United States of America: Vetoed Resolution providing for congressional disapproval of the SEC Staff Accounting Bulletin No. 121 (House Resolution 109)

On 31 May 2024, the President of the United States vetoed the resolution providing for congressional disapproval of the SEC Staff Accounting Bulletin No. 121 (House Resolution 109). The Resolution expresses Congress' disapproval of the Staff Accounting Bulletin (SAB) No. 121 regarding the accounting for obligations to safeguard crypto-assets an entity holds for platform users, nullifying the rule. The President stated that the resolution would improperly limit the Securities and Exchange Commission(SEC)'s authority to establish necessary guidelines and handle future matters. Further, as a justification, it was noted that overturning the SEC staff's decision in this manner could weaken the SEC's broader powers over accounting standards.