The U.S. House of Representatives has passed H.J. Res. 109, a resolution introduced by Rep. Mike Flood aimed at repealing the SEC's Staff Accounting Bulletin 121 (SAB 121). The resolution, which seeks to nullify SEC guidance that requires firms to record customer crypto holdings as liabilities on their balance sheets, passed with a vote of 228-182, including support from 21 Democrats. This bipartisan support highlights significant opposition to the SEC's rule, which many argue overreaches and violates the SEC's statutory mission by preventing banks from serving as custodians for consumers' crypto assets. Despite the House's approval, President Biden has issued a Statement of Administration Policy indicating he would veto the measure, citing concerns over investor protection and market stability. This veto threat was issued on the same day as the House debate.
Pres.Trump stating that ‘crypto’ comes in many different forms , and its not all bad. Many I speak to, even in positions of influence haven’t grasped this yet. https://t.co/vfH014SWzv
Nothing to see here, just Donald Trump casually bragging that he pulled the #NFT sector out of a bear market. 😂 "We made NFTs hot again." https://t.co/U6gJEivSgZ
Trump announces acceptance of cryptocurrency for campaign donations after meeting with NFT buyers. Follow: @AFpost https://t.co/Cb6Wr0UBvG
BREAKING: Donald Trump says crypto “should stay” in America “Crypto is so big. So beautiful. I love bitcoins, they’re just so shiny, aren’t they. I’m ok with crypto. It’s not perfect but a lot of people like it, and they like it a lot frankly. Send it so much fucking higher.” https://t.co/V5TmUU4Cg5
On the same day that Trump is actively courting crypto voters, Biden releases this: A statement opposing efforts to repeal a SEC law which prevents regulated financial institutions to custody crypto. "If the President were presented with H.J. Res 109, he would veto it." https://t.co/aqAVByP7Zq
Omg, it's happening https://t.co/vSY4gairEK
crypto + trump will be so unbearable it’s bullish
Barron Trump chosen as Florida delegate to Republican National Convention https://t.co/5ATEr9neKT
Oh my gosh. THIS IS AWESOME!! https://t.co/NQdMOWzlVn
trump + crypto will be so unbearable it has to be bullish
NEWS: Donald Trump says he will push to keep Crypto businesses in the US (h/t @macdegods) https://t.co/A8idFqGICG
Donald Trump is "fine with crypto"? Surreal. https://t.co/fQBWjA9oke
BREAKING: TRUMP VOWS TO EMBRACE US CRYPTO COMPANIES AND STOP SEC TARGETING IF RE-ELECTED PRESIDENT
LFG 21 dems who supported the repeal By not supporting crypto now, a candidate will never be able to say they’re tech and freedom first in future elections Political career death 🪦 https://t.co/UZULMtDHQ7
SAB121 repeal passed with 21 D yes votes (listed below)— all despite an inexcusable presidential veto threat. Thank you to these independent thinkers. The political tides increasingly turn in favor of sensible rules for crypto. History is not going to be kind to the holdouts. https://t.co/LCoiOhWzFa
SAB121 repeal passed with 21 Dem yes votes (listed below)— all despite a President Biden (inexplicable) veto threat. Thank you. The political tides increasingly turn in favor of common sense and sensible rules for crypto. History is not going to be kind to the holdouts. https://t.co/eM1KUoIpOL
Former President Donald Trump says he will stop the hostility towards Bitcoin $BTC and cryptocurrency, and embrace it. https://t.co/I3ArFjbLPX
Donald Trump says he'll accept crypto for campaign donations https://t.co/SNEC4ghuQA
FOX reporter Eleanor Terrett said that the two next US presidential contenders expressed different views on cryptocurrencies, Biden made it clear that he would support the SEC's regulatory enforcement. Trump said he would stop his hostility to cryptocurrencies and make sure to…
Trump used to be against Bitcoin. now he's "good with it" https://t.co/jy8HMtozCF
Trump Says He's ‘Good’ With Crypto, Trashes Biden Meme Coin BODEN ► https://t.co/Js1CEyF0dc https://t.co/Js1CEyF0dc
JUST IN: Donald Trump says if he doesn't want crypto business leaving the United States due to regulation hostility. "If we're going to embrace it then we have to let them be here." 🇺🇸 https://t.co/p2OHc9UtHS
Donald Trump likes Bitcoin? "They are against it." “I’m good with crypto." "People are very much for it." Interesting... https://t.co/393laSLlhj
