US House May Vote This Week To Overturn President Biden’s Veto on Crypto-Related Bill SAB 121

The US House of Representatives could be voting this week to overturn President Joe Biden’s veto of a bill that would have eliminated a controversial rule by the U.S. Securities and Exchange Commission (SEC).

According to House Majority Leader Steve Scalise’s weekly schedule, the House of Representatives may vote this week to overturn Biden’s veto on a bill that would have reversed the SEC’s Staff Accounting Bulletin (SAB) 121.

“Legislation that may be considered: veto message to accompany H. J. Res. 109 – Providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121.’”

SAB 121 is a guidance bulletin by the SEC that says certain companies should label digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.

Biden, who vetoed the bill in May, said at the time that the removal of the SEC’s guidance would hamper the regulatory agency’s ability to implement safeguards and protect investors.

“This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices. My Administration will not support measures that jeopardize the well-being of consumers and investors.”

The Republican-led bill to curb SAB 121 previously passed the House with a 228-182 vote and the Senate with a 60-38 vote.

Congress may override a presidential veto if two-thirds of elected officials in the House of Representatives and the Senate vote to do so.

SAB 121 was originally issued by the SEC in March of 2022.

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Featured Image: Shutterstock/Gary Blakeley