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President Biden Vetoes Resolution Overturning SEC's SAB 121 Crypto Policy on Friday Night

Jun 1, 2024, 12:33 AM

President Joe Biden has vetoed a Congressional resolution aimed at overturning the SEC's Staff Accounting Bulletin 121 (SAB 121), a contentious crypto accounting policy, on Friday night. The veto has sparked significant backlash from the crypto community and bipartisan members of Congress. The resolution had garnered substantial support, with 60 votes in the Senate and bipartisan backing in the House. Critics argue that the veto demonstrates the Biden administration's anti-crypto stance and could alienate the 20% of Americans who own crypto assets. President Biden defended his decision, stating that his administration would not support measures that jeopardize the well-being of consumers and investors. Senator Cynthia Lummis has voiced her disappointment, and Republican Senator Ted Cruz, who is an active participant in the crypto space, has also criticized the decision. The veto has intensified efforts to pass the FIT21 Act, a landmark crypto bill, in the Senate.