In Case of SAB 121 Rejection, FDIC Nominee Goldsmith Romero Says Banks Can Custody Digital Assets
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In recent times, the Senate has voted to overturn the SEC’s Staff Accounting Bulletin No. 121—also known as SAB121. Following this, the Biden administration has vowed that he would veto this bill if it were passed. So what is all this fight about, and what is the big hoo-ha behind this bill?
U.S. President Biden said he vetoed the resolution because "he will not support measures that endanger the well-being of consumers and investors."
Bipartisan lawmakers urge Biden to reconsider veto on SAB 121 repeal, citing concerns over crypto regulation and market stability.
The U.S. Senate joined the House of Representatives in voting to repeal a controversial Securities and Exchange Commission (SEC) accounting rule that imposed onerous capital requirements on crypto custodians.
Senate's bipartisan approval of H.J.Res. 109 challenges SEC's SAB 121, pushing President Biden to decide amidst political and industry pressures.
House passes bipartisan bill to challenge SEC's crypto guidance, faces potential veto from President Biden.
The governor also highlighted the financial commitment the bill would require. The White House recently released several reports on the crypto industry.
While the president had previously called the bill innovative, concerns about anti-money laundering measures brought it back to the administration for discussion.