US House May Vote to Overturn Biden’s SAB 121 Veto

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As a researcher with a background in financial regulation and cryptocurrencies, I have been closely following the developments surrounding Staff Accounting Bulletin 121 (SAB 121) and its potential impact on the crypto industry. The upcoming vote in the House of Representatives next week to potentially overturn President Biden’s veto is a critical moment for this issue.

As a crypto investor, I’m keeping a close eye on the upcoming developments in Washington. Next week, the House of Representatives could make a pivotal decision regarding President Joe Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). This proposed SEC rule requires reporting entities to include cryptocurrencies in their balance sheets. According to House Majority Leader Steve Scalise’s schedule, this legislation is among the bills that may be considered in the upcoming week.

As an analyst, I would explain it this way: I’m required by the constitution to do so, but the House of Representatives must hold a new vote on overriding President Biden’s veto of SAB 121. The potential votes could take place as early as Tuesday or Wednesday. In May, there was broad bipartisan support for this action, with majorities in both the House (228-182) and Senate (60-38) having already voted to repeal SAB 121 before Biden vetoed it later that month.

Opponents contend that the passage of SAB 121 could limit American banks’ ability to handle cryptocurrency exchange-traded products on a large scale, potentially resulting in an increased risk of control being held by non-bank entities. Overriding a presidential veto requires a two-thirds vote in both houses of Congress.

With the previous approval – 55.6% in the House and 61.2% in the Senate – the resolution faces the need for more endorsements, specifically from Democrats, to be passed effectively. Alexander Grieve of Paradigm, a cryptocurrency investment firm, commented, “It’s an uphill battle but not unachievable considering the bipartisan nature of the FIT vote.”

Previously, President Biden thwarted the attempt to repeal SAB121. However, this issue is set for another debate in the House starting next week. It’s a challenging feat, but with the level of bipartisanship demonstrated during the FIT vote, it’s not entirely out of reach for the House to secure a two-thirds majority and override the veto.

— Alexander Grieve (@AlexanderGrieve) July 5, 2024

As a researcher studying financial legislation, I can share that the Financial Innovation and Technology for the 21st Century Act, designed to clarify jurisdictions over cryptocurrency matters between U.S. commodities and securities regulators, received robust approval in the House, with a total of 279 votes in favor versus 136 against, in May.

If Democrats in the House of Representatives fail to overturn the President’s veto on SAB121, they may forfeit the opportunity to support cryptocurrency legislation during an election year that is already difficult.

— yuga.eth 🛡 (@yugacohler) July 5, 2024

As I delve into the 2024 U.S. presidential race unfolding before us, I observe that both President Biden and his Republican challenger, Donald Trump, are ramping up their efforts in the digital domain. Their strategies are progressively centered around harnessing the power of digital assets to engage with voters and secure support.

Kerri Langlis, the chief security officer at Bitcoin miner TeraWulf, viewed the recent change of stance towards cryptocurrency by both the Biden and Trump administrations as a promising sign for the industry. She urged the community to capitalize on this shift by intensifying educational and political initiatives.

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2024-07-06 10:12