Bitcoin Price Prediction as Biden’s Decision on SEC Crypto Rules Looms – Will BTC Rally?
As the deadline for President Biden’s decision on the SEC’s cryptocurrency regulations approaches, Bitcoin’s market response remains cautious. Currently trading at $68,400, the cryptocurrency has experienced a slight decline of 0.50%.
This movement could indicate a bearish trend in Bitcoin price predictions, suggesting that investors are weighing the potential impacts of regulatory changes on the digital asset’s value.
President Joe Biden is approaching a crucial deadline to decide on a resolution that could overturn the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).
The resolution, which has already been approved by both the House of Representatives and the Senate, is threatened with a veto by the White House.
President Biden has until June 3 to act on the Congressional decision, which challenges the SEC’s controversial crypto regulations intended to govern the handling of digital assets by brokers.
Update on #SAB 121 process. We received confirmation that Congress did not send over H.J Res 109, Resolution to repeal SAB 121, to Biden until last night.
That changes 10 day window. @POTUS now has until June 3rd to veto the Resolution (10 day window excluding Sundays). https://t.co/b9RHs8hS7a
— Cody Carbone (@CodyCarboneDC) May 23, 2024
The Chamber of Digital Commerce outlines three potential actions President Biden could take: veto the resolution, sign it into law, or do nothing and let the resolution become law by default if Congress is in session.
A presidential veto would likely be the final step in the effort to overturn SAB 121, as Congress probably lacks the two-thirds majority required to override a veto.
If signed or left unsigned with Congress in session, the resolution would
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