Lawmakers asked Biden not to veto a measure overturning a controversial SEC bulletin that establishes accounting standards for crypto.
Lawmakers pressed President Joe Biden not to veto a legislative measure overturning a controversial Securities and Exchange Commission bulletin that establishes accounting standards for firms that custody crypto.
Earlier this month, the full House and Senate voted in favor of the measure to repeal the SEC's staff accounting bulletin, also called SAB 121. The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets. It requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets.
Reps. French Hill, R-Ark., Andy Barr, R-Ky., Tom Emmer, R-Minn., Mike Flood, R-Neb., Ritchie Torres, D-N.Y., Wiley Nickel, D-N.C., and Dan Meuser, R-Pa., also signed the letter.
President Joe Biden Patrick Mchenry Cynthia Lummis
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