Biden Vetoes Congressional Disapproval of SEC Crypto Accounting Bulletin

Key:
President Biden vetoes congressional disapproval of SEC's accounting bulletin on crypto assets.
H.J. Res. 109 aimed to disapprove SEC Staff Accounting Bulletin No. 121 (SAB 121).
SAB 121 outlines SEC staff views on accounting obligations for firms safeguarding crypto assets.
Biden: Resolution would constrain SEC's ability to set appropriate guardrails.
Administration emphasizes need for consumer and investor protection.
Veto aims to support comprehensive, balanced regulatory framework for digital assets.
Administration seeks responsible development of digital assets and payment innovation.
Biden's veto reinforces SEC's broader authorities on accounting practices.

Market Insights:
The veto supports a stable regulatory environment, which could influence investor confidence in crypto markets.
Clear accounting guidelines from the SEC are crucial for firms managing crypto assets.