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

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.

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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.