Biden Vetoes Bill Challenging SEC’s Crypto Oversight

Biden Vetoes Bill Challenging SEC’s Crypto Oversight



U.S. President Joe Biden has vetoed a legislative attempt to overturn a Securities and Exchange Commission (SEC) bulletin, which establishes accounting standards for firms that custody cryptocurrency.



In an official letter dated May 31, Biden emphasized, "This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices." The bill aimed to repeal the SEC’s cryptocurrency accounting guidelines, mandating institutions holding crypto assets to record them as liabilities on their balance sheets.



"My Administration will not support measures that jeopardize the well-being of consumers and investors," Biden asserted. "Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset i


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