June 18, 2024

“Biden just vetoed the only pro-crypto bill to ever come across his desk. This was a layup.”

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.”

BREAKING: 🇺🇸 President Biden vetoes bill that would allow highly regulated financial firms to custody #Bitcoin and crypto. pic.twitter.com/TMHavdWRx7

— Bitcoin Magazine (@BitcoinMagazine) May 31, 2024

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).

Biden just Vetoed the only pro-crypto bill to ever come across his desk.

This was a layup.

SAB 121 is an anti-crypto rule put in place by Gensler’s SEC to stop banks from holding crypto.

Crypto hates it. The banks hate it.

All he had to do was not veto the repeal.

This will… https://t.co/CoDEMTB6ws pic.twitter.com/V7t2UWYY8b

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) June 1, 2024

The President Biden position on crypto may cost him more than he realizes. It was a really bad decision to veto that bill. Especially at this critical time.

— Anthony Scaramucci (@Scaramucci) June 1, 2024

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…

Biden just Vetoed the only pro-crypto bill to ever come across his desk.

This was a layup.

SAB 121 is an anti-crypto rule put in place by Gensler’s SEC to stop banks from holding crypto.

Crypto hates it. The banks hate it.

All he had to do was not veto the repeal.

This will… https://t.co/CoDEMTB6ws pic.twitter.com/V7t2UWYY8b

— RYAN SΞAN ADAMS – rsa.eth 🦄 (@RyanSAdams) June 1, 2024

… 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.

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