The House is set to reconsider a crypto regulation bill previously vetoed by President Joe Biden. The bill, which had passed both the House and Senate, now requires a two-thirds majority to override the veto.
Points
- The House plans to reconsider the crypto regulation bill vetoed by Biden.
- A two-thirds majority is required to override the veto.
- The bill had previously passed both the House and Senate.
- The outcome could significantly impact crypto asset custody services in the U.S.
The House Majority Leader, Mr. Steve Scalise, has announced plans to reconsider the vetoed crypto regulation bill by President Joe Biden in May. The bill, which had previously been approved by both the House and Senate, now requires a two-thirds majority to override Biden’s veto. The upcoming reconsideration is scheduled for July 9 or later.
. @SECGov SAB 121 resolution returns to House Floor next week says Majority Leader … “Legislation that may be considered:
Veto message to accompany H. J. Res. 109 – Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the…
https://twitter.com/blockchaintpsht/status/1809281961447297223
The Controversial SEC Directive
The bill aims to address the SEC’s guidance on crypto asset custody, which has been criticized for its lack of clarity and potential to stifle innovation in the crypto sector. The SEC’s statutory mission is to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets. However, many in the crypto industry argue that the SEC’s approach has been overly restrictive and has created uncertainty for financial institutions looking to enter the crypto custody business.
The SEC’s statutory mission is to protect investors, facilitate capital formation, and maintain fair, orderly, and efficient markets.
https://twitter.com/GOPMajorityWhip/status/1787852810337263715
Bipartisan Support and Criticism
The bill has garnered bipartisan support and criticism. Proponents argue that clearer regulations are necessary to foster innovation and protect investors, while opponents fear that the bill might lead to excessive regulation and hinder the growth of the crypto industry.
Financial Organizations’ Implications
The guidance, though being more of an informal rule, the lack of clarity on how banks need to manage non-crypto assets or how the SEC would implement it has scared many big companies from jumping into the crypto custody business.
Presidential Veto and Justification
President Biden vetoed the bill, citing concerns over the potential risks to the financial system and the need for more comprehensive regulatory oversight. The veto has been met with mixed reactions, with some industry stakeholders expressing disappointment and others agreeing with the need for cautious regulation.
To the Future
When the House revisits the bill, the cryptocurrency sector and its defenders will be closely watching to see if the necessary support to override the veto can be garnered. The outcome could significantly impact how banks handle crypto assets and the future of crypto custody services in the United States.
解説
- The reconsideration of the crypto regulation bill highlights the ongoing debate over the role of government regulation in the cryptocurrency sector.
- The SEC’s guidance on crypto asset custody has been a contentious issue, with significant implications for financial institutions and the broader market.
- The outcome of the House vote will have a critical impact on the future of crypto custody services in the U.S. and could set a precedent for other regulatory measures.
- Understanding the arguments on both sides of the debate is essential for stakeholders looking to navigate the evolving regulatory landscape.
- The potential override of the presidential veto represents a significant moment in the legislative process, with broad implications for the crypto industry.