Lawmakers Call on Biden to Reconsider Veto of SAB 121 Repeal

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As an analyst, I have closely followed the developments surrounding SAB 121 and its potential repeal. The bipartisan support for this measure in both houses of Congress is a clear indication that it has garnered widespread approval from lawmakers. The fact that several Democrats joined their Republican colleagues in supporting the resolution speaks volumes about the importance and urgency of this issue.

President Joe Biden is being encouraged by lawmakers to rethink his objection to a bill aimed at overturning SEC’s Staff Accounting Bulletin 121 (SAB 121).

This appeal comes before you against the backdrop of a law that was approved in the House of Representatives and Senate, enjoying bipartisan backing.

Lawmakers Call on Biden to Reconsider Veto of SAB 121

Senator Cynthia Lummis of Wyoming and Representative Patrick McHenry from North Carolina took the initiative to repeal the Affordable Care Act by penning a formal missive to the President, voicing their shared apprehensions in Thursday’s correspondence.

Considering the strong bipartisan approval in Congress, we recommend that you either approve H. J. Res. 109 into law or collaborate with the Securities and Exchange Commission (SEC) to revoke the relevant staff guidance. By highlighting the extensive legislative backing and acknowledging the SEC’s authority to amend or repeal its bulletins, this approach emphasizes the significance of addressing the issue at hand.

Lummis, House Colleagues Urge President Biden Not to Veto Bipartisan SAB 121 CRA

— blockchain tipsheet (@blockchaintpsht) May 30, 2024

The controversy surrounding SAB 121 has persisted for quite some time, primarily due to the proposed requirement for financial institutions to list cryptocurrencies held in custody as liabilities on their balance sheets. Critics argue that this regulation could disrupt how banks safeguard their IT infrastructure.

Bipartisan Support and Presidential Veto

The Senate passed a vote of 60 to 38, repealing SAB 121, with significant bipartisan backing. Likewise, in the House, the act garnered support from 228 members compared to 182. Notably, several democrats agreed with this decision, indicating a considerable number of democrats hold similar perspectives as republicans.

Despite this, President Biden has not dismissed the possibility of vetoing the repeal, expressing concerns over potential risks to financial regulations and the crypto market.

The White House has stated that expressing concerns about diminishing the Securities and Exchange Commission’s regulatory power could lead to significant financial instability and market fluctuations.

Timeline and Next Steps

As a crypto investor, I’ve noticed that the resolution, referred to as H.J. Res 109, took its sweet time reaching the president’s desk due to the congressional delay.

As a researcher, I would describe it this way: The shift in timeline moves the President’s decision-making deadline to June 3rd, allowing for more contemplation time and opportunities for consultations with the Securities and Exchange Commission (SEC) and other relevant parties if needed.

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2024-05-31 02:42