Republican Senator Cynthia Lummis has written to President Joe Biden, urging him not to veto the recent Congressional repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin-121 (SAB-121). Lummis criticized the SEC's issuance of the guidance as improper and highlighted the lack of stakeholder input due to the bypassing of notice and comment rulemaking. The Senator emphasized the bipartisan support for repealing SAB-121 and pointed out SEC Chair Gary Gensler's reluctance to rescind the rule. Despite Biden's warning of a potential veto, a shift in the White House's stance on cryptocurrencies following former President Trump's pro-crypto remarks may sway the decision. The crypto community eagerly awaits Biden's verdict as the June 3 deadline approaches, amidst a growing battle between regulators and the crypto industry. Read more AI-generated news on: https://app.chaingpt.org/news