U.S. lawmakers voted 228-184 but failed to override President Joe Biden’s veto on a measure to overturn a controversial crypto accounting bulletin.
A two-thirds majority of both houses needed to override the veto. In the House, 21 Democrats and 207 Republicans voted yes, while 183 Democrats and one Republican voted no.
Staff Accounting Bulletin No. 121 (SAB 121) requires firms that custody crypto to record customer holdings as liabilities. This has raised concerns in the crypto industry about banks safeguarding digital assets.
Reps. Mike Flood and Wiley Nickel introduced the resolution to overturn SAB 121. The House voted 228-182 in May, followed by a Senate vote of 60-38. Despite this, President Biden vetoed the resolution.
The White House stated the administration’s opposition, citing the SEC’s role in protecting investors and the financial system. The SEC described SAB 121 as non-binding guidance that enhances investor disclosures.
An SEC spokesperson emphasised the importance of transparency in crypto custody risks. The spokesperson highlighted past failures of crypto firms and the subsequent impact on customers.
House Financial Services Committee Ranking Democrat Maxine Waters criticised the attempt to overturn SAB 121, noting ongoing negotiations between a special interest group and the SEC to refine the bulletin.
House Financial Services Committee Chair Patrick McHenry remarked that the vote was the first digital assets-specific legislation to pass both chambers. He criticised the administration for prioritising politics over technological advancement.
U.S. lawmakers failed to override President Biden’s veto on a measure to overturn SAB 121, leaving the controversial crypto accounting guidance in place. The administration and the SEC defend SAB 121 as crucial for investor protection, while critics argue it hampers crypto innovation.
Republicans in the US have called for the SEC to revoke its rule on cryptocurrency custody, citing concerns over its impact on banks and financial innovation. Despite bipartisan support, the repeal bill was vetoed by President Biden.
WenJunOn Monday, September 9, Paul Munter, Chief Accountant of the Securities and Exchange Commission (SEC), gave a speech in which he revealed that the Commission does not object to the bank’s assessment that the SAB 121 balance sheet accounting requirements do not apply to the bank.
JinseFinance
BerniceIn recent times, the Senate has voted to overturn the SEC’s Staff Accounting Bulletin No. 121—also known as SAB121. Following this, the Biden administration has vowed that he would veto this bill if it were passed. So what is all this fight about, and what is the big hoo-ha behind this bill?
XingChiU.S. President Biden said he vetoed the resolution because "he will not support measures that endanger the well-being of consumers and investors."
JinseFinanceBipartisan lawmakers urge Biden to reconsider veto on SAB 121 repeal, citing concerns over crypto regulation and market stability.
EdmundThe U.S. Senate joined the House of Representatives in voting to repeal a controversial Securities and Exchange Commission (SEC) accounting rule that imposed onerous capital requirements on crypto custodians.
JinseFinanceSenate's bipartisan approval of H.J.Res. 109 challenges SEC's SAB 121, pushing President Biden to decide amidst political and industry pressures.
Weiliang谷歌在2024年I/O开发者大会上以Gemini 1.5 Flash、Project Astra和Veo模型对OpenAI的GPT-4o做出强有力回应，引发科技界热议。
Xu LinHouse passes bipartisan bill to challenge SEC's crypto guidance, faces potential veto from President Biden.
Xu Lin