According to Foresight News, U.S. Senator Cynthia Lummis, who supports the cryptocurrency industry, said that U.S. President Joe Biden's decision to veto the repeal of controversial cryptocurrency accounting standards missed the opportunity to "correct" his position on crypto assets. She stressed that she would not sit idly by and would continue to work hard to promote financial innovation. Previously, Biden vetoed a resolution to overturn the U.S. Securities and Exchange Commission's (SEC) crypto asset accounting standard SAB 121.