Former White House Director of Communications Anthony Scaramucci did not take kindly to President Joe Biden’s vetoing of the crypto custody bill. On Saturday, the financier and founder of investment firm SkyBridge Capital warned about the potential ramifications of the president’s decision.
What Happened: Biden’s position on crypto “may cost him more than he realizes,” said Scaramucci in a post on X, formerly Twitter. “It was a really bad decision to veto that bill. Especially at this critical time.”
Warren Slammed: Scaramucci also took shots at Sen. Elizabeth Warren (D-Mass.), alleging that she had a role in the latest development.
“Warren 70+ Biden 81 think this isn't a big deal put younger democrats know they are out of step with the future. Could be very costly,” he said in a separate post.
The ex-White House aide went a step further and called her the “worst senator in America,” adding that she should retire. He also called for support for Republican Massachusetts Senate candidate John Deaton, a former Marine and cryptocurrency attorney.
See Also: How To Buy Bitcoin BTC/USD
Why It’s Important: H.J.Res. 109, which Biden vetoed, is a congressional resolution that would have overturned the SEC’s current approach to banks and crypto. The SEC’s Staff Accounting Bulletin 121 currently requires banks to classify customers’ crypto assets as liabilities and significantly increases the banks’ cost of handling cryptocurrencies. This has led to opposition from banking groups.
Regulators, however, are in favor of erring on the side of caution, given the risks associated with holding cryptos in the wake of collapse of crypto companies such as FTX and several other scandals involving cryptos.
Before it was tabled before Biden, the e H.J.Res. 109 was passed by Congress, with mostly Republican support.
While rejecting the proposal, Biden said, “By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC's ability to set forth appropriate guardrails and address future issues.”
“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC's broader authorities regarding accounting practices.”
On the contrary, the president expressed his willingness to work with the Congress on a “comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.”
Scaramucci is a crypto bull and predicted Bitcoin BTC/USD would hit $200,000 after the halving that occurred in April.
At last check, Bitcoin traded up 0.54% at $68,088.37, according to Benzinga Pro data.
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