House set to vote over President Biden’s veto of SAB 121 overturn

• 
  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.