President Biden had committed to vetoing H.J. 109 while it was still on the House floor, expressing concerns that the measure would constrain the SEC. On Friday, a coalition of lawmakers led by Rep. Patrick McHenry, R.-N.C., and Sen. Cynthia Lummis, R.-Wyo., sent a letter urging the president to reconsider his plan to block the bill.
“Given the overwhelming bipartisan votes, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance,” the letter stated. “Rescinding SAB 121 is well within the SEC’s authority and there is ample precedent for revisiting a staff accounting bulletin. In fact, most staff accounting bulletins over the last three decades have been revisions and rescissions of prior guidance.”
The bill to overturn SAB 121 is the first crypto-specific legislation to reach the president’s desk, though other related legislation has seen movement recently. The Financial Innovation and Technology for the 21st Century Act, a comprehensive regulatory framework for the industry, and the CBDC Anti-Surveillance Act, a bill that would bar the Federal Reserve from issuing a digital dollar, both advanced out of the House in May.
