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

United States President Joe Biden’s decision to veto the repeal of controversial cryptocurrency accounting guidelines has been criticized by pro-crypto U.S. Senator Cynthia Lummis, who believes he missed the opportunity to correct his stance on cryptocurrency assets. Lummis expressed her disappointment in a statement on X, stating that Congress had given the administration the chance to rectify its position, but Biden intervened and prevented the guidelines from being revoked. Despite this setback, Lummis vowed to continue fighting for financial innovation and protections for crypto assets, which she believes the administration is trying to suppress. The guidelines in question, known as SAB 121, require firms to record customers’ crypto assets as liabilities on their balance sheets, making it unfavorable for banks to publicly report. Lummis had sent a letter to Biden prior to her statement, urging him not to veto the repeal. Though both the House of Representatives and the Senate were in favor of overturning the guidelines, there has been a rise in Senators openly expressing their support for cryptocurrency. Republican Senator Ted Cruz, another crypto advocate, recently announced his entry into Bitcoin mining. The growing influence of crypto voters is already disrupting the political landscape, with implications for the 2024 election.