"President Vetoes H.J.Res. 109: Message to House"

President Biden has vetoed H.J.Res. 109, a resolution that would disapprove of the SEC's Staff Accounting Bulletin No. 121, which addresses the accounting obligations of firms safeguarding crypto-assets. Biden argues that the resolution would undermine the SEC's authority and jeopardize consumer and investor protections. He emphasizes the need for appropriate regulatory guardrails to support the responsible development of digital assets.