Regulation
What would happen if Biden vetoed the Senate’s proposal to overturn the SEC’s crypto dominance?
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Yesterday the American Senate voted in favor of HJRes. 109, a bill to repeal Staff Accounting Bulletin No. 121 (SAB 121) issued by the U.S. Securities and Exchange Commission (SEC). This development is considered potentially beneficial for the future growth of the cryptocurrency industry. However, the bill now faces the threat of a veto from President Biden.
What would happen if President Biden vetoed the bill?
The good thing is that the bill could still become law without the President’s signature.
Biden should choose not to sign HJRes. 109, will be returned to Congress along with the reasons for its disapproval. Congress then has the ability to override the veto with a two-thirds majority vote in both the House and Senate.
If they succeed, the bill will become law despite the President’s disapproval.
On the other hand, if Congress fails to obtain a two-thirds majority, the veto will stand and the bill will not become law.
In a less common scenario, if the President does not act within ten days while Congress is in session, the bill automatically becomes law without the President’s signature.
If President Biden wants to veto the bill, he may also want to evaluate whether it is worth it, and it all depends on the US presidential election.
Voter polarization over cryptocurrency regulation could potentially influence political polarization, but cryptocurrencies do not currently have a significant impact on voting behavior. According to a Pew Research report from April last year, the issue does not resonate deeply with most voters, only with 17% of American adults have used cryptocurrencies.
In short, cryptocurrencies seem to be unpopular now, but it is interesting to note that voters often base their decisions heavily on economic conditions, which, however, are not favorable to Biden.
Second The Economist, persistent inflation and economic challenges under the Biden administration could sway public opinion against him. How Biden has handled foreign policy issues could also impact his re-election prospects. Any perceived failures or unpopular decisions in these areas could lead to a loss of support.
With key arguments perhaps not working in his favor, Biden may want to avoid seeking support from the US crypto community and now there is the opportunity as his main rival, Donald Trump, has already swung into action.
Trump recently expressed support for the cryptocurrency industry, promising to end hostilities towards it if elected. While skeptics may see Trump’s shift as a strategic move to gain support, his previous involvement with non-fungible tokens (NFTs) lends some credibility to his promises.
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