Biden vetoes resolution to repeal SAB 121, saying he will not support any "measures that endanger the well-being of consumers and investors"

BlockBeats news, June 1, US President Joe Biden announced on Friday afternoon that he signed a joint resolution of the House of Representatives, vetoing a resolution that would repeal the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121.

SAB 121 is a controversial accounting guidance from the U.S. Securities and Exchange Commission (SEC) that requires financial institutions that hold customer cryptocurrencies to keep the assets on their own balance sheets. Critics of the guidance say it makes it very difficult for financial institutions to work with cryptocurrency companies.

In a statement announcing the veto, Biden said he would not support any "measures that endanger the well-being of consumers and investors," and that repealing SAB 121 would limit the SEC's ability to develop appropriate protections and address future issues, and could weaken the SEC's broader powers over accounting practices.

Hours before Biden's veto, banking groups and members of Congress sent two letters to Biden's desk, asking him to sign a resolution to overturn SAB 121.