SKY Eye

The cryptocurrency industry is dismayed after President Joe Biden unexpectedly vetoed the resolution to overturn the U.S. Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121 (SAB 121). Both the Senate and the House of Representatives approved this resolution.

This veto has ignited widespread concern among industry stakeholders, who claim the bulletin enforces overly restrictive guidelines on the custody of digital assets. Consequently, calls from lawmakers in both the Senate and House of Representatives have intensified, urging the passage of the landmark crypto bill, the Financial Innovation and Technology for the 21st Century (FIT21) Act.