Washington, July 10, 2024 – In a pivotal moment on Capitol Hill, Patrick McHenry (NC-10), Chairman of the House Financial Services Committee, spearheaded the Republican effort as the House deliberated a veto message accompanying H.J. Res. 109. This resolution challenges the Securities and Exchange Commission’s (SEC) “Staff Accounting Bulletin No. 121” under the Congressional Review Act (CRA).
Bipartisan Support for CRA Resolution
The debate follows robust bipartisan backing for the CRA resolution in both legislative chambers. This resolution aims to counteract the SEC rule, which has faced criticism from various industry stakeholders and policymakers. The Financial Innovation and Technology (FIT) for the 21st Century Act, passed by the House with strong bipartisan support, also contains provisions to nullify SAB 121, underscoring the legislative intent to revise current digital asset regulations.
#WATCH: Chairman @PatrickMcHenry in support of @HouseGOP’s message to override the veto of the bipartisan H.J.Res. 109:
"This Administration would rather play politics and side with power hungry bureaucrats over the American people."
Read more 🔗https://t.co/l10uFxrc1r
📺 👇 pic.twitter.com/oe50k3aCdt
— Financial Services GOP (@FinancialCmte) July 10, 2024
The FIT for the 21st Century Act
Chairman McHenry highlighted the broad consensus among lawmakers to overturn the presidential veto, emphasizing the need for pragmatic reforms in the regulatory landscape for digital assets. “This marks a crucial step towards introducing sensible measures in American digital asset policy,” McHenry stated, advocating for the repeal of what many perceive as an onerous SEC directive.
Impact on US Digital Asset Regulation
As the legislative battle unfolds, the outcome of this veto override attempt will significantly influence the future regulatory framework for digital assets in the United States. The resolution’s success could pave the way for more balanced and innovative approaches, reflecting the evolving dynamics of the digital asset sector.
