Biden may reconsider exercising veto power over the resolution to overturn SEC SAB 121

ChainCatcher news, before the U.S. House of Representatives voted on H.J. Res. 109 (which aims to overturn the SEC's SAB 121 regulation regarding digital assets), President Biden issued a threat statement indicating that he might exercise his veto power using executive authority if a resolution to overturn the SEC's policy were to pass. The White House stated that it "strongly opposes" House members' attempts to undermine the SEC's measures to "protect investors in the cryptocurrency market and safeguard the broader financial system."

It is worth noting that in previous administrations, about one-third of veto threats were never acted upon, so it does not necessarily mean that a veto will be executed. Given the bipartisan support for the bill, Biden may have to weigh the pros and cons.
Patrick Kirby, the policy head of 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 his signature or veto."

Additionally, the SEC could decide to withdraw SAB 121 to avoid forcing Biden to decide whether to exercise his veto. (Cointelegraph)
Previously, the U.S. Senate passed a resolution to overturn the SEC's SAB 121 by a vote of 60 to 38; however, this resolution may be vetoed once it reaches President Biden's desk.

It is reported that the SEC's previously issued Staff Accounting Bulletin 121 requires companies to record their held cryptocurrency assets on their balance sheets, but critics argue that this regulation is overly stringent and effectively hinders major custodians and companies from holding cryptocurrency assets for their clients.