Republican Sen. Cynthia Lummis sent a letter to President Joe Biden urging him not to do so.
Republican Senator Cynthia Lummis sent a letter to President Joe Biden urging him not to veto Congress’ recent repeal of the Securities and Exchange Commission’s Staff Accounting Bulletin No. 121 (SAB-121).
The pro-crypto senator highlighted the controversial nature of SAB-121 and the SEC’s issuance of the guidance, which she called inappropriate. She also highlighted the questionable nature with which the regulator disclosed the guidance.
“By inappropriately issuing guidance rather than engaging in notice and comment rulemaking, the SEC’s rulemaking process was able to avoid a full committee vote on a controversial policy ” the lawmaker wrote.
“It also provided the SEC staff with a way to avoid the notice and comment provisions of the Administrative Procedure Act, which prevented stakeholders, including banking regulators, from being able to comment on policy,” continued the senator from Wyoming.
She concluded her letter by highlighting SEC Chairman Gary Gensler’s refusal to repeal the rule and the “clear bipartisan message” Congress sent to the government agency by voting to repeal SAB-121.
about: Biden may rethink 121-vote SAB veto due to political support for cryptocurrencies.
The highly controversial SEC circular was set to take effect on April 11, 2024, but was met with significant backlash from the cryptocurrency community and lawmakers.
House lawmakers voted to overturn the SEC guidance by a margin of 228-182 and passed the bill in the Senate. Once there, senators echoed the House vote and chose to repeal SAB-121 by a decisive majority of 60-38.
Joe Biden warned Congress that if it voted to repeal the controversial employee accountability bulletin, he would use his executive powers to veto the repeal.
However, the White House’s recent shift in focus toward cryptocurrencies may provide a glimmer of hope that Biden will not veto repeal of the controversial measure.
Following former President Trump’s comments indicating support for the cryptocurrency industry and decentralized technology, the Biden White House appears to be courting pro-crypto voters by asking blockchain companies and corporations to weigh in on the administration’s future cryptocurrency policy.
The cryptocurrency industry is now eagerly awaiting Biden’s decision as the June 3 deadline approaches.
review: Godzilla vs. Kong: SEC Faces Uphill Battle Over Legal Power of Cryptocurrencies.
