Odaily News US President Joe Biden vetoed a resolution that would have overturned the US SEC's controversial crypto asset accounting standard SAB 121. He said in an official statement on May 31: "Overturning the considered judgment of SEC staff in this way could undermine the SEC's broader authority in accounting practices." Biden said: "My government will not support measures that endanger the well-being of consumers and investors." SAB 121 will take effect on April 11, 2024, but has been strongly opposed by the crypto community and lawmakers. (Cointelegraph) Earlier news, the bill to overturn SAB 121 was voted on by the House of Representatives and the Senate on May 8 and May 17 respectively.