US President Joe Biden has vetoed a bill aimed at repealing a Securities and Exchange Commission (SEC) bulletin setting accounting standards for companies that hold cryptocurrency. 📉
- Biden said the repeal risks undermining the SEC's authority over accounting practices.
- The bill sought to repeal the SEC's cryptocurrency accounting guidance, which requires institutions holding crypto assets to record them as liabilities on their balance sheets.
- Biden added that his administration will not support measures that jeopardize the welfare of consumers and investors.
Biden's decision has drawn criticism from the cryptocurrency industry.