House Passes H.J.Res. 109 to Repeal SEC's Crypto Rule, 228-182

May 8, 2024, 09:56 PM

The U.S. House of Representatives recently voted 228-182 to repeal the SEC's Staff Accounting Bulletin 121 (SAB 121) under the Congressional Review Act, with the resolution H.J.Res. 109 led by Congressman Mike Flood. The rule has been criticized for overreaching SEC authority and hindering financial innovation and competition. Despite the House's approval, the resolution faces significant challenges as it is unlikely to pass the Senate, and President Joe Biden has threatened to veto it. Notably, the vote marked a significant bipartisan moment with 21 Democrats joining their Republican colleagues in support of the repeal.