PANews reported on July 8 that Fox Business Channel reporter Eleanor Terrett said on the X platform: "The U.S. House of Representatives may vote to overturn Biden's veto of SAB 121 on Tuesday or Wednesday, which requires a two-thirds majority vote. Although the two-thirds majority vote to overturn SAB 121 is a big requirement (about 60 more "yes" votes than last time), members of Congress who plan to vote "no" should remember that SAB 121 is an important reason for the limited number of institutions providing digital asset custody services, which is a risk outlined by VanEck in its spot ETH S-1 filing. VanEck said that Coinbase, as the custodian of all spot ETF products (and most BTC products), is at risk: "Coinbase provides ETH custody services for multiple competing Ethereum exchange-traded products, which may have an adverse impact on the operation of the trust fund and the value of the final stock." If banks and other "providers with institutional capabilities" are dissuaded from providing custody services due to SAB 121, does this mean that Biden and the members of Congress who voted to retain the bill directly contributed to this market risk?"
