Official statement from the White House or congressional records

House to Vote on Joint Resolution 109, Biden Threatens Veto on Crypto Rule

May 8, 2024, 06:27 PM

The U.S. House of Representatives is set to vote on House Joint Resolution 109, which aims to overturn the SEC's Staff Accounting Bulletin (SAB) 121. This bulletin mandates that firms holding cryptocurrencies for customers must record these holdings as liabilities. President Biden has issued a policy statement indicating he would veto any legislation that attempts to overturn SAB 121, aligning with his administration's stance to maintain stringent regulations on crypto custody by financial firms. The debate and impending vote have sparked significant attention, reflecting the ongoing tension between regulatory bodies and the crypto industry.