President Joe Biden faces a looming deadline to decide the fate of the U.S. Securities and Exchange Commission's (SEC) controversial crypto rules. Both the House of Representatives and the Senate have passed a resolution to overturn the SEC's Staff Accounting Bulletin 121 (SAB 121), despite a prior veto threat from the White House.
The resolution now sits on President Biden's desk, awaiting his decision. He has until June 3 to either veto the resolution, sign it into law, or let it pass without action. If he chooses to veto, it would effectively end Congress' efforts to nullify SAB 121, as a two-thirds majority in each chamber would be required to override the veto.
Alternatively, President Biden could sign the resolution into law, nullifying SAB 121 and preventing the SEC from issuing a similar rule in the future. However, if he takes no action within the 10-day window and Congress is in session, the bill would automatically become law. If Congress is not in session, the bill could face a pocket veto.
In addition to overturning SAB 121, the House also passed the FIT21 Act, a bill aimed at establishing a regulatory framework for crypto assets. The Biden administration has expressed a willingness to work with Congress on developing a balanced framework for digital assets.
The deadline is fast approaching, and the crypto community eagerly awaits President Biden's decision.
Do you think he will veto the resolution, as threatened? Let us know your thoughts in the comments below.
