Biden Vetoes Bill to Overturn SEC’s Crypto Guidance
Main page News, US, SEC, Cryptocurrency
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3 June

US President Joe Biden has rejected a bill that sought to repeal a controversial SEC bulletin that established accounting rules for companies holding cryptocurrencies.

In a letter to the House of Representatives and posted on the White House website, he stated his administration would not support any action that would jeopardize the safety of consumers and investors.

He emphasized the need for safeguards to be in place to effectively utilize the potential benefits of crypto asset innovation.

The bill to repeal the SEC's staff accounting bulletin, known as SAB 121, passed both the House and Senate earlier this month.

However, the president's veto means that the bill will not become law, as a two-thirds majority of both chambers would be needed to override the veto.

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