Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

What's going on, guys? It is Monday, June 3rd, and today we are talking about Biden's veto.

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breakdown pod. All right, friends, well, we have been doing the play-by-play of the political shifts when it comes to

crypto, and assuming that some of you have been on a nice vacation for a couple of weeks,

effectively Donald Trump talking about being the crypto candidate at a campaign event a couple of

weeks ago really set the starting gun that has totally shifted the politics around this industry. Towards the end of last week,

there was a sense among some that even Democrats were shifting their stance. There had purportedly

been some reach-out from not just the Democrats that have had a longstanding support for the

industry, but the White House itself to try to sort of right the ship.

There was at the same time quite a bit of skepticism from the crypto industry around how deep

or sincere the change really was. And one of the big questions was going to be how actions

did or did not back it up. The first of those actions was inevitably going to be whether

President Biden followed through on his promise to veto the repeal

of SEC Staff Accounting Bulletin 121. Well, late Friday night, those who had hoped for a real

shift in administration policy were disappointed, and the White House followed through with its

threat of a veto. Now, as I mentioned, SAB 121 had become a bellwether for crypto sentiment and industry support in Washington over the past month.

The bill to repeal the accounting guidance gathered support from 21 House Democrats and 12 senators.

Many had assumed that this show of bipartisan support in defiance of the threat to veto would be enough to make the White House reconsider its position.

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