Senate Passes Bipartisan Crypto Bill, Biden Faces Dilemma Over SEC Veto Threat

On May 16, 2024, a majority of U.S. Senators approved a Congressional Review Act (CRA) to review the SEC’s Staff Accounting Bulletin No. 121 (SAB 121). The Senate passed H.J.Res. 109 with a 60 to 38 vote, a rare bipartisan achievement. Notably, 51 of the votes came from Democrats. Senator Cynthia Lummis highlighted this as a historic moment, marking the first time Congress passed standalone crypto legislation. President Biden had previously threatened to veto any resolution overturning the SEC policy. The White House stated its strong opposition to disrupting the SEC’s efforts to protect investors in crypto-asset markets and the