### Biden Vetoes Repeal of Crypto Accounting Rule
President Joe Biden has vetoed a resolution aimed at overturning the SEC's Staff Accounting Bulletin (SAB) No. 121, a decision that has sparked criticism from the cryptocurrency industry.
Biden stated his veto was to protect consumers and investors, emphasizing the importance of maintaining SEC authority over accounting practices. SAB 121 requires institutions holding crypto assets to record them as liabilities, a guideline that faced backlash from both the crypto community and lawmakers.
The resolution to repeal the guideline passed in the House of Representatives with a vote of 228 to 182 and in the Senate with a vote of 60 to 38. Despite bipartisan support for the repeal, Biden chose to maintain the SEC's ruling, arguing that challenging it would undermine the SEC's broader authority.
Crypto advocacy groups, like the Blockchain Association, expressed disappointment, stating the veto disregards the harm they believe SAB 121 causes. Industry leaders voiced frustration, suggesting the decision stifles innovation and financial freedom.
"This is a slap in the face to innovation and financial freedom," said Cody Carbone, chief policy officer at the Digital Chamber, while $XRP Ripple CEO Brad Garlinghouse called the veto "incredibly disappointing."
Despite the pushback, Biden remains firm in his stance, prioritizing the well-being of consumers and investors over the repeal of the controversial crypto accounting rule.
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