President Biden Vetoed Resolution to Overturn SEC's SAB 121, Citing Investor Protection
Summary:
US President Joe Biden has vetoed a resolution aimed at nullifying the US Securities and Exchange Commission's (SEC) Staff Accounting Bulletin (SAB) 121, stating it could undermine the authority of the SEC and harm consumers and investors. Despite facing significant legislative opposition, with a majority of votes in both the House of Representatives and Senate calling for a repeal, the SAB is still set to take effect in April 2024. More updates will follow as this story develops.
In a move that countered Congress' resolve, US President Joe Biden vetoed a resolution aimed at overriding the US Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) 121. In his official statement dated May 31, he warned that such a step threatens to undermine the broader authority the SEC possesses over accounting practices. Emphasising his stance, Biden added that his administration would not back actions endangering the welfare of consumers and investors. Although the SEC's SAB was scheduled to come into effect on April 11, 2024, it faced significant resistance from both the crypto realm and lawmakers. Upon its introduction, members of the House of Representatives agreed to repeal the SEC's guidelines, with 228 votes outnumbering 182, thus moving the bill to the Senate. Mirroring the House's decision, senators decisively voted 60-38 to repeal SAB-121. As this situation continues to unfold, more details will be shared as they come to light.
Published At
6/1/2024 2:39:57 AM
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