A pro-crypto US senator is calling out the Biden administration after the president vetoed a digital assets bill passed by the House and Senate.
In a new statement on social media platform a crucial guideline. of the US Securities and Exchange Commission (SEC).
SAB 121 is a note issued by the SEC in 2022 that requires certain companies to label digital assets as liabilities on their balance sheets, even if they simply hold the assets on behalf of customers.
Says Lummis,
“The SEC should never use staff accounting bulletins to set policy – especially for industries it does not regulate – yet that is the new normal under President Biden.
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 the American consumers.
I will not stand idly by as this administration attempts to circumvent the law, and I will continue to fight to advance financial innovation and important protections for crypto assets that this administration seems determined to stifle.”
In a letter to the House of Representatives, President Biden said that if this bill were to become law, the SEC’s ability to protect consumers would be hampered.
“SAB 121 reflects thoughtful technical views of SEC staff regarding the accounting obligations of certain companies that protect crypto assets. By invoking the Congressional Review Act, this Republican-led resolution would inappropriately limit the SEC’s ability to set appropriate guardrails and address future issues.
This reversal of the SEC staff’s informed judgment thus threatens to undermine the SEC’s broader authorities on accounting practices. My government will not support measures that endanger the well-being of consumers and investors.”
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