President Joe Biden shared an unusual smartphone mockup on social media that featured extremely rounded edges, sparking humor and confusion online. The post aimed to address "drip pricing" on food delivery apps, but responses to it largely fixated on the peculiar design rather than the policy issue.
Friday, March 8, 2024President Joe Biden's Executive Office announced that Biden would veto the proposed H.J. Res. 109, allowing highly regulated financial firms to be cryptocurrency custodians. The office claims the resolution would disrupt the SEC and overturn a previous SEC bulletin. The legislation passed in the House of Representatives.
Just hours before President Joe Biden vetoed the repeal of Staff Accounting Bulletin (SAB) 121, the American Bankers Association (ABA) made a last-ditch effort to influence his decision, arguing that the regulations hinder banks' ability to effectively safeguard digital assets, which could harm investors and destabilize the financial system. Despite bipartisan Congressional support for the repeal, Biden used his presidential veto. The ABA claims that SAB 121 deviates from traditional custodial asset treatment and limits secure options for customers holding digital assets.
According to Pantera Capital analysts, Biden's veto of the pro-crypto SAB121 is due to his reluctance to oppose the SEC and Gary Gensler, whom he appointed.