President Joe Biden’s veto of the SAB 121 repeal was a blow for the crypto community. Can the U.S. Congress override the veto with broad bipartisan support?
The political costs for Congress to override President Joe Biden’s veto of H.J.Res.109 might be too high.
Congress recently voted to pass H.J.Res.109, which would repeal the U.S. Securities and Exchange Commission’s (SECs) Staff Accounting Bulletin No. 121 (SAB 121) with uncharacteristic bipartisan support.
SAB 121 requires banks to record customer crypto assets on their balance sheets as liabilities, a practice unique to digital assets. Removing this requirement would make it easier for banks to conduct business with the crypto industry.