The position as an at-large delegate for the Florida Republican Party will be the most high-profile political role thus far for Barron, former President Trump's youngest son. https://t.co/R2EvKkiPh4
Big night for Crypto Politics Trump backs Crypto and House overturns bill to prevent firms from holding crypto 🎉 https://t.co/i29fpFIeY3
🚨 BREAKING 📰 JUST IN: Donald Trump addresses his stance on #Crypto "I'm good with it" - Trump (2 clips 👇) 📽️ #Bitcoin #BTC $BTC https://t.co/9J9nzJScBq
The two presidential frontrunners planted their flags on very different sides of the #crypto debate today. @POTUS made clear he would side with @SenWarren and @GaryGensler by continuing to support the @SECGov’s regulation by enforcement. @realDonaldTrump said he would stop the…
BREAKING‼️- Former President Donald Trump on claim that “crypto” businesses are moving out of the US because of regulation: “Crypto is moving out of the US because of hostility toward crypto…We’ll stop it…I don’t want that. If we’re going to embrace it, we have to let them be… https://t.co/Tw2fWyfKq3
House Votes To Nullify SEC's Anti-Crypto Policy, Biden Vows To Veto https://t.co/ypDulTycXJ
BREAKING: DONALD TRUMP ASKED “CAN WE DONATE USING CRYPTO?” “IF YOU CANT, I’LL MAKE SURE YOU CAN” https://t.co/Nm2YjqxwSI
The House voted to pass a measure aimed at overturning a controversial Securities and Exchange Commission bulletin that establishes certain accounting standards for firms that custody crypto. It requires firms that custody crypto to record customer crypto holdings as liabilities…
Trump likes crypto. (Not a fan of him but better than geriatric Joe’s hard anti-crypto stance) https://t.co/FCcz5zh1io
A vote for Trump is a vote for the biggest crypto bull run in HISTORY!! Generational wealth will be made!!!
NEW: Trump is asked about crypto businesses leaving the 🇺🇸 US and responds that he “doesn’t want that” and wishes to keep them in the country 👀 https://t.co/2jY9iaqNsP
Crypto super cycle if Trump wins
Donald Trump says he will stop the "hostility" towards crypto in the US https://t.co/gRGXqyYmT9
🇺🇸BARRON TRUMP EYES POLITICAL FUTURE 18-year-old Barron Trump is beginning to carve his own path in the political landscape. According to insiders, Barron has expressed a big interest in politics, and has hosted key conservative figures at Mar-a-Lago, such as Patrick Bet-David… https://t.co/RqvZ1uIflw
Trump doesn’t want crypto leaving the US Smart businessman https://t.co/g79uWJ7nT5
BREAKING: U.S. PRESIDENTIAL CANDIDATE @realDonaldTrump DOESN’T LIKE @solana MEMECOIN $BODEN (@boden4pres) INVESTMENT SOURCE: @realDannyNelson/@tier10k https://t.co/npbjH4IUJz
It’s your duty as a crypto holder to vote for Trump. https://t.co/GVirn0H0KW
TRUMP ANSWERS A QUESTION FROM DEGODS ABOUT CRYPTO!!! SAYS HE WILL SUPPORT CRYPTO!! https://t.co/w9Ub9HWask
BREAKING: U.S. PRESIDENTIAL CANDIDATE @realDonaldTrump VOWS TO STOP HOSTILITY TOWARDS CRYPTO SOURCE: @macdegods https://t.co/YLRsBHTWwL
i asked donald trump how he’s going to keep crypto businesses in america. sounds bullish 🇺🇸 https://t.co/rvuztPmQ8P
Here's the thing... Biden/Gensler have been so hostile towards crypto that Trump saying anything good about it will matter a lot. If Biden/Gensler had been neutral, Trump pandering wouldn't land.
TRUMP IS PRO CRYPTO THIS IS NOT A DRILL!!!! https://t.co/Z1dKwTPQR7
Of the 21 Democrats that voted yes to SAB 121 reversal on #crypto custody with Republicans, Rep. Yadira Caraveo (D-CO) is THE Ranking Member for Democrats on the House Ag. Subcommittee on Commodity Markets, DIGITAL ASSETS and Rural Development. As a Democrat, I approve! https://t.co/8ZyGnsXZcv
US House votes to overturn SEC rule preventing highly regulated financial firms from holding crypto, per CNN.
House Votes 228-182 to Repeal SEC Crypto Rule, 21 Dems Support Despite Biden Veto Threat Read More: https://t.co/UANGWLtb3g
U.S. House overturns unfavorable SEC accounting policy that prevented highly regulated financial firms from holding Bitcoin $BTC and Crypto https://t.co/3oQQMMs4Wz
Republicans voted to overturn the SEC unfairly preventing banks and financial institutions from holding Bitcoin & crypto Biden immediately released a statement saying he’ll veto it & that he supports the SEC attacking crypto The choice is clear in November. Vote TRUMP!
