Analysis: Biden may reconsider veto overturning SEC SAB 121 resolution

Before the U.S. House of Representatives voted on H.J. Res. 109, which overturns the SEC's SAB 121 regulations on digital assets, President Biden threatened to use his executive power to veto if there was a resolution to overturn SEC policy. The White House said it "strongly opposes" House members' attempts to undermine the SEC's efforts to "protect investors in the crypto asset market and protect the broader financial system." It is worth mentioning that in previous administrations, about a third of threatened vetoes were never implemented, so it does not mean that the veto will be enforced. Biden may have to weigh the pros and cons, given the bipartisan support for the bill. Patrick Kirby, policy director at the Crypto Council for Innovation, explained: "The president has 10 days (excluding Sundays) to sign the resolution into law, allowing it to become law without a signature or veto." In addition, the SEC could also decide to revoke SAB 121 to avoid forcing Biden to decide whether to exercise a veto. (Cointelegraph) Previous news, the U.S. Senate voted 60 to 38 to pass a resolution to overturn SEC SAB 121, but the resolution may be vetoed after it reaches President Biden's desk. It is reported that the U.S. SEC previously issued a staff accounting announcement 121 SAB 121, which requires companies to record their crypto assets on their balance sheets, but critics believe that this regulation is too strict and actually prevents major custodians and companies from holding crypto assets for their customers.