United States President Joe Biden has vetoed a resolution aimed at overturning the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121. This controversial decision has drawn immediate criticism from the cryptocurrency industry. “We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” stated the Blockchain Association in a May 31 X post, following Biden’s argument that opposing the guidelines would undermine the SEC’s authority. “This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding
