United States President Joe Biden has vetoed a resolution that would have overruled the U.S. Securities and Exchange Commission Staff Accounting Bulletin No. 121.
United States President Joe Biden has vetoed a resolution that would have overruled the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121.
“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” Biden wrote in an official response to Congress voting to repeal the cryptocurrency accounting guidelines, which requires institutions that custody crypto assets to record crypto holdings as liabilities on their balance sheets.
The guidelines were set to take effect on April 11 but were met with considerable backlash from the crypto community and lawmakers alike.
