Biden Just Lost The Crypto Vote

Biden Just Lost The Crypto Vote

Biden: Restricts Banks from scaling up services to hold digital assets on behalf of customers by making it too costly.

(ZeroHedge) – After the recent shocking ETH ETF approval, many hoped that Biden was changing his tune of relentless antagonism toward the crypto industry – TheBlock even went so far as to report that the “Biden campaign ramps up crypto industry outreach in surprising tone shift” – and would not veto the bill overturning the SEC’s SAB 121 which makes it more difficult for entities like banks to custody crypto.

Well, that didn’t happen.

Late on Friday, Biden vetoed the bill  that would strike down Securities and Exchange Commission guidance that the crypto industry, the banks and Congress all say has stymied its ability to work with banks. The guidance, known as staff accounting bulletin No. 121, has also drawn pushback from banks since it was published in 2022. Lenders have said it effectively restricts them from scaling up services to hold digital assets on behalf of customers by making it too costly.

The resolution – which in May passed the House with a vote of 228–182, and then the Senate by a vote of 60-38 as 11 Democrats joined all republicans to smack down Liz Warren fluffer Gary Gensler – would have invalidated the SEC bulletin. Lawmakers backing the resolution, which passed the House in a 228-182 vote, said the guidance limits options for Americans who want to stow digital assets at traditional banks.

“My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said in a veto message released Friday evening. “Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation.”

In his statement, Biden added that he was “eager to work with the Congress to ensure a comprehensive and balanced regulatory framework for digital assets” even though both the House and the Senate told him that the bill he just vetoed offered precisely that.

While the White House earlier this month said it opposed legislation that passed the House establishing a regulatory framework for digital assets – arguing it lacked sufficient consumer and investor protections – it stopped short of a full veto threat, indicating the president was open to negotiations on legislation governing the issue. It turned out all the senile president was “open” to was being manipulated by the anti-crypto militant wing of the Democratic party led by Senator Karen.

So, much to the chagrin of the entire industry, Biden – who is far too gone to have any idea where he is, let alone with a cryptocurrency is – ended up following the advice of a handful of millitant, anti-crypto socialist luddites led by Elizabeth Warren, a move that will cost him what little support he had left within the crypto space, which has found an ally in candidate Trump (at least until the election that is).

Some speculated that the admin’s double U-turn on crypto was prompted by the rigged ruling in the Trump hush money payments case, which allowed Biden to once again show his true anti-crypto colors…

…  a decision which will now force the Democrats to come up with even more fake and illegal alien ballots to offset the flood of anti-Biden votes from the crypto industry. Even staunch never-Trumper Anthony Scaramucci said that the “very bad” veto decision will “cost him more than he realizes.”

As for Trump, hie recent efforts to court the crypto voters by both hosting an event for his NFT holders and promising to commute the sentence of Silk Road Ross Ulbricht seem to be working despite Trump’s mixed record on crypto.

But there’s no question about Biden’s record with crypto now. With this veto, Biden has explicitly aligned himself with the losing duo of Gary Gensler and Pocahonatos, and indicated he will continue to have the SEC’s back in their crusade against crypto.

*********

(TLB) published this article from ZeroHedge as compiled by Tyler Durden

Header featured image (edited) credit: Biden/org. ZH article tease

Emphasis added by (TLB)

••••

••••

Stay tuned tuned…

••••

The Liberty Beacon Project is now expanding at a near exponential rate, and for this we are grateful and excited! But we must also be practical. For 7 years we have not asked for any donations, and have built this project with our own funds as we grew. We are now experiencing ever increasing growing pains due to the large number of websites and projects we represent. So we have just installed donation buttons on our websites and ask that you consider this when you visit them. Nothing is too small. We thank you for all your support and your considerations … (TLB)

••••

Comment Policy: As a privately owned web site, we reserve the right to remove comments that contain spam, advertising, vulgarity, threats of violence, racism, or personal/abusive attacks on other users. This also applies to trolling, the use of more than one alias, or just intentional mischief. Enforcement of this policy is at the discretion of this websites administrators. Repeat offenders may be blocked or permanently banned without prior warning.

••••

Disclaimer: TLB websites contain copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available to our readers under the provisions of “fair use” in an effort to advance a better understanding of political, health, economic and social issues. The material on this site is distributed without profit to those who have expressed a prior interest in receiving it for research and educational purposes. If you wish to use copyrighted material for purposes other than “fair use” you must request permission from the copyright owner.

••••

Disclaimer: The information and opinions shared are for informational purposes only including, but not limited to, text, graphics, images and other material are not intended as medical advice or instruction. Nothing mentioned is intended to be a substitute for professional medical advice, diagnosis or treatment.

Be the first to comment

Leave a Reply

Your email address will not be published.


*