The Executive Office of US President Joe Biden has announced its intention to veto proposed legislation, H.J. Res. 109, which seeks to allow highly regulated financial firms to act as custodians for Bitcoin and other cryptocurrencies by overturning the SEC’s Staff Accounting Bulletin (SAB) No. 121.
Veto Against Overturning SEC’s SAB 121
H. J. Res. 109, a bill to nullify the SEC’s Staff Accounting Bulletin (SAB) No.121, was strongly objected to by the Biden administration. SAB 121 introduces the limitations for financial institutions regarding the safekeeping of digital assets.
The Executive Office, as a result, indicated that if H.J. Res. 109 were presented to the President, he would veto it on the grounds of disrupting the SEC’s efforts to protect investors and also the broader financial system.
H. J. Res. 109 is a bill that was introduced under the Congressional Review Act (CRA) to nullify SAB 121. This resolution seeks to eliminate obstacles that stop regulated financial ins
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