U.S. Senate passes SAB 121 repeal resolution
The Senate approves the same resolution overturning SAB 121, sending the bipartisan measure to the president.
On May 16, 2024, U.S. Senate passes SAB 121 repeal resolution. The Senate approves the same resolution overturning SAB 121, sending the bipartisan measure to the president.
SAB 121 required certain firms safeguarding customers' crypto assets to recognize corresponding assets and liabilities on their balance sheets. The congressional fight therefore centered on how accounting treatment affected banks and other regulated custodians entering digital-asset custody.
Taken together, the House vote, Senate vote, presidential veto and failed override form a complete 2024 policy sequence over whether accounting treatment discouraged regulated institutions from offering digital-asset custody.