[Congressional Record Volume 170, Number 94 (Monday, June 3, 2024)]
[House]
[Pages H3548-H3549]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  PROVIDING FOR CONGRESSIONAL DISAPPROVAL UNDER CHAPTER 8 OF TITLE 5, 
    UNITED STATES CODE, OF THE RULE SUBMITTED BY THE SECURITIES AND 
EXCHANGE COMMISSION RELATING TO ``STAFF ACCOUNTING BULLETIN NO. 121''--
 VETO MESSAGE FROM THE PRESIDENT OF THE UNITED STATES (H. DOC. NO. 118-
                                  145)

  The SPEAKER pro tempore laid before the House the following veto 
message from the President of the United States:

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.

[[Page H3549]]

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.

  The SPEAKER pro tempore. The objections of the President will be 
spread at large upon the Journal, and the veto message and the joint 
resolution will be printed as a House document.
  Mr. GROTHMAN. I ask unanimous consent that further consideration of 
the veto message and the joint resolution, H.J. Res. 109, be postponed 
until the legislative day of July 10, 2024.
  The SPEAKER pro tempore. Is there objection to the request of the 
gentleman from Wisconsin?
  There was no objection.

                          ____________________