Biden administration vetoes effort to repeal SEC directive regulating digital asset companies' accounting practices

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The post Biden vetoes attempt to overturn controversial SEC bulletin on accounting standards for digital asset firms appeared first on CoinGeek.

In terms of what happens next, overturning last week’s Presidential veto is possible but requires a two-thirds majority from both houses of Congress, so SAB 121 repealers would need to persuade a few more colleagues in both Houses to counteract Biden’s decision.

The repeal measure was a largely Republican effort, but 21 Democrats did back the resolution, while several Democratic senators, including Senate Majority Leader Chuck Schumer (D-NY) also voted in favor of repealing SAB 121.

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Article Details

Author / Journalist: James Field

Category: Crypto

Markets: CanadaSingapore

Topics: Joe Biden Mike Flood Staff Accounting Bulletin 121 United State Regulation Securities and Exchange Commission SAB 121 Business

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-06-04 @ 11:00:38 (2 weeks ago)

News Timezone: GMT +8:00

News Source URL: coingeek.com

Language: English

Article Length: 812 words

Reading Time: 5 minutes read

Sentences: 29 lines

Sentence Length: 28 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © CoinGeek

News ID: 21149304

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