Bipartisan lawmakers press Biden on SAB 121 veto.
House Financial Services Committee Chairman Patrick McHenry (R-NC) and Senator Cynthia Lummis (R-WY) led a letter urging President Joe Biden to reconsider vetoing the bipartisan Congressional Review Act (CRA) resolution overturning Securities and Exchange Commission (SEC) Staff Accounting Bulletin 121 (SAB 121). The SAB 121 makes it prohibitive for highly regulated financial firms to custody Bitcoin and crypto.
“Given the overwhelming bipartisan votes, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance,” stated the letter. “Rescinding SAB 121 is well within the SEC’s authority and there is ample precedent for revisiting a staff accounting bulletin.”
This CRA passed the Senate 60-38 and House 228-182. McHenry said it protects essential custody services and consumers. Senators Kirsten Gillibrand (D-NY), Representatives French Hill (R-AR), Ritchie Torres (D-NY), and others also urged regulators to state SAB 121 is unenforceable after the Government Accountability Office deemed it a rule under the CRA.
On November 15, McHenry, Lummis, Flood, Nickel, Gillibrand, Hill, and Torres made this argument to federal regulators. On February 1, Lummis, Flood, and Nickel introduced the bipartisan CRA.
As reported by Crypto Briefing, a veto from Biden was almost certain, after the US President expressed his intentions, citing the need to protect investors and the financial system. Should a presidential veto occur, Congress would need a two-thirds majority to override it.
However, recent developments in the US regulatory landscape might increase the chances of Biden deciding not to veto the bill. According to Bloomberg ETF analyst Eric Balchunas, the sudden stance shift seen by SEC towards a spot Ethereum ETF approval was motivated by “political issues.”
Moreover, presidential candidate Donald Trump has recently displayed a crypto-friendly approach in his campaign, and Biden might want to stay on the good side of this electorate share.
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
Crypto Briefing may augment articles with AI-generated content created by Crypto Briefing’s own proprietary AI platform. We use AI as a tool to deliver fast, valuable and actionable information without losing the insight – and oversight – of experienced crypto natives. All AI augmented content is carefully reviewed, including for factural accuracy, by our editors and writers, and always draws from multiple primary and secondary sources when available to create our stories and articles.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : CryptoBriefing – https://cryptobriefing.com/lawmakers-biden-sab-121-veto/
