Biden vetoes congressional proposal to overturn SEC anti-crypto accounting rules
Veto could alienate crypto voters in 2024 election
Biden's Crypto Crackdown Turns Democrats to Republicans


Cryptocurrency Custody Act
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LUCKNOW (CoinChapter.com) - U.S. President Joe Biden vetoed a bipartisan resolution to overturn the SEC's cryptocurrency custody bill (SAB 121). The guidelines, which require cryptocurrency custodians to record customers' cryptocurrency holdings as liabilities, were widely opposed in the industry. The legislation could alienate crypto-friendly voters ahead of the 2024 elections.
The House of Representatives voted 228 to 182 to repeal the SEC’s Crypto Custody Act guidelines, sending the resolution to the Senate, which voted 60 to 38 in favor of repealing the cryptocurrency accounting rules scheduled to take effect on April 11.
Despite bipartisan majority support in both houses of Congress, President Biden vetoed a resolution to overturn SAB 121. In his official response, Biden said the repeal would “likely weaken the SEC’s broad authority over accounting standards.”
Is Joe Biden violating the “will of the American people”?
The cryptocurrency community appears to be outraged by Biden’s decision to maintain controversial accounting standards. The Blockchain Association said they were “disappointed that the administration chose to veto the bipartisan majority resolution in both houses.”


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Republican Senator Cynthia Loomis, who led the effort to repeal the cryptocurrency custody bill SAB 121, accused Biden of violating the “will of the American people” with his veto. Other cryptocurrency investors also said Biden’s move helps Donald Trump, who appears to be a crypto-friendly candidate in 2024.
Repealing Crypto Custody Bill Could Hurt Biden's Voter Base
The 2024 presidential race looks very tight. Biden's intervention in the cryptocurrency custody bill could cost him money among Democratic voters who reject crypto-friendly policies. Some long-time Democratic supporters have already expressed concerns about the government's cryptocurrency policy.
Cryptocurrency investor and entrepreneur Ryan Sean Adams called SAB 121 “SEC Chairman Gary Gensler’s anti-crypto rule to prevent banks from holding cryptocurrencies.”


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Mike Novogratz, billionaire CEO of cryptocurrency investment firm Galaxy, said Biden's decision was "disappointing."
This also helps position Donald Trump as a crypto-friendly candidate for the Republican Party.
Even some former Biden advisers criticized the veto decision, with Moi Vella saying:
As Biden sticks to his policy of restricting cryptocurrency custody bills, more and more traditional Democratic voters are turning to his camp because of Trump's promises of friendly blockchain reforms.


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Notably, Democrats in both the House and Senate, including Majority Leader Chuck Schumer, defied party discipline by voting to repeal SAB 121, which Biden ultimately vetoed. As major political parties increasingly embrace blockchain to win over cryptocurrency voters, the veto decision could leave Biden isolated on the issue even within his own party.