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Author: Ciaran Lyons, Cointelegraph; Compilation: White Water, Bit Chain Vision Realm
U.S. President Joe Biden rejected the employee Accounting Announcement (SAB) No. 121.This controversial decision was immediately criticized by the cryptocurrency industry.
“We are disappointed. The government chose to overthrow the opinions of the two parties and two parties of the Congress. They realized that the harm caused by the SAB 121,”The cryptocurrency advocates the organization of the blockchain association in X post on May 31st that Bayeng argued that the guidelines that challenged the proposed guidelines would harm the authority of the SEC.
“In this way, overthrow the thoughtful judgment of the SEC staff, it may weaken the broader power of SEC in accounting practice,”Biden wrote in an official letter on May 31 that in response to Congress voting to abolish the cryptocurrency accounting standards, the standard required a custody of crypto assets to record the encrypted holdings as the liabilities on the balance sheet.
Biden added: “My government will not support measures to endanger consumers and investors.”
Joe Biden’s letter to the House of Representatives.Source: White House
The guide was originally scheduled to take effect on April 11, but was strongly opposed by the encrypted community and legislators.
Legislators and cryptocurrency communities have a clear position
The House of Representatives was guided by 228 votes to abolish the SEC by 182 votes and submitted the bill to the Senate.
Members of the Senate also attached to the voting results of the House of Representatives, with a significant advantage of 60 votes on 38 votes through the abolition of SAB-121.
Most people in the cryptocurrency community expressed their dissatisfaction with the decision on social media. They believed that this decision would only stifle innovation and hinder the development of the industry at a critical moment.
“This is a good stick to innovation and financial freedom,” said Cody Carbone, chief policy officer of the Digital Chamber of Commerce in X post on May 31.
“It is not enough to say that the White House made this decision at a critical moment,” Brad Garlinghouse, CEO of Ripple.
