Senator Elizabeth Warren spoke about her support for the SEC’s Staff Accounting Bulletin (SAB) 121 during a senate hearing on May 16.

She explained that the bulletin aims to offer accounting guidance for companies dealing with crypto, emphasizing the importance of disclosing risks such as hacks, theft, and loss of crypto during bankruptcy. Warren clarified that SAB 121 does not mandate crypto platforms to include customers’ crypto on their balance sheets or claim ownership of their customers' assets. She opposed the senate vote on HJ Res.

109, arguing that it exceeded the time limit for congressional review and fell outside the scope of the Congressional Review Act (CRA) since the bulletin is not a notice and comment rule. Despite the Senate's decision to overturn SAB 121, President Joe Biden plans to veto the resolution within 10 days of receiving it.