Crypto Industry Reacts as Resolution to Overturn Bank Crypto Custody Guidance Delayed Due to Possible Biden Veto

Crypto Industry Reacts as Resolution to Overturn Bank Crypto Custody Guidance Delayed Due to Possible Biden Veto

Cody Carbone, VP of Policy at the Digital Chamber of Commerce in Washington, said via his Twitter account that "the bipartisan joint resolution (H.J. Res. 109) to invalidate the bank accounting guidance (SAB 121) on crypto custody by certain regulated financial institutions, including banks, has not yet been presented to President Biden, delaying the potential veto deadline from May 28 to June 3." The bipartisan joint resolution (H.J. Res. 109) to invalidate SAB 121 previously passed the U.S. Senate with a vote of 60-38. The delay in presenting the resolution to President Biden has given the crypto industry and its supporters more time to lobby against a potential veto. Many in the industry believe that SAB 121 is overly burdensome and could stifle innovation in the crypto space. "This is a positive development for the crypto industry," said Kristin Smith, Executive Director of the Blockchain Association. "We are hopeful that the President will listen to the concerns of the industry and veto this resolution." It remains to be seen whether President Biden will veto the resolution. However, the delay in presenting it to him gives the crypto industry more time to make its case.