President Joe Biden has rejected a resolution that aimed to overturn a ruling by the U.S. Securities and Exchange Commission (SEC) on cryptocurrency accounting. The decision has sparked criticism from the crypto industry. The Blockchain Association expressed disappointment, stating that the move goes against the will of Congress. The SEC ruling requires institutions holding crypto assets to list them as liabilities on their balance sheets. Biden defended the SEC’s authority in a letter to Congress. Despite backlash, lawmakers voted to repeal the ruling in both the House and Senate. The crypto community has voiced frustration on social media, with some calling it a setback for innovation. Ripple CEO Brad Garlinghouse described it as a disappointment. The industry views this decision as hindering progress during a crucial period.
