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US Congress Contemplating an attempt to Overturn Biden’s Veto on SEC Digital Asset Regulation

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  • Next week, US lawmakers will vote on whether to override President Biden’s veto of SEC’s Staff Accounting Bulletin 121 (SAB 121).
  • A two-thirds majority in both the House and Senate is needed to overturn the President’s veto, according to market observers.
  • Financial institutions, including banks, will be mandated to include customers’ digital assets on their balance sheets under SAB 121.

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Next week, legislators in the United States will cast their votes on H.J. Res. 109, a proposed legislation aimed at reversing the contentious SEC accounting bulletin known as Staff Accounting Bulletin 121 (SAB 121). President Joe Biden previously rejected the bill in May, underscoring his administration’s dedication to upholding stringent financial regulations.

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According to House Majority Leader Steve Scalise’s weekly agenda, the resolution is slated for potential consideration either on Tuesday or Wednesday in the upcoming week.

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Biden’s SAB 121 Veto Could Be Overridden

The requirement imposed by SAB 121 dictates that financial institutions must include their customers’ digital assets on their balance sheets. Critics contend that this regulation effectively excludes digital assets from the US financial system. Despite the House and Senate passing a repeal of SAB 121 in May, the President ultimately vetoed the decision.

To override the President’s veto, a two-thirds majority vote from both the House and Senate is necessary. Alexander Grieve, who serves as the head of government relations at venture capital firm Paradigm, expressed optimism that attaining this majority may be feasible due to the increasing political engagement within the industry.

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Cryptocurrency has emerged as a significant political issue during the ongoing election season. Major companies such as Coinbase and Ripple have been contributing funds to the crypto-centric Super Political Action Committee (PAC) Fairshake. A recent update reveals that Multicoin Capital, a blockchain investment company, intends to donate a substantial amount of up to $1 million in Solana to back pro-crypto Republican legislators.

“Over the next 10 days, Multicoin Capital will match all SOL donations to Sentinel Action up to $1 milion in value. If you make a contribution in SOL during this period, we’ll double the impact of your contribution with our match,” Kyle Samani, managing partner at Multicoin Capital said.

President Biden and former President Donald Trump are actively seeking the support of cryptocurrency investors. Trump has managed to secure backing from a larger number of industry players due to his more positive attitude towards cryptocurrencies. The ex-president has promised to champion the industry and put an end to what he perceives as the Biden administration’s hostile approach towards cryptocurrencies.


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