Coinbase Chief Policy Officer: SAB 121 has not been formally considered by the SEC itself

Faryar Shirzad, Coinbase's chief policy officer, said on the X platform that Fox reporter Eleanor Terrett was right. It makes no sense. It is inexplicable that the White House spends the president's political capital to protect the authority historically vested in the banking regulator by the SEC. If the bill undermines the Securities Exchange Commission's ability to "maintain a comprehensive and effective financial regulatory framework for crypto assets," then it makes no sense for the Biden administration to ask Congress to enact a law giving federal agencies other than the Securities Exchange Commission the authority to regulate crypto commodities and stablecoins.
Remember that SAB 121 is just an employee guide, and even the Securities Exchange Commission itself has not formally reviewed it. To protect an employee explanatory memorandum that was never approved, the president threatened to put veto power on the record, which has to be said to be a strange thing.
Golden Finance previously reported that U.S. President Joe Biden has pledged to veto a bill that the House of Representatives will vote on Wednesday to repeal the SEC's crypto policy, which is believed to have prevented banks from handling crypto customers.