Republican Senator Cynthia Lummis has written a letter to President Joe Biden, urging him not to veto the recent repeal of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin-121 (SAB-121) by Congress. Senator Lummis highlighted the controversial nature of SAB-121 and criticized the SEC for issuing the guidance inappropriately. She also pointed out the questionable manner in which the regulator revealed the guidance, bypassing a vote by the full commission and preventing stakeholders from commenting on the policy. Senator Lummis concluded her letter by mentioning SEC Chair Gary Gensler’s refusal to rescind the rule and the bipartisan message sent by Congress through the repeal vote. The highly debated Bulletin was scheduled to take effect in April 2024 but faced opposition from the crypto community and lawmakers. The House of Representatives voted to repeal the SEC’s guidance, and the Senate followed suit with a decisive vote of 60-38. President Biden had warned of using his veto power if the repeal passed. However, the White House’s recent shift in tone towards cryptocurrencies, influenced by former President Trump’s support for the industry, may indicate a possibility that Biden will not veto the repeal. The crypto industry is anxiously awaiting Biden’s decision as the June 3 deadline approaches.
Senator Lummis advocates for SAB 121 repeal in letter to President Biden, requesting no veto