[House Document 118-145]
[From the U.S. Government Publishing Office]





                                     

118th Congress, 2d Session - - - - - - - - - House Document 118-145 
 
                      VETO MESSAGE--H.J. RES. 109

                               __________

                                MESSAGE

                                  from

                THE PRESIDENT OF THE UNITED STATES 
                
                              transmitting

                     VETO MESSAGE ON H.J. RES. 109






      [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]







                  June 3, 2024.--Ordered to be printed 
                  

                                   _______
                                   
                                   
                 U.S. GOVERNMENT PUBLISHING OFFICE 
                 
49-011                     WASHINGTON : 2024 




















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.

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