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### US President Biden Vetoes Resolution to Repeal SEC's Crypto Accounting Rule
U.S. President Joe Biden has vetoed a House Joint Resolution aimed at repealing the U.S. Securities and Exchange Commission's (SEC) Staff Accounting Bulletin 121 (SAB 121). This guideline requires financial institutions holding cryptocurrencies for customers to report these assets on their own balance sheets. Critics argue that this directive complicates collaboration between financial institutions and crypto companies.
In his veto statement, President Biden emphasized his commitment to protecting consumers and investors, stating, "I will not support any measures that would jeopardize their welfare." He criticized the Republican-led resolution for potentially hindering the SEC's ability to implement necessary safeguards and address future challenges.
Biden reaffirmed his willingness to work with Congress on legislation for the digital asset market, highlighting the need for "appropriate guardrails" to ensure consumer and investor protection.
Meanwhile, Senator Ron Wyden (D-Ore.), who voted for the resolution, expressed concerns at the Consensus 2024 conference, arguing that SAB 121 imposes a different standard on cryptocurrencies compared to other financial assets.
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