Biden vetoes SAB 121 repeal
President Joe Biden vetoes the congressional resolution that would have overturned SAB 121.
On May 31, 2024, Biden vetoes SAB 121 repeal. President Joe Biden vetoes the congressional resolution that would have overturned SAB 121.
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.