A resolution to overturn Staff Accounting Bulletin 121, also known as SAB 121, was vetoed by President Biden in May. Now, the US house will vote on trying to overturn the POTUS veto on it.
Political experts are mixed about whether lawmakers have enough votes to override President Biden’s veto though.
The U.S. House is set to vote next week on a controversial Securities and Exchange Commission accounting bulletin, following a veto from President Joe Biden. The resolution aims to overturn Staff Accounting Bulletin 121 (SAB 121), which has faced criticism within the crypto industry for potentially hindering banks from safeguarding digital assets. This bulletin requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets.
- The weekly schedule posted by House Majority Leader Steve Scalise indicates that the resolution may be considered on Tuesday or Wednesday. The House must vote on SAB 121 again as part of its constitutional obligation. The measure initially passed the House in May with a vote of 228-182 and later passed the Senate 60-38, with bipartisan support.
- However, overturning the veto requires a two-thirds majority in both houses of Congress, a challenging feat. Alexander Grieve from Paradigm noted the difficulty but didn’t rule out the possibility given previous bipartisan support for similar measures. Conversely, Cody Carbone from the Chamber of Digital Commerce expressed skepticism about gathering the necessary votes, highlighting the difficulty of changing 60 members’ minds in a short timeframe.
In conclusion, while the upcoming vote on SAB 121 presents a significant moment for the crypto industry and its regulatory landscape, achieving the required two-thirds majority to overturn the veto appears to be a formidable challenge.
