A pro-crypto US senator is calling out the Biden Administration after the president vetoed a digital asset bill that passed the House and the Senate.
In a new statement on the social media platform X, Republican Senator Cynthia Lummis of Wyoming says that the Biden Administration is attempting to skirt the law by vetoing a bill last week that would have reversed Staff Accounting Bulletin (SAB) 121 – a crucial guidance bulletin from the U.S. Securities and Exchange Commission (SEC).
SAB 121 is a note issued by the SEC in 2022 that says certain companies have to label digital assets as liabilities on their balance sheets even if they are simply holding the assets on behalf of customers.
Says Lummis,
“The SEC should never use staff accounting bulletins to determine policies – especially for industries it does not regulate – yet that is the new norm under President Biden’s leadership.
Congress gave this administration the opportunity to correct its position on crypto assets, but instead of listening to the will of the American people and reining in the SEC, President Biden doubled down on his administration’s failed policies at the expense of American consumers.
I will not stand idly by as this administration attempts to skirt the law, and I will continue to fight to promote financial innovation and key protections for crypto assets this administration seems hellbent on stifling.”
In a letter to the House, President Biden said that letting this bill become law would hinder the SEC’s ability to protect consumers.
“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.
This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices. My Administration will not support measures that jeopardize the well-being of consumers and investors.”
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