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Highlights
- Controversial Bill SAB 121 has just been vetoed by President Biden
- The American Banking Association featured in the runup to the veto
- Industry remains anxious on what comes next for the Bill
The American Bankers Association (ABA) might have played a role in the veto of SAB 121, the controversial bill that has sustained the President Joe Biden anti-crypto war. In a new big reveal, it was discovered that the ABA wrote a letter of appeal to President Biden in this regard.
H.J Res.109 Contest the SEC’s SAB 121
The content of the letter includes a request for President Biden to sign H.J. Res.109 into law.
Noteworthy, the H.J. Res. 109 is the Congregational Review Act resolution of disapproval for the Securities and Exchange Commission’s (SEC) “Staff Accounting Bulletin 121.” As detailed in the letter, H.J. Res. 109 was introduced by some of the strongest bipartisan lawmakers in the country including Senator Cynthia Lummis, Rep Mike Flood, and Rep Wiley Nickel.
🚨NEW: The American Bankers Association, which helped write what the #crypto industry says is @ewarren’s anti-crypto bill (Digital Asset Anti-Money Laundering Act), wrote a letter asking @POTUS to sign H.J. Res. 109 (SAB 121 repeal) into law hours before he vetoed it.…
— Eleanor Terrett (@EleanorTerrett) June 1, 2024
Among the contestable position of SAB 121 is that it mandates banks to include customers’ crypto assets on their balance sheets. Some high-profile representatives, including Senators Cynthia Lummis and Kirsten Gillibrand, Patrick McHenry, French Hill, Ritchie Torres, Mike Flood, and Wiley Nickel, spearhead this initiative.
The securities regulator released the SAB 121 motion back in March 2022 and according to ABA, it did so without seeking or consulting with the appropriate authorities neither did it ask for public comment. This move led to strife in the market, causing members from both sides of the United States Congress to rally against the proposal.
It wasn’t long before legislators teamed up to repeal the SEC SAB 121. They highlighted that the Commission needed to pass through Congress before going forward with the policy. Their arguments against SEC’s move birthed the H.J. Res.109 which seeks to overturn SAB 121. However, the Biden administration just placed a veto on the proposed legislation.
ABA And Lawmakers Repeal Veto on H.J Res.109
Lawmakers immediately swung into action, urging that President Biden reconsider his decision to veto their legislative measure.
“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,” pointing out legislative support and recognizing the trench of the amending or rescinding powers of the SEC bulletins.
ABA’s letter to president Biden is just the association’s way of lending its voice to the repeal already made by these U.S. lawmakers. The Association highlighted that SAB 121 reflects a significant departure from longstanding accounting treatment for custodial assets. Also, it noted that the proposal threatens the industry’s ability to provide its customers with the sound custody of digital assets.
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