Pro-crypto U.S. Senator Cynthia Lummis criticized President Joe Biden for missing an opportunity to correct his stance on cryptocurrency assets. Lummis argued that Biden’s decision to veto the repeal of the controversial cryptocurrency accounting guidelines went against the will of the American people. She expressed her commitment to continue 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. Several Senators, including Republican Senator Ted Cruz, have shown support for cryptocurrency, with Cruz even announcing his participation in Bitcoin mining.
Senator Lummis claims Biden loses opportunity to 'rectify' stance on cryptocurrency