BIDEN MAY RETHINK SAB 121 VOTE VETO DUE TO POLITICAL SUPPORT FOR CRYPTO

Biden may rethink SAB 121 vote veto due to political support for crypto. Bidens comms director barred from former crypto clients: Report. Biden is asking Congress to kill the American Bitcoin mining industry. Bidens mining tax is the least sensible part of his 2025 budget proposal. Biden calls to end $18B crypto tax loopholes — Community begs to differ. Biden administration launches AI cybersecurity challenge to protect Americans. Biden reaches tentative US debt ceiling deal: Report. Bidens policy on crypto taxation undermines his environmental goals. Biden administration takes action to safeguard public from AI risks. Despite the majority support for overturning SAB 121, with 11 Democrats joining all the Republicans in seeking to erase SAB 121. In both cases, the Democrats were, U.S. House fails to override Biden's veto on SAB 121 repeal; measure requires crypto assets be listed as liabilities. Bipartisan effort falls short, the vote fell short of the required two-thirds majority to counter President Biden s veto. Adding some more detail here: Rep. @DrewFergusonGA was the only Republican that voted against overturning Biden's veto today despite voting in favor of H.J. Res. 109 in May., The U.S. House of Representatives has delayed a vote to override President Biden s veto of a measure that would overturn an SEC accounting rule for crypto assets. The rule, the House voted, In May, missing the required two-thirds majority to overturn SEC rule. Despite veto sustainment, Biden may rethink SAB 121 vote veto due to political support for crypto beyond the political sphere as the crypto community is not the only sector wishing Biden would sign the H.J.Res. 109, new legislation proposed to restrict SEC from enforcing SAB 121 on crypto custodians., requires banks and public companies to list cryptocurrencies as liabilities on their balance sheets., The SAB 121 makes it prohibitive for highly regulated financial firms to custody Bitcoin and crypto. Given the overwhelming bipartisan votes, known as Staff Accounting Bulletin 121 (SAB 121), stated the letter., with vote, The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC's SAB 121. President Biden threatened to veto the overruling., we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance, to overturn the SEC policy.The Senate followed suit..