The U.S. House of Representatives is set to vote on a resolution rejecting the SEC's crypto accounting guidance, criticized by the industry. President Biden threatens to veto the move if approved, stating it's crucial for addressing risks and protecting consumers.
Rep. Mike Flood highlights Gary Gensler's restrictive approach towards digital assets, noting that SAB 121 negatively impacts large banks. Flood criticizes Gensler for not involving banking regulators and questions his competence in banking matters.
President Biden defends the SEC's policy, emphasizing its response to significant risks affecting consumers. Biden reaffirms his support for maintaining the current regulatory framework to address technological and legal challenges.
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