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). This resolution, which passed with a vote of 228-182 around 4:30 p.m., addresses concerns that the SEC overstepped its authority by issuing SAB 121 without proper rule-making procedures, which critics argue hinders competition, impedes financial innovation, and weakens consumer protections. The bill received bipartisan support, with 21 Democrats and all Republicans voting in favor. Despite this, President Biden has threatened to veto the measure, citing that it would undermine the SEC's ability to regulate digital assets effectively.
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
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
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
.@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
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.
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
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.
US House passes measure overturning controversial SEC accounting bulletin https://t.co/82xVriP6KA
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
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
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
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.
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
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
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…
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.
The SEC bypassed proper rule-making procedures when it used a staff bulletin to establish new policy. Their misguided change: ❌Hinders competition ❌Impedes financial innovation ❌Weakens consumer protections H.J. Res. 109 will restore clarity to the digital assets ecosystem. https://t.co/mnppzgPtYp
“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