United States President Joe Biden has just announced that he vetoed the House Joint Resolution to repeal Staff Accounting Bulletin 121 (SAB 121) of the United States Securities and Exchange Commission (SEC).
🔍 **What is SAB 121?**
SAB 121 is an SEC accounting guideline that requires financial institutions that hold cryptocurrencies for customers to hold these assets on their own balance sheets. Critics say this makes it difficult for financial institutions to cooperate with cryptocurrency companies.
In his veto, President Biden emphasized his commitment to protecting consumers and investors, declaring that he would not support “any measure that jeopardizes the welfare of consumers.” users and investors”. 🛡️
“By invoking the Congressional Review Act, this Republican-led decision will inappropriately limit the SEC's ability to establish appropriate safeguards and solve future problems”.
He reiterated his desire to work with Congress on legislation for digital asset markets, emphasizing the need for “appropriate safeguards to protect consumers and investors.” 🏦👥
Earlier on Friday, Sen. Ron Wyden (D-Ore.), a member of Biden's party who voted for the resolution, expressed concerns at the Consensus 2024 conference. He noted that This guide sets a different standard for cryptocurrencies than other assets in the financial sector.
