Senator Cynthia Lummis and Representative Patrick McHenry urge President Biden not to veto SAB 121.

In a letter sent on Thursday to President Biden, Senator Cynthia Lummis and House Financial Services Committee Chair Patrick McHenry, along with other lawmakers, referenced the bipartisan support in the House and Senate as a reason for not vetoing the measure.

President Biden had previously announced his intention to veto the measure, which seeks to repeal the SEC’s staff accounting bulletin, SAB 121.

Lawmakers urged President Biden to avoid vetoing the bill that would overturn a contentious SEC bulletin setting accounting standards for firms that custody cryptocurrencies.

In the letter, Republican Senators Cynthia Lummis and Patrick McHenry, along with other lawmakers, cited the bipartisan votes in both the House and Senate as reasons to avoid the veto.

Earlier in the month, both the House and Senate voted in favor of repealing the SEC's staff accounting bulletin, SAB 121, which has been controversial due to concerns from the crypto industry about its potential impact on banks' ability to safeguard digital assets. The bulletin requires firms holding crypto to list customer crypto holdings as liabilities on their balance sheets.

“Given the overwhelming bipartisan votes, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance,” the lawmakers stated. “Rescinding SAB 121 is well within the SEC’s authority, and there is ample precedent for revisiting a staff accounting bulletin."

The letter was also signed by Representatives French Hill, Andy Barr, Tom Emmer, Mike Flood, Ritchie Torres, Wiley Nickel, and Dan Meuser.

The House had previously voted 228-182 in favor of the measure, with mostly Republicans and 21 Democrats supporting it. The Senate later voted 60-38, with several Democrats, including Senate Majority Leader Chuck Schumer, backing the measure.

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