Joe Biden has vetoed a congressional disapproval of the SEC’s controversial SAB 121 crypto rule, which requires financial institutions to include customers’ digital assets on their balance sheets.
Why it matters:
⚫ Crypto Custody Costs: Repealing SAB 121 would lower costs for banks to offer crypto custody services
⚫ Market Reaction: Veto could spook the market, while repeal could boost crypto investment and confidence
⚫ Political Drama: Veto could lead to an override attempt by Congress, adding to legislative tensions, with FIT 21 also in play.
