Lawmakers have appealed to President Joe Biden to reconsider his intention to veto a Congressional Review Act (CRA) resolution aimed at repealing the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).
The bill passed with the same parties’ support in both houses of Congress aims to repeal SAB 121, which has been denounced for possibly preventing financial institutions from providing crypto custody.
Led by U.S. Senator Cynthia Lummis (R-WY) and Representative Patrick McHenry (R-NC), the bipartisan effort stresses that rescinding SAB 121 falls within the SEC’s authority, citing historical precedent of revisiting and rescinding staff accounting bulletins. This was the first standalone crypto legislation supported by the Senate and the House passing 60-38 and 228- 182 respectively.
President Biden’s re-election campaign has also engaged with the cryptocurrency industry, signaling a shift from previous cautious stances towards crypto. To identify the key areas of concern for the policies that might be raised by the crypto advocates, especially SAB 121, the campaign will seek assistance in the formulation of policies that will be relevant to the targeted community groups.
