for presidential candidates in the race for the US election. Incited by Donald Trump’s sudden and outspoken support for digital assets, several other candidates have publicly thrown their hat into the pro-crypto ring – including current president Joe Biden.

However, let’s be real. How many of us truly believed these politicians cared about the cryptosphere and weren’t just making a political play? 

Well, Joe Biden has been the first to show his true colours after vetoing a proposal that would make it easier for financial institutions to work alongside crypto companies.


Related: American Voters Turn to Crypto as Bitcoin Becomes Election Issue, Grayscale Survey Finds

Crypto Community Sours on Biden

The news arrived on the weekend that Biden had signed off on overturning a House Joint Resolution intending to repeal the Securities and Exchange Commission’s Staff Accounting Bulletin 121.

Basically, this is a bipartisan bill that would remove the need for institutions to represent customer’s crypto assets on their own balance sheets. Getting rid of this legislation would vastly improve efficiency for Fintech and other crypto-forward companies. 

Despite support from both sides of the political landscape, Biden (on behalf of his party) slammed the door shut – potentially changing the electoral landscape permanently. 

With the crypto community a huge swing demographic for the next US election, Biden may have just lost thousands of votes.

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Ben Knight

Ben Knight

Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.

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