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Market reaction to Senate's decision on H.J. Res. 109
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Mike Flood•SEC•Staff Accounting Bulletin 121•Democrats•House•Biden•Statement of Administration Policy
Resolution / Starting Odds
Positive market reaction • 33%
Negative market reaction • 33%
No significant change • 34%
Financial news and market data
Story
House Passes Bill 228-182 to Repeal SEC's Crypto Rule, 21 Dems Support Despite Biden Veto
May 8, 2024, 11:17 PM
The U.S. House of Representatives has passed H.J. Res. 109, a resolution introduced by Rep. Mike Flood aimed at repealing the SEC's Staff Accounting Bulletin 121 (SAB 121). The resolution, which seeks to nullify SEC guidance that requires firms to record customer crypto holdings as liabilities on their balance sheets, passed with a vote of 228-182, including support from 21 Democrats. This bipartisan support highlights significant opposition to the SEC's rule, which many argue overreaches and violates the SEC's statutory mission by preventing banks from serving as custodians for consumers' crypto assets. Despite the House's approval, President Biden has issued a Statement of Administration Policy indicating he would veto the measure, citing concerns over investor protection and market stability. This veto threat was issued on the same day as the House debate.
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Supportive statements • 25%
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No public reaction • 25%
Significant market growth • 33%
Market stability • 33%
Market decline • 34%
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Negative market reaction • 33%
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Pass with strong majority • 33%
Pass with narrow margin • 34%
Fail • 33%
Significant positive impact on crypto market • 33%
Significant negative impact on crypto market • 33%
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Introduction of a new related bill • 25%
Amendment of existing financial regulations • 25%
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Improved sentiment • 33%
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Positive reaction in crypto markets • 33%
Negative reaction in crypto markets • 33%
No significant change in market dynamics • 34%
Yes, President vetoes the resolution • 50%
No, President signs the resolution • 50%