Biden vetoes the resolution to abolish the SEC's accounting standard for crypto assets, SAB 121
ChainCatcher News, President Joe Biden vetoed a resolution that aimed to overturn the controversial cryptocurrency accounting standard SAB 121 set by the U.S. SEC. In an official statement on May 31, he said, "Overturning the thoughtful judgment of SEC staff in this manner could undermine the SEC's broader authority in accounting practices."
Biden stated, "My administration will not support measures that jeopardize the welfare of consumers and investors."
SAB 121 is set to take effect on April 11, 2024, but has faced strong opposition from the crypto community and lawmakers.
Previously, the proposal to overturn SAB 121 was passed by votes in the House of Representatives and the Senate on May 8 and May 17, respectively.
ChainCatcher reminds readers to view blockchain rationally, enhance risk awareness, and be cautious of various virtual token issuances and speculations. All content on this site is solely market information or related party opinions, and does not constitute any form of investment advice. If you find sensitive information in the content, please click "Report", and we will handle it promptly.
