Biden Exercises Presidential Veto Power to Prevent Congressional Expansion of Authority: SEC Stresses that Upholding SAB 121 Accounting Principles Ensures Investor Protection

On May 31, 2024, President Biden issued a letter to the House of Representatives, announcing his veto of H.J.Res. 109, a resolution led by the Republican Party. The resolution attempted to overturn the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121), which addresses the accounting responsibilities that companies holding custodial crypto assets should adhere to. Biden’s veto underscores his commitment to consumer and investor protection.