Today, June 1, U.S. President Joe Biden announced on Friday afternoon that he signed a joint resolution of the House of Representatives vetoing a resolution that would repeal the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121.
SAB 121 is a controversial accounting guidance from the U.S. Securities and Exchange Commission (SEC) that requires financial institutions that hold customer cryptocurrencies to keep the assets on their own balance sheets. Critics of the guidance say it makes it very difficult for financial institutions to work with cryptocurrency companies.
In a statement announcing the veto, Biden said he would not support any "measures that endanger the well-being of consumers and investors" and that repealing SAB 121 would limit the SEC's ability to develop appropriate protections and address future issues, and could weaken the SEC's broader authority over accounting practices.