A Message to the House of Representatives on the President's Veto of H.J.Res. 109 | The White HouseSkip to contentThe White HouseThe White House The White House Home AdministrationPrioritiesThe RecordBriefing RoomEspañol InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement MenuCloseTo search this site, enter a search termSearchMobile Menu OverlayAdministrationShow submenu for “Administration””President Joe BidenVice President Kamala HarrisFirst Lady Dr. Jill BidenSecond Gentleman Douglas EmhoffThe CabinetExecutive OfficesShow submenu for “Executive Offices””Council of Economic AdvisersCouncil on Environmental QualityDomestic Policy CouncilGender Policy CouncilNational Economic CouncilNational Security CouncilNational Space CouncilOffice of Intergovernmental AffairsOffice of Management and BudgetOffice of the National Cyber DirectorOffice of National Drug Control PolicyOffice of Public EngagementOffice of Science and Technology PolicyOffice of the United States Trade RepresentativeClimate Policy OfficePresidential Personnel OfficePrioritiesBriefing RoomThe White HouseShow submenu for “The White House””PresidentsFirst FamiliesThe GroundsOur GovernmentGet InvolvedShow submenu for “Get Involved””Write or Call The White HouseJoin UsWhite House FellowsWhite House Internship ProgramThe RecordDisclosuresEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 To search this site, enter a search termSearchMay 31, 2024 A Message to the House of Representatives on the President’s Veto of H.J.Res. 109 Home Briefing Room Presidential Actions TO THE HOUSE OF REPRESENTATIVES:I am returning herewith without my approval H.J.Res. 109, a resolution that would disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin No. 121 (SAB 121).SAB 121 reflects considered technical SEC staff views regarding the accounting obligations of certain firms that safeguard crypto-assets. By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues. This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices. My Administration will not support measures that jeopardize the well-being of consumers and investors. Appropriate guardrails that protect consumers and investors are necessary to harness the potential benefits and opportunities of crypto-asset innovation. My Administration is eager to work with the Congress to ensure a comprehensive and balanced regulatory framework for digital assets, building on existing authorities, which will promote the responsible development of digital assets and payment innovation and help reinforce United States leadership in the global financial system.Therefore, I am vetoing this resolution. JOSEPH R. BIDEN JR.THE WHITE HOUSE, May 31, 2024. Stay ConnectedSign UpEmail Address* RequiredZIP CodePlease leave blank.We'll be in touch with the latest information on how President Biden and his administration are working for the American people, as well as ways you can get involved and help our country build back better. Opt in to send and receive text messages from President Biden. ShareShare this page on FacebookShare this page on Xhttps://www.whitehouse.gov/briefing-room/presidential-actions/2024/05/31/a-message-to-the-house-of-representatives-on-the-presidents-veto-of-h-j-res-109/?utm_source=link HomeThe AdministrationExecutive OfficesPrioritiesThe RecordBriefing RoomThe White HouseDisclosuresGet InvolvedEspañol Contact UsPrivacy PolicyCopyright PolicyAccessibility Statement InstagramOpens in a new windowFacebookOpens in a new windowXOpens in a new windowYouTubeOpens in a new window The White House 1600 Pennsylvania Ave NW Washington, DC 20500 WH.gov Scroll to Top Scroll to Top Top
