Banks

President Joe Biden has ten days, excluding Sundays, to decide whether he wants to follow through on his threat to veto H.J.Res.109.

Many House of Representatives lawmakers praised this week’s passage of two pro-crypto bills, but President Joe Biden may still veto one piece of legislation lauded by industry advocates.

According to congressional records, on May 23, the House presented to the U.S. President a joint resolution calling for the Securities and Exchange Commission (SEC) to strike down a rule affecting financial institutions doing business with crypto firms. The bill, H.J.Res.109, would strike down the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires banks to keep customers’ crypto on its balance sheets, with capital maintained against them.

Before the House and Senate passed the resolution, President Biden on May 8 said he intended to veto it. He claimed the legislation would “inappropriately constrain the SEC’s ability to ensure appropriate guardrails and address future issues related to crypto-assets” and limit regulatory guidelines for digital assets.

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