According to Odaily Planet Daily, Mark Uyeda, a member of the U.S. Securities and Exchange Commission (SEC), advocated the revocation of SAB 121. He believed that the way SAB 121 was issued undermined the basic checks and balances mechanism designed to prevent excessive administrative control. Although both parties supported the resolution to repeal SAB 121, U.S. President Biden vetoed the measure. He criticized that the U.S. government did not follow the standard rule-making procedures prescribed by the Administrative Procedure Act (APA), but issued it as a regulatory decree.
Earlier news, Biden vetoed a resolution that proposed to overturn the controversial crypto asset accounting standard SAB 121 of the US SEC. He said in an official statement on May 31: "Overturning the SEC staff's well-considered judgment in this way could undermine the SEC's broader authority in accounting practices." Biden said: "My government will not support measures that endanger the well-being of consumers and investors."