U.S. President Joe Biden has vetoed the repeal of SAB 121 which disappointed many who view these guidelines as harmful.
In a surprising move, despite bipartisan support, U.S. President Joe Biden has vetoed the repeal of Staff Accounting Bulletin 121 aka SAB 121.
Earlier, the White House had warned that repealing this policy could undermine the SEC’s ability to protect cryptocurrency investors. Providing further insights on the SEC’s overreach and Congress’s progress toward regulation, the Blockchain Association noted,In his defense, Biden responded to Congress’ vote to repeal the cryptocurrency accounting guidelines with an“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices.”“My Administration will not support measures that jeopardize the well-being of consumers and investors.
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