United States President Joe Biden said he vetoed the resolution because "he will not support measures that jeopardize the well-being of consumers and investors."
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. The controversial decision has been met with criticism from the cryptocurrency industry.
"This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices," he declared in an official May 31 statement.
"My Administration will not support measures that jeopardize the well-being of consumers and investors," Biden added.
