Veto of the president of HJRes. 109 Message home

I hereby return without my HJRes approval. 109, a resolution that would disapprove the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121).

SAB 121 reflects the technical views of the SEC staff regarding the accounting obligations of certain companies that safeguard cryptoassets. By invoking the Congressional Review Act, this Republican-led resolution would inappropriately limit the SEC’s ability to put in place appropriate safeguards and resolve future problems. This reversal of the SEC staff’s considered judgment risks undermining the SEC’s broader powers over accounting practices. My government will not support measures that endanger the well-being of consumers and investors. Appropriate safeguards protecting consumers and investors are necessary to exploit the potential benefits and opportunities of crypto-asset innovation. My Administration looks forward to working with Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, that will promote responsible digital asset development and payments innovation and help strengthen U.S. leadership in the global financial system.

This is why I am vetoing this resolution.

JOSEPH R. BIDEN JR.

THE WHITE HOUSE,

May 31, 2024.