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Lawmakers Call on Biden to Reconsider Veto of SAB 121 Repeal

Senators Cynthia Lummis and Patrick McHenry lead bipartisan efforts to persuade President Biden to reconsider his veto of the SAB 121 repeal.
Lawmakers Call on Biden to Reconsider Veto of SAB 121 Repeal

Highlights

  • Sens. Lummis and McHenry lead bipartisan push against Biden's veto on SEC SAB 121.
  • Senate and House pass SAB 121 repeal with major bipartisan support: 60-38 and 228-182 votes.
  • Delay in transmission extends Biden's decision deadline on SAB 121 to June 3rd

Lawmakers are urging President Joe Biden to reconsider his decision to veto a legislative measure that seeks to repeal the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121).

This appeal arises in the context of the measure passed in the House of Representatives and Senate, with support from both parties.

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Lawmakers Call on Biden to Reconsider Veto of SAB 121

Wyoming Republican Senator Cynthia Lummis and North Carolina House Financial Services Committee Chair Rep. Patrick McHenry recently led the charge to repeal the Affordable Care Act by sending a formal letter to the president on Thursday. The letter went on to express the concern that the meeting prompted,

“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.

SAB 121 has been an issue of debate for some time now, largely due to its provision, which would require firms that custody cryptocurrencies to include these assets on their balance sheets as liabilities. Opponents claimed that this holds the potential to disrupt how banks adequately defends information technology resources.

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Bipartisan Support and Presidential Veto

The Congress managed to repeal SAB 121 through a Senate vote that was 60 to 38 with a number of bi-partisan support and, similarly in the House with 228 members to 182 in support of the act. Several democrats supported the decision, meaning there was a good number of democrats who share the same view with republicans.

Nonetheless, President Biden has not ruled out vetoing the repeal as he raises worries about dangers that may arises and affect the financial regulatory models and the cryptos market.

According to the White House, the administration made it clear that concerns have been expressed that reducing the SEC regulatory authority poses a threat of substantial financial insecurity and market volatility.

Timeline and Next Steps

This resolution, described as H. J. Res 109, arrived at the president’s office only recently because of the congressional hold.

This change in the normal course of events pushes the decision-making time of the President to June 3 thereby providing additional time for thinking as well as to engage in discussions with the SEC and other interested parties if necessary.

Read Also: Donald Trump Meme Coins Plummet After Guilty Verdict on Felony Charges

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Kelvin Munene Murithi

Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.

Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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