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.

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 nullify SAB 121, preventing the SEC from implementing a similar rule in the future.

This decision is pivotal for the cryptocurrency market, including Bitcoin, as it will influence how digital assets are regulated in the United States. The outcome could impact investor confidence and market stability, as clear regulatory frameworks are often seen as essential for the mainstream adoption of cryptocurrencies.

Additionally, the House has moved forward with the Financial Innovation and Technology for the 21st Century (FIT21) Act, which aims to