House Votes 228-182 to Repeal SEC Crypto Rule, 21 Dems Support Despite Biden Veto Threat

May 8, 2024, 10:02 PM

The U.S. House of Representatives has voted 228-182 to repeal the SEC's Staff Accounting Bulletin (SAB 121), which has been criticized for improperly setting rules that restrict financial firms from taking custody of cryptocurrencies. The resolution, House Joint Resolution 109, passed with bipartisan support, including 21 Democrats breaking ranks to vote in favor. This legislative action comes despite President Biden's opposition to H.J. Res. 109 and his threat to veto the bill, citing concerns over the SEC's ability to protect investors. The bill now moves to the Senate for further consideration.