US lawmakers urge Biden not to veto bill to repeal SAB 121

Senator Cynthia Lummis and Representative Patrick McHenry urged President Biden not to veto the bill to repeal SEC Notice SAB 121.

On Thursday, Senator Cynthia Lummis and Representative Patrick McHenry, along with other lawmakers, wrote to President Biden urging him not to veto legislation overturning SEC staff accounting bulletin SAB 121. The bulletin requires companies that custody cryptocurrencies to record their customers' cryptocurrency holdings as liabilities on their balance sheets, sparking widespread controversy in the crypto industry.

The lawmakers noted in the letter that the House and Senate have passed the measure with broad bipartisan support. The House passed the bill with 228 votes in favor and 182 against, including support from 21 Democrats. The Senate passed it with 60 votes in favor and 38 against, including several Democrats such as Senate Majority Leader Chuck Schumer.

The letter stated, "Given the overwhelming bipartisan vote, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance."