House fails to override SAB 121 veto
The House fails to reach the two-thirds majority needed to override President Biden's veto of the SAB 121 repeal resolution.
On July 11, 2024, House fails to override SAB 121 veto. The House fails to reach the two-thirds majority needed to override President Biden's veto of the SAB 121 repeal resolution.
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.