SEC Commissioner Mark Uyeda advocates for the revocation of SAB 121

Mark Uyeda, a member of the U.S. Securities and Exchange Commission (SEC), advocated for the revocation of SAB 121. He believes that the way SAB 121 was issued undermines the basic checks and balances mechanism designed to prevent excessive administrative control. Although there is bipartisan support for the resolution to repeal SAB 121, Biden still vetoed the measure. He criticized that the U.S. government did not follow the standard rule-making procedures prescribed by the Administrative Procedure Act (APA), but issued it as a regulatory decree. The Administrative Procedure Act requires public comments and ensures transparency, allowing judicial review. Uyeda said: "The issuance of SAB 121 through a regulatory decree, rather than conducting rulemaking under the Administrative Procedure Act, actually avoids judicial review, which weakens our checks and balances mechanism to prevent excessive expansion of the administrative state." (Bitcoin.com) Earlier news, U.S. President Joe Biden vetoed a resolution that proposed to overturn the U.S. SEC's controversial crypto asset accounting standard SAB 121. “Overriding the considered judgment of the SEC staff in this manner risks undermining the SEC’s broader authority over accounting practices,” he said in an official statement on May 31. “My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said.