Biden vetoes resolution to overturn of SEC’s controversial SAB 121

Share This Post

US President Joe Biden vetoed H.J. Res. 109, which aimed to overturn the of the SEC’s controversial SAB 121 rule, on May 31.

Biden wrote that SAB 121 represents the “considered technical” views of SEC staff. He added that the resolution would constrain the SEC’s ability to set guardrails and address future issues and risks — undercutting the agency’s authority over accounting practices.

He emphasized the rule’s role in protecting the public, stating:

“My Administration will not support measures that jeopardize the well-being of consumers and investors.”

Biden said his administration will work with Congress to create a “comprehensive and balanced” crypto regulatory framework that builds on existing authority and promotes innovation in the US.

Biden also highlighted a party divide in his veto statement by referring to H.J. Res. 109 as a “Republican-led resolution.”

Contrary to Biden, lawmakers backing the resolution have called the bill a bipartisan effort and urged the President not to veto the bill in a May 30 letter.

Despite the resolution’s supposed bipartisan nature, voting records demonstrate dominant Republican support for the bill. Republican lawmakers accounted for 48 of 60 yes votes in the Senate and 207 of 228 yes votes in the House of Representatives.

SAB controversy

SAB 121 requires financial institutions and firms that safeguard customer digital assets to consolidate the assets on their balance sheet and make certain disclosures.

Congressman Patrick McHenry, who supported an overturning of SAB 121, argued that the rules are effectively prohibitive. He also alleged that the SEC bypassed the Administrative Procedure Act (APA) and failed to obtain comments in making the rule.

On the other hand, Democratic senator Elizabeth Warren has argued SAB 121 is less restrictive than its critics claim. Meanwhile, the American Bankers Association (ABA) believes the rules are restrictive but desires modifications rather than a complete overturn.

Biden’s veto does not address those issues directly and only addresses a single legislative attempt to overturn SAB 121, leaving the possibility of future challenges uncertain.

The post Biden vetoes resolution to overturn of SEC’s controversial SAB 121 appeared first on CryptoSlate.

Read Entire Article
spot_img
- Advertisement -spot_img

Related Posts

The Best Crypto to Buy as Bitcoin DeFi is Projected to Unlock Billions in BTC

Now is the perfect time to look for the best crypto to buy, as unleashing Bitcoin into the DeFi protocol could add billions to BTC’s liquidity pool A recent report from Moulik Nagesh of Binance

POPCAT, PNUT, And PENGU Price Prediction After Robinhood Listing Hype

The post POPCAT, PNUT, And PENGU Price Prediction After Robinhood Listing Hype appeared first on Coinpedia Fintech News Key Highlights Meme coins – POPCAT, PNUT, and PENGU gained momentum after

Pi Network Faces Pressure as KYC Deadline Closes In, Whales Pick Up Web3 Mobile Competitor Trading at $0.0045

The post Pi Network Faces Pressure as KYC Deadline Closes In, Whales Pick Up Web3 Mobile Competitor Trading at $00045 appeared first on Coinpedia Fintech News Pi Network (PI) has become a household

Near Protocol Price Prediction 2025, 2026 – 2030: NEAR Price To Record 2X Surge?

The post Near Protocol Price Prediction 2025, 2026 – 2030: NEAR Price To Record 2X Surge appeared first on Coinpedia Fintech News Story Highlights The live price of the Near Protocol token is

XRP Price Prediction: Can XRP Grasp $5 as Democrats Try to Stop Crypto Reserve Plan

The post XRP Price Prediction: Can XRP Grasp $5 as Democrats Try to Stop Crypto Reserve Plan appeared first on Coinpedia Fintech News With bullish signals flashing and traders eyeing a potential push

Best New Crypto to Buy as Trump Plans Binance Investment and Turns Bitcoin Maximalist

Changpeng Zhao isn’t exactly the stereotypical criminal But the Binance founder did plea guilty, back in 2023, to violating anti-money-laundering (AML) laws And as such, he is a convicted felon