Congress to vote to override Biden’s veto of SAB 121

U.S. lawmakers will vote next week on HJ Res. 109, a bill that would repeal the SEC’s controversial Staff Accounting Bulletin 121 (SAB 121). President Joe Biden vetoed the bill in May, reinforcing his administration’s commitment to tough financial regulation.

House Majority Leader Steve Scalise’s weekly schedule indicates the resolution could be considered on Tuesday or Wednesday of next week.

Biden’s veto of SAB 121 could be overturned

SAB 121 requires financial institutions to place their customers’ digital assets on their balance sheets. Critics say the rule keeps digital assets out of the U.S. financial system. The House and Senate approved a repeal of SAB 121 in May, but the president vetoed it.

Overriding Biden’s veto requires a two-thirds majority vote in the House and Senate. Alexander Grieve, head of government relations at venture capital firm Paradigm, noted that achieving that may be possible, given the industry’s growing political awareness.

Read more: Cryptocurrency Regulation: What Are the Benefits and Cons?

Crypto has become a major political issue in the current election cycle. Companies like Coinbase and Ripple are donating to Fairshake, a crypto-focused super political action committee (PAC). In a recent development, blockchain investment firm Multicoin Capital plans to donate up to $1 million to Solana to support pro-crypto Republican lawmakers.

“Over the next 10 days, Multicoin Capital will match all SOL donations to Sentinel Action up to $1 million. If you make a deposit to SOL during this period, we will double the impact of your donation through our match,” said Kyle Samani, Managing Partner at Multicoin Capital.

That’s why President Biden and former President Donald Trump are courting cryptocurrency investors. Trump has gained more support from industry stakeholders due to his more favorable stance on cryptocurrencies. The former president has promised to support the industry and end the Biden administration’s “war on cryptocurrency.”

Read more: How could blockchain technology be used in voting in 2024?

President Biden, on the other hand, is facing increasing questions about his ability to compete in the November election after his poor debate performance with Trump. Betting on Polymarket believes there is a 62% chance he will drop out of the campaign despite his insistence on staying in the race.

“Let me say this as clearly as I can: I am the sitting president of the United States. I am the nominee of the Democratic Party. I am remaining in the race,” Biden said.