U.S. President Biden Vetoes Resolution Overturning SEC Guidance

U.S President Joe Biden signed a veto of a House Joint Resolution that would have repealed the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121, he announced Friday afternoon.

SAB 121 is a controversial piece of SEC accounting guidance that directs financial institutions holding crypto for customers to keep the assets on their own balance sheets. Critics of the guidance say it makes it too difficult for financial institutions to work with crypto companies.

In his statement announcing the veto, Biden said he would not support any “measures that jeopardize the well-being of consumers and investors.”

Source: U.S. President Biden Vetoes Resolution Overturning SEC Guidance