House Votes to Erase SEC Crypto Policy While Biden Vows Veto Biden's anti-crypto agenda literally goes to the very top. Only one way to fix that https://t.co/M3lbIBWp3X
#StandardChartered: Second Trump Term Would Be 'Broadly Positive' for #Crypto https://t.co/xXah4Lx2NY
The House of Representatives has passed a bill that overturns controversial SEC guidance that discourages banks from custodying #crypto. https://t.co/UheREyHdJm
THE VAULT: The House approved a CRA challenge that would overturn a controversial piece of SEC guidance imposing restrictions on banks that want to provide custody services for digital assets. More from @BrendanPedersen: https://t.co/ytGXAKxD6S
Biden Vows to Kill Bill to Retract SEC Crypto Banking Policy ► https://t.co/1UOBh1Rkjg https://t.co/1UOBh1Rkjg
.@DigitalChamber is pleased to see H. Res 109, a Joint Resolution to Disapprove of the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121, has successfully passed the House with a vote of 228-182 and is now advancing to the Senate. Thank you… https://t.co/s6rTlDtyLr
What a significant moment for the digital assets industry. 228-182 vote with 21 Democrats voting in favor of repealing SAB 121, which improperly set rules for digital asset custodians. The fact that 21 Democrats joined to repeal SAB 121 underscores the importance of a… https://t.co/vvbBJEK1JT
House Passes H.J.Res. 109 to Repeal SEC's Crypto Rule, 228-182 Read More: https://t.co/rScLm7oHMl
JUST IN: 🇺🇸 US House has voted to repeal SEC ruling that blocks financial institutions (trusted custodians) from holding #Bitcoin for their customers. https://t.co/yINLE2ig4H
JUST IN: 🇺🇸 US House has voted to repeal legislation that blocks financial institutions (trusted custodians) from holding #Bitcoin for their customers. https://t.co/Xiprc2nnIK
President @JoeBiden announces his intention to veto legislation permitting banks to directly custody #cryptocurrency, saying it would disturb the @SECGov's efforts to protect investors. https://t.co/tOwVmdQW7u
The Republican ran house is clearly PRO CRYPTO VOTE FOR TRUMP!!! https://t.co/SYlws1LUrN
HERE ARE THE 21 Democrats who broke ranks and supported #crypto today. 👇Getting their twitter handles so we can show gratitude & spread the 🧡🫶 https://t.co/ANlepHYn2n
House votes to erase SEC crypto policy while President Biden vows veto
1/ Today, the House voted to strike down SAB 121 — a harmful, anti-crypto accounting bulletin issued by the SEC. Beyond its harm to market participants, SAB 121 was illegally published as “guidance,” not subject to notice and comment.
As we reported on earlier, the House finished its resolution to overturn the @SECGov's crypto accounting policy, with 21 Democratics on board despite a veto threat from President @JoeBiden. Still, this isn't the end for "SAB 121." @jesseahamilton reports https://t.co/lcrvo27uR3
Vote is in. SAB121 overturned! This "rediculous" rule change pitched by Gary Gensler defies common sense and US Constitutional law. Congrats to the honorable representatives on the side of freedom and American innovation and choice. https://t.co/n6FM4UB9L1
1/ Today, the House voted to strike down SAB 121 – a harmful, anti-crypto accounting bulletin issued by the SEC in 2022. Beyond its harm to market participants, SAB 121 was illegally published as “guidance,” not subject to notice and comment.
The House just passed @USRepMikeFlood’s bipartisan resolution to overturn @GaryGensler’s illegal SAB 121 rule. I’m proud to be a cosponsor of this effort. https://t.co/xNMDl1kqxR
🚨NEW: 21 Dems voted with their GOP colleagues to nullify the @SECGov SAB 121. While this likely won’t pass the Senate or the President’s desk, that was a larger number of supporting House Democrats than expected. https://t.co/IvVW8cQjHw
Today I voted to override a decision by @SECGov's Staff Accounting Bulletin that discourages banks from serving as custodians for consumers' crypto assets. Consumers continue to invest in crypto, and they’re safest when well-regulated entities such as banks hold their assets.
