{"id":8630,"date":"2024-05-18T05:45:09","date_gmt":"2024-05-18T05:45:09","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=8630"},"modified":"2024-05-18T05:22:19","modified_gmt":"2024-05-18T05:22:19","slug":"biden-reconsiders-sab-121-veto-amid-rising-crypto-support","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/","title":{"rendered":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support"},"content":{"rendered":"\n

On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB 121) through the Congressional Review Act (CRA). The Senate approved H.J.Res. 109 with a 60 to 38 vote, highlighting robust cross-party support. This marks Congress’s first standalone crypto legislation, signaling a shift in political sentiment toward cryptocurrencies.<\/p>\n\n\n\n

Biden’s Potential Veto and Political Consequences<\/h3>\n\n\n\n

President Biden had previously threatened to veto any resolution overturning the SEC policy before the House of Representatives voted on the bill. The White House argued that the SEC’s measures are essential for protecting investors in crypto markets and ensuring the stability of the financial system. However, the strong bipartisan support for the bill presents a challenging decision for Biden.<\/p>\n\n\n\n

Bipartisan Support and Internal Party Pressure<\/h3>\n\n\n\n

Twenty-one Democratic Senators, including Senate Majority Leader Chuck Schumer, broke ranks to support the bill. Perianne Boring, founder and CEO of the Digital Chamber, described this as a pivotal moment, potentially forcing the Biden administration to reconsider its stance. She emphasized that Schumer\u2019s support should prompt the White House to reevaluate its position on cryptocurrencies.<\/p>\n\n\n\n

Also Read: Biden Halts CleanSpark\u2019s $19M Bitcoin Mining Deal<\/a><\/p>\n\n\n\n

Economic Incentives and Industry Influence<\/h3>\n\n\n\n

The Biden administration also faces pressure from various sectors, including the American Bankers Association. The banking industry, which would benefit from offering crypto custody services, has urged Biden to sign the resolution to protect American consumers. This economic incentive aligns with broader retail crypto adoption, adding complexity to Biden\u2019s decision-making.<\/p>\n\n\n\n

Strategic Considerations for Biden<\/h3>\n\n\n\n

Biden must balance the pros and cons of vetoing H.J.Res. 109, especially considering potential internal conflict within his party as the U.S. elections approach. Patrick Kirby, policy lead for the Crypto Council for Innovation, noted that the President has 10 days (excluding Sundays) to sign the resolution, let it become law without his signature, or veto it.<\/p>\n\n\n\n

A potential strategy for Biden is the \u201cpocket veto,\u201d which can occur if Congress is not in session to receive the signed or vetoed bill. This approach could allow Biden to express disapproval without significant political backlash. Fox journalist Eleanor Terret suggested that this might be a way to avoid major political fallout.<\/p>\n","protected":false},"excerpt":{"rendered":"

