House Republicans Disappointed by Biden's Crypto Accounting Veto
CryptoNewsTerminal Staff01 Jun, 2024
House Republicans Disappointed by Biden's Crypto Accounting Veto
The House Financial Services Committee Republicans expressed disappointment after President Biden vetoed a bipartisan resolution to overturn the Financial Accounting Standards Board's (FASB) crypto asset custody guidance. In a statement, the panel's GOP members called the veto "a clear rejection of a bipartisan effort that sent a clear message to the administration that their approach to digital asset policy is misguided." The resolution, H.J. Res. 109, had passed the House with bipartisan support in March. It sought to nullify FASB's Accounting Standards Update (ASU) No. 2018-15, which requires public companies to record the fair value of crypto assets on their balance sheets. The GOP statement argues that the FASB guidance "creates unnecessary uncertainty and volatility in the digital asset markets" and "stifles innovation." It also criticized the Biden administration's broader approach to crypto regulation, saying it "has failed to provide clear and consistent guidance to the industry." The House Republicans vowed to "continue to fight for greater clarity in the regulation of digital assets."
