According to Odaily, Mark Uyeda, a commissioner of the U.S. Securities and Exchange Commission (SEC), has called for the repeal of SAB 121. Uyeda believes that the manner in which SAB 121 was issued undermines the fundamental checks and balances designed to prevent excessive administrative control. Despite bipartisan support for the resolution to abolish SAB 121, it was vetoed by President Biden.
Uyeda criticized the U.S. government for not following the standard rule-making procedures stipulated by the Administrative Procedure Act (APA), instead issuing it as a regulatory edict. The APA requires solicitation of public opinion and ensures transparency, thereby allowing for judicial review. 'By issuing SAB 121 as a regulatory edict, rather than rule-making under the APA, it effectively avoids judicial review, which weakens our checks and balances to prevent excessive expansion of the administrative state,' Uyeda stated.
In previous news, U.S. President Joe Biden vetoed a resolution aimed at overturning the controversial crypto asset accounting standard SAB 121 of the U.S. SEC. In an official statement on May 31, he said, 'Overturning the SEC staff's thoughtful judgment in this way could undermine the SEC's broader authority in accounting practice.' Biden added, 'My administration will not support measures that jeopardize the welfare of consumers and investors.'