Congressman Flood: Biden Veto Not the Last Word on SAB 121

WASHINGTON, D.C. – Today, U.S. Congressman Mike Flood issued a statement following news that President Joe Biden had vetoed H.J. Res. 109, a measure that would have repealed the U.S. Security and Exchange Commission’s Staff Accounting Bulletin 121, also known as SAB 121. Rep. Flood is the original introducer of H.J. Res. 109.

“While President Biden’s veto is disappointing, it isn’t the last word on SAB 121. Digital assets and cryptocurrency are here to stay and are a critical part of America’s financial future. Banks have long been America’s most trusted custodians, and regulators should work with them so they can provide the same services for digital assets that they have to other asset classes for years. I will continue to work with my colleagues to find ways to end SAB 121 and push back on Chair Gensler’s anti-crypto agenda.”