The U.S. Congress bipartisan vote has overwhelmingly demonstrated its rejection of the SEC’s SAB 121. President Biden threatened to veto the overruling. Will the executive branch overthrow Congress’s decision?
On May 16, 2024, a majority of lawmakers in the United States Senate passed a Congressional Review Act (CRA) to review the Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 121 (SAB 121).
U.S. Senators passed H.J.Res. 109 with 60 to 38 votes, an exceptional rate for the U.S. Congress.
In addition to the outstanding support for H.J.Res. 109, the vote was highly bipartisan, 51-49 in favor of Democrats. According to Senator Cynthia Lummis, the vote represented a new milestone as it was the first time that a session of Congress passed a “standalone crypto legislation.”
