Congressman Flood: Pathways Remain to End SAB 121

WASHINGTON, D.C. – Today, U.S. Congressman Mike Flood issued a statement following a vote on overriding President Joe Biden’s veto of H.J. Res. 109, a measure that would have repealed the U.S. Security and Exchange Commission’s Staff Accounting Bulletin 121, also known as SAB 121. Rep. Flood is the original introducer of H.J. Res. 109.  

“Today’s vote sent a message that a bipartisan majority of the House continues to support repealing SAB 121. Banks have long been America’s most trusted custodians, and regulators should work with them so they can provide the same services for digital assets that they have to other asset classes through the years. I will continue to work with my colleagues to pursue other pathways to end SAB 121 so that we can get government out of the way of growing our digital financial future.” 

The vote was 228-184, which was short of the two thirds needed to override a presidential veto.