D-Day For Crypto: SAB 121 Veto Showdown Set For Wednesday

D-Day For Crypto: SAB 121 Veto Showdown Set For Wednesday

The US House of Representatives is scheduled to vote on significant crypto legislation on Wednesday, July 10. This vote might override President Joe Biden’s veto of the Securities and Exchange Commission’s (SEC) resolution to repeal Staff Accounting Bulletin 121 (SAB 121). In June, Biden vetoed this bill. It has garnered significant attention due to its impact on the custody of Bitcoin and other crypto assets by financial institutions. The SEC issued SAB 121 in 2022, which mandates that banks holding …