BREAKING: 21 Democrats in the House side with Republicans and vote to repeal the SEC’s SAB 121 which bars financial firms from taking custody of #Bitcoin 🙌 On to the Senate next 👀 https://t.co/jnSuEvqtQP
US House passes measure overturning controversial SEC accounting bulletin https://t.co/82xVriP6KA
🚨THE SAB-121 REPEAL PASSES THE HOUSE--21 Democrats voted for it--THAT IS HUGE!!! Democrats usually vote as a block, but 21 Democrats broke ranks to support #crypto today. THIS IS NEWS!!! 🔥Next, watch the Senate--if top Dems support this, we're past peak Warren🤞 https://t.co/kQeFjOmBqO
Historic moment — first ever vote on a standalone crypto bill in either chamber of Congress. 21 Dems joined with all the Rs (with 10 of each party not voting) to approve the repeal of SAB 121. 🔥 https://t.co/51iWhahxWv
#PASSED: The House just passed @USRepMikeFlood's H.J.Res. 109 to nullify the @SECGov's SAB 121 through the Congressional Review Act with bipartisan support. 👇 Read more 🔗 https://t.co/0IVnZ3iSb1 https://t.co/KbjafJE5uy
Historic moment — first ever vote on a standalone crypto bill in either chamber of Congress. 21 Dems joined with all the Rs (with 10 of each parties not voting) to approve the repeal of SAB 121. 🔥 https://t.co/1svN2iybPT
🚨THE SAB-121 REPEAL PASSES THE HOUSE--21 Democrats voted for it--THAT IS HUGE!!! Democrats usually vote as a block, but 21 Democrats broke ranks to support #crypto today. THIS IS NEWS!!! 🔥Next, watch what Schumer does in the Senate--if he supports this, we're past peak Warren🤞 https://t.co/HsGSWWceEE
NEW: 🇺🇸 US Congressman Patrick McHenry also gives speech supporting overturning SEC rule that prevents regulated financial firms from custodying #Bitcoin and crypto. 👏 He argues that banks should also be custodying spot Bitcoin ETF funds 👀 https://t.co/N5uINTkHT6
1/ Today, the House of Representatives voted 228-182 to repeal the SEC’s Staff Accounting Bulletin 121 (SAB 121) under the Congressional Review Act.
Live stream: Roll call voting starting now on the House Joint Res. 109 rescinding @SECGov's SAB 121 https://t.co/ihxTz43oMk https://t.co/SPV3frdvvg
Threat of a Presidential veto and now a challenge from a Republican to get rid of House Speaker Johnson right before the SAB 121 vote in the House today. #crypto can't catch a break in the U.S. https://t.co/XPcuetn9mH
Well, right now, before the vote on overturning SAB 121 is taken in Congress, Rep. Marjorie Taylor Greene is taking the opportunity to make known her request for the removal of the Speaker of the House. Ummm and #crypto is dysfunctional? 😂 https://t.co/EbsVgv50eG
Trump winning is the most bullish scenario for crypto https://t.co/i9Wxsuw0uw
Very shortly, the House will be voting on H.J. Res. 109, a measure I introduced that repeals the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin 121. Earlier this afternoon, I spoke about the SEC’s efforts to circumvent public input. Listen here ⬇️ https://t.co/LkmsSemXFI
Voting on SAB 121 in the House of Representatives to overturn the SEC accounting rule on #crypto custody set to begin with other bills on the House floor starting at 4:30pm ET
A U.S. House resolution would start a formal process to kill the @SECGov's controversial accounting policy on crypto custody, and a vote has been expected today, but President @JoeBiden is already threatening to veto. @jesseahamilton reports https://t.co/kNJ5iWdeZW
JUST IN 🇺🇸 - @RepFrenchHill of Arkansas argues to OVERTURN the SEC rule preventing regulated financial firms from custodying Bitcoin and other crypto assets: "It's part of a broader attack by the Biden administration to treat digital assets differently." #Bitcoin https://t.co/lcIumNDyn3
JUST IN: 🇺🇸 US Congressman French Hill gives speech supporting overturning SEC rule that prevents regulated financial firms from custodying #Bitcoin and crypto. "The Biden Admin's SAB 121 is misguided and should be nullified." 👏 https://t.co/WB38x6AbhI
Today, we will vote to overturn @GaryGensler’s illegal SAB 121 rule. This rule prevents banks from safeguarding digital assets for their customers, which only increases concentration risk in our market and puts American digital asset holders in a vulnerable position.
