Joe Biden also confirmed that he would not support measures that jeopardize the well-being of consumers and investors. The US President noted that the resolution would inappropriately limit the SEC’s ability to establish appropriate protections and address future challenges.
Biden’s statement reiterated his previous comments about his desire to work with Congress on digital asset market legislation.
The veto was issued just hours after banking groups and members of Congress sent letters to Biden, urging him to sign the resolution to overturn SAB 121.
The resolution had been passed by both chambers of Congress with a majority vote. It is worth noting that earlier, Senator Ron Wyden, a member of Biden’s party, announced the creation of another standard for cryptocurrency by the leadership.