D-Day For Crypto: SAB 121 Veto Showdown Set For Wednesday


The
US
House
of
Representatives
is
scheduled
to
vote
on
significant
crypto
legislation
on
Wednesday,
July
10.
This
vote
might
override
President
Joe
Biden’s
veto
of
the
Securities
and
Exchange
Commission’s
(SEC)
resolution
to
repeal
Staff
Accounting
Bulletin
121
(SAB
121).
In
June,
Biden

vetoed
this
bill.
It
has
garnered
significant
attention
due
to
its
impact
on
the
custody
of
Bitcoin
and
other
crypto
assets
by
financial
institutions.

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The
SEC
issued
SAB
121
in
2022,
which
mandates
that
banks
holding
cryptocurrency
must
disclose
these
assets
as
liabilities
on
their
balance
sheets.
Many
in
the
crypto
industry
have
questioned
this
accounting
treatment,
claiming
that
the
additional
regulatory
burden
deters
banks
and
other
institutional
actors
from
dealing
with
digital
assets.

D-Day
For
Crypto

The
House
initially

passed
the
resolution
opposing
SAB
121
in
early
May
with
a
vote
of
228-182,
supported
by
21
Democrats
alongside
unanimous
Republican
backing.
President
Biden
vetoed
the
resolution
anyways.
This
led
to
the
scheduling
of
a
veto
override
vote,
which
requires
a
two-thirds
majority
in
both
the
House
and
Senate
to
pass.

Ron
Hammond
of
the
Blockchain
Association

highlighted
the
unusual
political
dynamics
at
play,
noting
that
“crypto
has
now
found
itself
to
be
a
campaign
issue.”
He
underscored
the
bipartisan
nature
of
the
previous
votes
and
pointed
out
the
uphill
battle
ahead,
saying,

this
effort
is
a
tough
uphill
climb
as
only
21
Ds
in
May
joined
all
the
Rs
in
support
(drastically
below
the
2/3
threshold
needed).”

Perianne
Boring
from
the
Digital
Chamber
added
urgency
to
the
discussion,
stressing
the
necessity
for
more
Democratic
support:
“The
bill
to
nullify

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SAB
121
is
back
for
a
vote
in
the
House
this
week
after
POTUS
veto
on
May
31st.
This
constitutionally
mandated
vote
requires
a
2/3
majority
to
override
the
veto.
We
need
around
60
more
House
Democrats
to
support
our
bill
to
end
SAB
121.”

Other
Ways

In
response
to
the
challenges
of
overturning
the
veto,
discussions
among
lawmakers
have
also
included
alternative
legislative
strategies.
Eleanor
Terrett
of
Fox
Business

revealed
via
X,
“I’m
told
by
a
Dem
staffer
familiar
with
the
thinking
of
the
House
leads
that
they
do
not
expect
many
Democrats
to
change
their
votes
on
Wednesday.
They
see
a
better
pathway
to
overriding
SAB
121
through
HR
5741

Uniform
Treatment
for
Custodial
Assets
Act

a
bipartisan
bill
introduced
by
US
Rep
Mike
Flood
and
cosponsored
by
Rep
French
Hill,
Wiley
Nickel,
and
Ritchie
Torres
that
addresses
the
accounting
treatment
of
digital
assets.”

Furthermore,
the
House
Appropriations
Committee
has
proposed
a
policy
rider
in
its
budget
bill
that
would
restrict
the
SEC
from
using
funds
to
implement
SAB
121,
illustrating
another
approach
to
modify
the
regulatory
environment
for
crypto
custody.

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Author: Jake Simmons


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