Arrrr, President Biden be swashbuckling the crypto bill like a scallywag on the high seas! Aye aye, matey!
2024-06-02
Arrr mateys, President Joe Biden hath vetoed H.J.Res. 109, a scallywag resolution aimin' to turn the Securities and Exchange Commission's approach to banks and crypto on its head. The resolution be takin' a swing at the SEC's guidance on how banks should handle customers' crypto assets, makin' it a right pain in the booty for them scurvy dogs to deal with. Banking groups be cryin' foul, sayin' it be costin' 'em a pretty penny. Aarrrr!
Arr mateys! Listen up ye scallywags! President Joe Biden be throwin' a veto on H.J.Res. 109, a piece o' paper that be tryin' to mess with the Securities and Exchange Commission's rules on banks and crypto. The resolution be takin' aim at the SEC's Staff Accounting Bulletin 121, which be tellin' banks how they should be dealin' with their customers' crypto booty. That be meanin' they gotta treat it like liabilities, makin' it a pain in the booty for the banks.The banking groups be raisin' their voices and shoutin' that this approach be way too expensive for them to handle. They be sayin' it be like makin' 'em walk the plank! But President Biden be standin' firm and sayin' nay to this resolution. He be protectin' the SEC's current approach and tellin' them scallywags in Congress to swab the deck instead.So there ye have it, me hearties. President Biden be keepin' the waters calm and steady for now. But who knows what the future may hold for the banks and their crypto adventures. Stay tuned, and may yer doubloons be safe and sound, arr!