United States Senator Cynthia Lummis criticized President Joe Biden for "doubling down on his administration’s failed policies" after he vetoed the repeal of controversial cryptocurrency accounting guidelines. Lummis expressed disappointment, stating that Biden missed an opportunity to "correct" his stance on cryptocurrency assets.

In a statement on X following Biden’s decision to veto the Congressional resolution seeking to overrule the U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin (SAB) No. 121, Lummis highlighted that Congress had provided the administration with an opportunity to address concerns regarding crypto assets. She argued that Biden's intervention contradicted the "will of the American people" and pledged to continue advocating for financial innovation and key protections for crypto assets.

The SAB 121 guidelines require firms holding customers' crypto assets in custody to record them as a liability on the balance sheet, alongside the requirement of having a corresponding asset. This mandate has made it unappealing for publicly reporting banks.

Lummis had previously sent a letter to Biden urging him not to veto the Congressional repeal of SAB 121, emphasizing that the SEC's rulemaking bypassed a vote by the full commission on a contentious policy.

While both the House of Representatives and the Senate had voted in favor of overruling the guidelines, there has been a noticeable increase in Senators voicing their support for cryptocurrency. Republican Senator Ted Cruz, another pro-crypto advocate, announced his entry into Bitcoin mining, stating on X that he had purchased three Bitcoin miners that began hashing in Texas.