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08/07/24
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U.S. House of Representatives May Consider President Biden’s SAB 121 Veto This Week
Majority Leader of the U.S. House of Representatives Steve Scalise’s weekly schedule shows that the House may consider H. J. Res. 109 this week, a bill providing for congressional disapproval of a rule submitted by the U.S. Securities and Exchange Commission (SEC) relating to the Staff Accounting Bulletin (SAB) 121.
This comes after the U.S. president vetoed the resolution that would disapprove of the SAB 121. The administration said the disapproval of the H.J. Res. 109 was based on the perspectives of SEC staff about the accounting obligations of some companies that safeguard cryptocurrency assets.
President Biden said his administration will not support whatever measures will have a negative impact on consumers and investors, as necessary guardrails are required to ensure their protection and utilize the opportunities provided by cryptocurrency innovation.
The House is empowered to overturn or uphold presidential vetoes through voting, so lawmakers may consider voting again on the bill. However, they need a two-thirds majority vote from both the House and Senate to overturn the president’s veto.
Sixty (60) senators voted to pass the resolution against 38, while 228 members of the House of Representatives voted to pass the resolution against 182, prior to the president vetoing their resolution.
Participants within the crypto space have been criticizing the administration’s decision to veto the guidance. “We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121,” said crypto advocacy group the Blockchain Association.
“To say that this is incredibly disappointing from this white house – at an incredibly pivotal time – is an understatement,” said Ripple CEO Brad Garlinghouse. Senator Lummis said it is an attempt to “skirt the law” and promised that she will not “stand idly” but “continue to fight to promote financial innovation and key protections for crypto assets this administration seems hellbent on stifling.”
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