Senator Lummis reveals Biden’s missed opportunity to rectify stance on cryptocurrency.

According to U.S. Senator Cynthia Lummis, President Joe Biden missed an opportunity to rectify his stance on cryptocurrency assets by vetoing the repeal of controversial cryptocurrency accounting guidelines. Lummis stated on May 31 that Congress had given the administration a chance to correct its position on crypto assets, but Biden’s decision to veto a Congressional resolution prevented the guidelines from being revoked. Lummis criticized Biden for going against the will of the American people and expressed her commitment to fighting for financial innovation and protections for crypto assets. The guidelines, known as SAB 121, require firms to record customers’ crypto assets as liabilities on their balance sheets, making it unappealing for publicly reporting banks. Lummis had sent a letter to Biden urging him not to veto the repeal. Despite support from both the House of Representatives and Senate, Biden decided to veto the repeal. Senator Ted Cruz also voiced his support for cryptocurrency by announcing his involvement in Bitcoin mining.