United States President Joe Biden faces potential opposition as the House of Representatives prepares to challenge his veto of Staff Accounting Bulletin 121 next week.
SAB 121 mandates that SEC-reporting entities holding cryptocurrencies must include these assets on their balance sheets. House Majority Leader Steve Scalise’s weekly schedule lists SAB 121 under consideration for legislation.
Constitutionally, the House must vote to either uphold or overturn presidential vetoes, with voting likely on July 9 or 10. In May, bipartisan support in the House (228-182 votes) and Senate (60-38) favored a resolution to overturn SAB 121, which Biden vetoed later that month.
Critics argue that SAB 121 could hinder American banks from effectively managing cryptocurrency exchange-traded products, potentially increasing risk by ceding control to non-bank entities.
Overturning Biden’s veto requires a two-thirds majority in both chambers. With only 55.6% and 61.2% support in the House and Senate initially, additional Democratic backing is crucial this time.
Alexander Grieve, addressing government affairs for cryptocurrency investment firm Paradigm, noted the challenge ahead, despite the bipartisan support seen in May.
The Financial Innovation and Technology for the 21st Century Act, passed 279-136 by the House in May, aims to clarify how US regulators handle cryptocurrency-related matters.
Meanwhile, Biden and Republican candidate Donald Trump intensify their campaigns ahead of the 2024 presidential election, showing increased attention to digital asset issues in recent months, viewed positively by industry experts like Kerri Langlais, chief security officer at Bitcoin miner TeraWulf.
Source: Yuga Cohler