According to Odaily Planet Daily, U.S. Senator Elizabeth Warren expressed support for SEC Staff Accounting Bulletin (SAB) 121 at a recent Senate hearing. Warren believes that the standard applies to companies dealing with cryptocurrency businesses and is intended to provide accounting guidance. SAB 121 "simply clarifies" how companies should consider risks associated with encryption and display these risks in their disclosures. Relevant risks include hacking, theft, and the loss of cryptocurrencies when the protection company goes bankrupt. Warren added that the standard does not require encryption platforms to add customers' cryptocurrencies to their balance sheets. In addition, this standard does not make the platform the owner of its customers' cryptocurrencies. The U.S. Senate voted 60 to 38 to pass a resolution to overturn SEC SAB 121, but the resolution may be vetoed after it reaches President Biden's desk.