Senator Cynthia Lummis and Representative Patrick McHenry have urged President Biden not to veto the bill repealing SEC Notice SAB 121.
On Thursday, Senators Cynthia Lummis and Rep. Patrick McHenry joined other lawmakers in sending a letter to President Biden calling on him not to veto a legislative measure to overturn SEC staff accounting notice SAB 121, which has caused widespread controversy in the crypto industry by requiring companies that host cryptocurrencies to record customers' cryptocurrency holdings as a liability on their balance sheets.
The lawmakers noted in their letter that the measure had passed the House and Senate, which voted 228 to 182, with support from 21 Democrats. The Senate voted 60 to 38, with several Democrats, including Senate Majority Leader Chuck Schumer, voting in favor.
"In light of overwhelming bipartisan votes, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance," the letter said.
US lawmakers urge Biden not to veto bill to repeal SAB 121
2024-05-30 23:08:35
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