On May 31, 2024, President Biden issued a letter to the House of Representatives, announcing his veto of the H.J.Res. 109 resolution led by the Republican Party. The resolution aimed to overturn the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121), which addresses the accounting responsibilities that companies holding custody of crypto assets should comply with. Biden’s veto underscores his commitment to consumer and investor protection.
Biden Utilizes Presidential Veto Power! Prevents Congressional Power Expansion and SEC Ensures Investor Protection through SAB 121 Accounting Principles