It's unfortunate that the WH issued the below Statement of Administration Policy indicating that the President would veto H.J. Res 109, the resolution to nullify SAB 121. SAB 121 would require custodians to record customers' digital assets as liabilities on their balances…
White House releases their Statement of Administration Policy on the SAB 121 repeal effort, which would, if repealed, expand the number of crypto custody options and lower costs. "If the President were presented with H.J. Res 109, he would veto it." https://t.co/13VscB8tIv
President Biden today specifically sent out a policy statement that he would veto any attempt to overturn SAB 121 on the same day the House of Representatives debated a joint resolution to change how #crypto custody applies to banks. https://t.co/pQyRU2zmhW
House to vote on whether to overturn SEC guidance on crypto custody https://t.co/FQZikIwNWc
President Biden's statement opposing a measure to overturn the SEC's staff accounting bulletin requiring firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets. President Biden says he would veto that measure: https://t.co/rIctFpfTZR
Discouraged that President Biden issued a Statement of Administration Policy saying he would veto H.J. Res 109, the Joint Resolution to nullify the SEC's Staff Accounting Bulletin (SAB) 121. SAB 121 effectively prohibits trusted custodians from being able to manage digital… https://t.co/QIb1wqXTAF
.@byclairew @AmerBanker reports the House is set to vote today on whether to overturn a @SECGov staff bulletin on the custody of #crypto assets for clients. https://t.co/LYZXevfg3r
House of Representatives to Vote on SEC SAB 121 - Debate is Live Now #bitcoin #custody https://t.co/2DVXrWxv48
The bipartisan SAB 121 repeal debate is going on the House floor right now. Vote coming soon. Appreciate @USRepMikeFlood @RepWileyNickel pushing back on this SEC overreach. https://t.co/tTNCOwyTW9
Check out the House of Representatives about to Vote on Overturning SAB 121 #crypto #banking https://t.co/2DVXrWxv48
#HappeningNow: The House is debating @USRepMikeFlood's H.J.Res. 109, a CRA to nullify the @SECGov's disastrous Staff Accounting Bulletin 121. 📺 Tune in 🔗 https://t.co/kTrdVi79Bu
The House is set to vote @ 4:30 p.m. today on whether to overturn SEC's crypto accounting guidance, SAB121. Flood tells me they expect to pick up Ds off HFSC. Torres says that's bc crypto has gotten better at "building relationships." More in today's MM: https://t.co/k7tiYjzkf7
I supported @USRepMikeFlood’s important resolution to overturn Joe Biden’s Securities and Exchange Commission’s illegally disguised rule SAB 121. House Republicans are holding the Biden Administration accountable, restoring Congressional oversight, and ensuring the digital…
Standard Chartered: Donald #Trump will create favourable bitcoin and crypto regulations if he wins the 2024 election https://t.co/5Msvg7fVkR
Steve Eisman’s Take: Trump’s Re-Election and the So-Called #Crypto Conundrum https://t.co/44lLlUzFcU
.@StanChart says a Trump election win could be positive for crypto markets as his administration would likely push for a more supportive regulatory environment. https://t.co/BhWauonrAK
🚨 Standard Chartered reports Trump Winning US 🇺🇸 Election may catapult #Bitcoin I agree with this conclusion and offer a history of the Biden regimes anti crypto policies as evidence. The Treasury Department: 1. Sanctioned crypto mixer Tornado Cash in 2022'; 2. Proposed a…
SAB 121 isn't just overreaching and illegal; it violates the SEC’s statutory mission. With @USRepMikeFlood's legislation up for a vote this week, the @HouseGOP won't let the SEC get away with it.
Analysts at British bank Standard Chartered said Tuesday that Donald Trump beating Joe Biden for a second U.S. Presidential term could be good for Bitcoin. Here's why: https://t.co/4JXCMLIlKc
Standard Chartered warns that a second Trump administration could amplify the risks of U.S. fiscal dominance, positioning Bitcoin as a valuable hedge https://t.co/i7wCbvfEal
TRUMP VICTORY WOULD BE GOOD FOR BITCOIN SAYS STANDARD CHARTERED - $200K PRICE TARGET FOR 2025 - Banking-giant, Standard Chartered, today published a research report expressing its belief that if Trump is successful in November’s Presidential elections, it could serve as a… https://t.co/w0Xu4Qo5mU https://t.co/164OxKfsf9
The Standard Chartered Bank report noted that the risks posed by the Federal Reserve’s monetization of government debt are rising, and that if Trump wins the election, his second-term administration may promote a more supportive regulatory environment, which is important for…
“Later this week, House Republicans, we’re going to do our job to provide oversight and accountability to the SEC by passing @USRepMikeFlood’s resolution so that this illegal and harmful rule ceases to be in effect.” - @GopMajorityWhip https://t.co/EDuhI747bs
Rep. Mike Flood, Criticizing SEC's Gensler, Pushes H.J.Res. 109 to Repeal SAB 121 Read More: https://t.co/mABMEIEbBM