President Joe Biden’s recent veto of a bill intended to overturn SEC’s cryptocurrency accounting guidelines has sparked controversy. Pro-crypto Senator Cynthia Lummis criticized the move, highlighting a missed chance to align with the pro-crypto sentiment in Congress. She emphasized her commitment to continue advocating for crypto assets despite the administration’s resistance.

Hours before the veto, Lummis had urged Biden in a letter to consider the support for cryptocurrency innovation shown by the recent bipartisan Congressional vote. She expressed concerns that the SEC bypassed traditional rulemaking processes, which could stifle financial innovation and protection for crypto holders.

The crypto community has received bolstered support from other lawmakers as well, including Senator Ted Cruz who announced his own venture into Bitcoin mining, signaling growing Congressional endorsement for the cryptocurrency sector.

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