US House Likely to Overturn Biden’s SAB 121 Veto, Key Events This Week

Highlights

SAB 121 mandates that crypto custodial firms report customer holdings as liabilities impacting crypto custodial services.
Federal Reserve Chair Jerome Powell is scheduled to testify before the House Financial Services Committee on monetary policy.
Representative Ro Khanna is leading a Democratic crypto roundtable with industry leaders like Mark Cuban .

This week is all set for some important events for the crypto industry as investors eagerly await the approval of the spot Ethereum ETFs. However, there are some key developments on the regulatory front as well with the US House voting to overturn Biden’s veto on SAB 121.

Will US House Overturn Biden’s SAB 121?

Ahead of this week either on Tuesday or Wednesday, the US House is likely to vote in order to overturn the SAB 121 veto. The SAB 121 has raised major concerns over the past week, especially within the crypto industry.

Many in the crypto market fear that the bulletin could prevent banks from offering crypto custodial services. According to the bulletin, crypto custodial firms must record their customers’ crypto holdings as liabilities on their balance sheets. However, the SEC has defended SAB 121, describing it as “non-binding staff guidance” that enhances disclosures to customers.

In May, the Biden administration decided to veto the decision by lawmakers to repeal the SAB 121 laws. However, the US House could decide to overturn this.

Also Read: Kamala Harris Overtakes Biden In Prediction Markets

All Eyes on CPI and PPI Data

Ahead this week, the US will release the CPI and PPI numbers for the months of June with the Fed chair Jerome Powell likely to deliver his semi-annual monetary policy testimony to the House Financial Services Committee. As of now, there are 50% chances of a 25 basis points rate cut by November this year.

Furthermore, on Wednesday, the Senate Agriculture Committee’s Oversight of Digital Commodities will have a hearing with CFTC Chairman Rostin Behnam. Furthermore, Representative Ro Khanna will have a crypto roundtable with key Democrats and billionaire Mark Cuban to stop Donald Trump’s crusade in crypto.

Also Read: Donald Trump Presidency Can Trigger ‘Global Hash War’

Ro Khanna is currently engaging with top figures from the crypto industry, alongside White House officials and Democratic lawmakers.

Later on Thursday, there’s a Senate hearing for the renomination of SEC Commissioner Caroline Crenshaw and the nomination of Christy Goldsmith Romero, currently a CFTC commissioner, as the new FDIC Chair.

Ahead of the release of the US CPI, the broader crypto market has come under pressure with Bitcoin tanking by 5% on Sunday, and altcoins seeing an even steeper correction.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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