The maker of smart contract platform Cardano (ADA) is calling out President Joe Biden’s position on a planned resolution that would weaken the US Securities and Exchange Commission (SEC).
In a new video update, Charles Hoskinson tells his 315,000 YouTube subscribers that Biden’s statement that he would veto HJ Resolution 109 if it passes is “just a bunch of noise and garbage.”
“Blah blah blah, just a lot of noise and rubbish. It’s one thing to have regulation through enforcement, it’s another to say that when the legislature gets together, talks to everyone and comes up with proposals for how we as a nation can innovate and move forward, you just have a will veto it. .”
Earlier this week, the Biden administration sent a memo stating that the passage of HJ Resolution 109 would prevent the SEC from protecting investors within the crypto markets because it would invalidate SAB 121, which provides rules for entities that acquire digital assets on their behalf persist. of others.
In the statement, the Biden administration said he would veto HJ Resolution 109 if it passed.
“HJ Resolution 109 would invalidate SEC Staff Accounting Bulletin 121 (SAB 121), which reflects considered views of SEC staff regarding the accounting obligations of certain companies that protect crypto assets…
Limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto assets would introduce significant financial instability and market uncertainty. If the President HJ Res. 109, he would veto it.”
HJ Resolution 109 is a bipartisan resolution proposed in February and sponsored by Nebraska Representative Mike Flood.
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