- The House is set to vote on a resolution to overturn President Biden's veto of the SAB 121 repeal on Wednesday.
- President Biden vetoed the overturn in May, following bipartisan support to revoke SAB 121.
- To reverse the President's veto, two-thirds of the House would need to vote in support of the overturn.
The House of Representatives will vote on Wednesday on whether or not to repeal President Biden's decision to veto the overturn of SAB 121.
SAB 121 resolution back on House court
The House of Representatives is scheduled to vote on the possible overturn of President Biden's veto of Congress's repeal of controversial SAB121 on Wednesday.
Staff Accounting Bulletin 121 (SAB 121), introduced by the Securities & Exchange Commission (SEC) in 2022, requires crypto companies to record their customer holdings as liabilities on their balance sheets. The bulletin drew massive criticism across the crypto industry and the political sector, leading to its repeal by Congress in May.
Regardless, President Joe Biden vetoed the bipartisan overturn, arguing that removing SAB 121 would undermine the SEC's ability to regulate the crypto industry properly. He also claimed that his administration "will not support measures that jeopardize the well-being of consumers and investors," SAB 121's repeal in this case.
The House would need a two-thirds majority vote to support the motion to overturn the President's veto. However, certain political voices suggest that this may be a difficult bridge to cross, especially with the need to get votes from Democratic members.
Senator Bill Hagerty posted on X:
"The last vote was pre-determined given Biden's veto threat - this time it is live. Pro-innovation Republicans have made our stance clear — will Democrats have the courage to join us?"
Additionally, Alexander Grieve, head of government affairs at Paradigm, previously made a similar comment on tomorrow's vote:
"Let's see if the House can rally a 2/3 vote to overturn the veto (steep hill to climb but not impossible given how bipartisan the FIT vote was)," Grieve said on Friday, referencing the bipartisan support towards the FIT-21 bill.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Price Forecast: Chances of pullback increase as miner selling ramps up
Bitcoin (BTC) price extends its decline for a second consecutive day on Wednesday, trading slightly down at around $87,600 after a 30% surge since November 5 pushed BTC to a new all-time high at $89,940.
Crypto fraudster pleads guilty of taking part in $73 million laundering scheme
Daren Li, a Chinese citizen, pleaded guilty to conspiracy to help launder $73 million stolen in cryptocurrency scams. Li laundered funds using a network of shell companies and international bank accounts.
Cardano bulls show signs of exhaustion
Cardano’s price is falling on Tuesday as it faces rejection around $0.624 and traders engaged in profit-taking following the recent rally. Technical indicators show signs of weakness in upward momentum as the RSI exits from the overbought territory.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP could face pullbacks
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) trade in the red on Tuesday following strong rallies since last week, driven by crypto-friendly candidate Donald Trump's election victory.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.