Benzinga – President Joe Biden has vetoed a bipartisan resolution that aimed to overturn the Security and Exchange Commission’s crypto custody guidance.
What Happened: The resolution, which was passed by both the House and the Senate, sought to nullify the SEC’s Staff Accounting Bulletin (SAB) 121. In a letter sent to the House of Representatives on Friday, President Biden stated that removing the guidance would impair the SEC’s ability to implement safeguards and protect investors, reported The Daily Hodl.
“SAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets. By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues,” he said in the letter.
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