U.S. Senator Cynthia Lummis: Biden missed an opportunity to "correct" his stance on the crypto industry

U.S. Senator Cynthia Lummis, who supports the cryptocurrency industry, said that U.S. President Biden's decision to veto the repeal of the controversial cryptocurrency accounting standard SAB 121 missed the opportunity to "correct" his position on crypto assets. Lummis commented on the matter on the X platform: "Congress gave the government the opportunity to correct its position on crypto assets. I will not sit idly by as the government tries to circumvent the law. I will continue to work to promote financial innovation and provide key protections for crypto assets that this administration seems bent on stifling." (Cointelegraph) Earlier today, U.S. President Joe Biden vetoed a resolution that proposed to overturn the U.S. SEC's controversial crypto asset accounting standard SAB 121. "Overturning the SEC staff's well-thought-out judgment in this way could undermine the SEC's broader authority in accounting practices," he said in an official statement on May 31.