Crypto Industry and Biden Administration Clash Over SEC Bulletin on Digital Asset Custody Accounting

A battle is brewing between the crypto industry and the Biden administration over a non-binding resolution passed in the U.S. House. The resolution demanded that the Securities and Exchange Commission (SEC) retract a staff bulletin on digital asset custody accounting, with the aim of promoting innovation in the digital asset space. However, the White House announced that President Biden would veto the resolution, arguing that it would hinder the SEC's efforts to protect investors and the financial system. Crypto enthusiasts, including Charles Hoskinson, creator of Cardano, and Ryan Selkis, founder of Messari, expressed concern over Biden's position on crypto. They believe that the administration is trying to stifle the industry and that former President Donald Trump would be a better option for the crypto community. Trump himself recently voiced support for cryptocurrency, stating that he wants to stop crypto companies from leaving the U.S. due to hostility towards the industry. The dispute centers around a Staff Accounting Bulletin (SAB) issued by the SEC, which SEC Chair Gary Gensler considers uncontroversial but has faced criticism from lawmakers and the courts. The outcome of this battle could have implications for the future of crypto regulation in the U.S.

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