Biden missed an opportunity to ‘correct’ his stance on crypto – Senator Lummis
US President Joe Biden missed an opportunity to “correct” his stance on cryptocurrency assets by opposing controversial cryptocurrency accounting guidelines, pro-crypto US Senator Cynthia Lammis said.
“Congress has given the administration an opportunity to adjust its position on crypto assets,” Lumiss said in a May 31 statement on X, opposing Biden's decision to overturn Congress's decision to overturn the US Securities and Exchange Commission's (SEC) staff ledger. Sabi) No. 121.
Loomis argued that Biden had gone against “the will of the American people” by intervening and preventing the directives from being repealed. However, she expressed her determination to fight the issue.
“I will not remain silent as the administration attempts to circumvent the law, and I will continue to fight to promote financial innovation and key protections for crypto assets,” Lummis wrote.
The SAB 121 guidelines mandate that captive firms record client crypto assets as liabilities on their balance sheets, along with the requirement to have a corresponding asset, making it an unattractive option for banks to publicly report.
Lummis sent a letter to Biden hours before the announcement.
It comes hours after Loomis recently sent a letter to Biden imploring him not to oppose the congressional repeal of the SEC's SAB 121 repeal.
The lawmaker wrote, “Instead of a notice and comment rulemaking, the SEC's rulemaking has prevented the full commission from voting on a controversial policy.”
Related: Biden may reconsider veto of SAB 121 vote for crypto political support
While both the House and Senate voted in favor of repealing the controversial directive, senators were vocal in their support for cryptocurrency.
Another Republican Senator, Ted Cruz, has announced to his 6.3 million X followers that he has started mining Bitcoin (BTC). “In Iran, TX I bought 3 bitcoin miners that started hashing today. Proud to join Texas Bitcoin Miners,” Cruz wrote in a May 31 X post.
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