President Biden Vetoes SEC SAB 121 Repeal Resolution

U.S. President Joe Biden issued a veto against H.J.Res. 109, a resolution that would disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121). In its veto document, Bides states that the approval of this Republican-led resolution would “inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.” Furthermore, Biden stressed that his administration would not “support measures that jeopardize the well-being of consumers and investors.” Nonetheless, Biden explained that he is eager to work with Congress to issue a regulatory framework to promote the responsible development of digital assets in the U.S.