On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB 121) through the Congressional Review Act (CRA). The Senate approved H.J.Res. 109 with a 60 to 38 vote, highlighting robust cross-party support. This marks Congress’s first standalone crypto legislation, […]<\/p>\n","protected":false},"author":18,"featured_media":4245,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[257],"tags":[],"class_list":{"0":"post-8630","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"acf":[],"yoast_head":"\nBiden Reconsiders SAB 121 Veto Amid Rising Crypto Support<\/title>\n<meta name=\"description\" content=\"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support\" \/>\n<meta property=\"og:description\" content=\"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoMeter.io\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-18T05:45:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg?fit=700%2C421&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"700\" \/>\n\t<meta property=\"og:image:height\" content=\"421\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Manjeet Mane\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoMeterIO\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Manjeet Mane\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\"},\"author\":{\"name\":\"Manjeet Mane\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8\"},\"headline\":\"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support\",\"datePublished\":\"2024-05-18T05:45:09+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\"},\"wordCount\":379,\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg\",\"articleSection\":[\"Bitcoin\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2024\",\"copyrightHolder\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\",\"url\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\",\"name\":\"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support\",\"isPartOf\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg\",\"datePublished\":\"2024-05-18T05:45:09+00:00\",\"description\":\"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage\",\"url\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg\",\"contentUrl\":\"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg\",\"width\":700,\"height\":421,\"caption\":\"Biden\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.cryptometer.io\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#website\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"name\":\"CryptoMeter.io\",\"description\":\"\",\"publisher\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\"},\"alternateName\":\"CryptoMeter.io\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#organization\",\"name\":\"CryptoMeter.io\",\"url\":\"https:\/\/www.cryptometer.io\/news\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1\",\"width\":512,\"height\":512,\"caption\":\"CryptoMeter.io\"},\"image\":{\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/x.com\/CryptoMeterIO\"],\"publishingPrinciples\":\"https:\/\/www.cryptometer.io\/news\/about-us\/\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8\",\"name\":\"Manjeet Mane\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g\",\"caption\":\"Manjeet Mane\"},\"description\":\"Manjeet Mane, an accomplished developer in cryptocurrency and blockchain technology, has devoted years to advancing these fields. With a firm belief in their transformative power across industries, he specializes in full-stack development.\",\"url\":\"https:\/\/www.cryptometer.io\/news\/author\/manjit\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support","description":"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/","og_locale":"en_US","og_type":"article","og_title":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support","og_description":"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.","og_url":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/","og_site_name":"CryptoMeter.io","article_published_time":"2024-05-18T05:45:09+00:00","og_image":[{"width":700,"height":421,"url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg?fit=700%2C421&ssl=1","type":"image\/jpeg"}],"author":"Manjeet Mane","twitter_card":"summary_large_image","twitter_creator":"@CryptoMeterIO","twitter_site":"@CryptoMeterIO","twitter_misc":{"Written by":"Manjeet Mane","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"NewsArticle","@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#article","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/"},"author":{"name":"Manjeet Mane","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8"},"headline":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support","datePublished":"2024-05-18T05:45:09+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/"},"wordCount":379,"publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg","articleSection":["Bitcoin"],"inLanguage":"en-US","copyrightYear":"2024","copyrightHolder":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"}},{"@type":"WebPage","@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/","url":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/","name":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support","isPartOf":{"@id":"https:\/\/www.cryptometer.io\/news\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg","datePublished":"2024-05-18T05:45:09+00:00","description":"On May 16, 2024, the U.S. Senate passed a significant bipartisan vote to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No.","breadcrumb":{"@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#primaryimage","url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg","contentUrl":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg","width":700,"height":421,"caption":"Biden"},{"@type":"BreadcrumbList","@id":"https:\/\/www.cryptometer.io\/news\/biden-reconsiders-sab-121-veto-amid-rising-crypto-support\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cryptometer.io\/news\/"},{"@type":"ListItem","position":2,"name":"Biden Reconsiders SAB 121 Veto Amid Rising Crypto Support"}]},{"@type":"WebSite","@id":"https:\/\/www.cryptometer.io\/news\/#website","url":"https:\/\/www.cryptometer.io\/news\/","name":"CryptoMeter.io","description":"","publisher":{"@id":"https:\/\/www.cryptometer.io\/news\/#organization"},"alternateName":"CryptoMeter.io","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cryptometer.io\/news\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/www.cryptometer.io\/news\/#organization","name":"CryptoMeter.io","url":"https:\/\/www.cryptometer.io\/news\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","contentUrl":"https:\/\/i0.wp.com\/www.cryptometer.io\/news\/wp-content\/uploads\/2023\/01\/cropped-favicon_large.png?fit=512%2C512&ssl=1","width":512,"height":512,"caption":"CryptoMeter.io"},"image":{"@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/CryptoMeterIO"],"publishingPrinciples":"https:\/\/www.cryptometer.io\/news\/about-us\/"},{"@type":"Person","@id":"https:\/\/www.cryptometer.io\/news\/#\/schema\/person\/294f2836271d1655ea8e2e5619466eb8","name":"Manjeet Mane","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/496227b2ca2c6045749260e74082028192b686959152b44fa23f9c0751c7781a?s=96&d=retro&r=g","caption":"Manjeet Mane"},"description":"Manjeet Mane, an accomplished developer in cryptocurrency and blockchain technology, has devoted years to advancing these fields. With a firm belief in their transformative power across industries, he specializes in full-stack development.","url":"https:\/\/www.cryptometer.io\/news\/author\/manjit\/"}]}},"jetpack_featured_media_url":"https:\/\/www.cryptometer.io\/news\/wp-content\/uploads\/2024\/03\/IMG_1509.jpeg","_links":{"self":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/8630","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/users\/18"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/comments?post=8630"}],"version-history":[{"count":2,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/8630\/revisions"}],"predecessor-version":[{"id":8647,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/posts\/8630\/revisions\/8647"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media\/4245"}],"wp:attachment":[{"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/media?parent=8630"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/categories?post=8630"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptometer.io\/news\/wp-json\/wp\/v2\/tags?post=8630"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}