The U.S. Senate supports the repeal of anti-cryptocurrency rule SAB121! But Biden still has a chance to veto it

According to a report by The Block, the U.S. Senate voted to repeal the SEC’s anti-cryptocurrency rule SAB121, an announcement that triggered a major debate on the accounting requirements for cryptocurrency custodians. With passage in the Senate and House of Representatives, the bill will go to President Joe Biden's office, where the White House has indicated it may use a veto.

"Custodial accounting" is controversial, with both the Senate and the House of Representatives opposed

SAB121 was first released in 2022 and was criticized by the industry for its strict rules. These requirements force companies that hold customers' cryptocurrencies to These assets are classified as liabilities, which many in the crypto industry believe could hinder banks from participating in the cryptocurrency custody market.

The House of Representatives passed the repeal of SAB 121 on 5/8 by a vote of 228 to 182. Today, the Senate voted 60 to 38 to pass it again, hoping to repeal this strict anti-cryptocurrency rule.

President Biden still has a chance to veto

But a joint veto by the House and Senate is still not a foregone conclusion. The bill will be submitted to President Joe Biden's office, after the White House has indicated that it may use its veto power, citing concerns that weakening the SEC's regulatory power over crypto assets could lead to "significant fiscal instability and market uncertainty."

According to The Block’s report, if Biden votes against it, with the current number of votes in the Senate and House of Representatives, a 2/3 majority will be needed to veto it again, which will be a high wall that is not easy to achieve.

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