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U.S. House vote to overturn Biden’s SAB 121 veto set for Wednesday

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U.S. House vote to overturn Biden’s SAB 121 veto set for Wednesday

The U.S. House will vote on a resolution to overturn President Joe Biden’s veto on a bill that had struck down the Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121, or SAB 121.

Biden vetoed the legislation after the House voted against the controversial crypto custody rules.

SAB 121 mandates that banks that custody crypto assets must record such holdings as liabilities on their balance sheets. This has essentially meant banks and other institutional providers that could dive into crypto as custodians have stayed off the crypto asset class.

The SEC initially rolled the guidance in 2022 and the House voted to overturn it in early May this year.

Two-thirds majority need to overturn veto

Last week, House Majority Leader Steve Scalise added the vetoed legislation to the weekly schedule – highlighting a potential vote for this week.

A new vote is now scheduled for Wednesday, July 10, according to a scoop Fox Business journalist Eleanor Terret shared via X on Monday.

In May, the House voted 228-182 against the SEC’s crypto custody guidance, with 21 Democrats joining hands with Republicans to pass legislation striking SAB 121 down. The Senate also voted in favor of the move, with a count of 60 to 38 also seeing some Democrats join hands with Republicans.

Wednesday’s vote will however require more than just a simple majority. The law states that it must be a two-thirds majority, in both houses. It means about 60 more votes need to join the initial 228 number that supported the vetoed bill.

Experts have opined that this is likely a big ask that would be tough to achieve. However, the two-thirds majority feat is something the US House has attained before in relation to a crypto related bill.

In May, the full House voted 279-136 in favor of the Financial Innovation and Technology for the 21st Century Act, or FIT21. The bill, which seeks to provide for a clear regulatory framework for the crypto industry, got passed with bipartisan support involving 71 Democrats. 

Will this happen on Wednesday? The crypto industry will no doubt be keen for the US House to do just that.