US President Joe Biden vetoes SAB 121 repeal
United States President Joe Biden said he vetoed the resolution because “he will not support measures that jeopardize the well-being of consumers and investors.”
United States President Joe Biden has vetoed a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. The controversial decision was immediately met with criticism from the cryptocurrency industry.
“We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” crypto advocacy group the Blockchain Association declared in a May 31 X post following Biden arguing that challenging the proposed guidelines would compromise the SEC’s authority.
“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” he wrote in an official May 31 letter in response to Congress voting to repeal the cryptocurrency accounting guidelines which requires institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.
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Author: Ciaran Lyons
