What happens if Biden vetoes Senate bid to cancel SEC’s crypto rule?

Yesterday,
the
US
Senate

voted
in
favor
of
H.J.Res.
109,
a
bill
aiming
to
repeal
Staff
Accounting
Bulletin
No.
121
(SAB
121)
issued
by
the
US
Securities
and
Exchange
Commission
(SEC).
This
development
is
seen
as
potentially
beneficial
for
the
crypto
industry’s
future
growth.
However,
the
bill
now
faces
a
veto
threat
from
President
Biden.

What
happens
if
President
Biden
vetoes
the
bill?

The
good
thing
is
that
the
bill
could
still
become
law
without
the
President’s
signature.

Should
Biden
choose
not
to
sign
H.J.Res.
109,
it
will
be
returned
to
Congress
along
with
his
reasons
for
disapproval.
Congress
then
has
the
option
to
override
the
veto
with
a
two-thirds
majority
vote
in
both
the
House
and
the
Senate.

If
they
succeed,
the
bill
becomes
law
despite
the
President’s
disapproval.

On
the
other
hand,
if
Congress
fails
to
secure
a
two-thirds
majority,
the
veto
will
stand,
and
the
bill
will
not
become
law.

In
a
less
common
scenario,
if
the
President
does
not
take
action
within
ten
days
while
Congress
is
in
session,
the
bill
automatically
becomes
law
without
the
President’s
signature.

If
President
Biden
wants
to
veto
the
bill,
he
might
also
want
to
consider
whether
it’s
worth
it,
and
it
all
comes
down
to
the
US
presidential
election.

Voter
polarization
on
crypto
regulation
could
potentially
influence
political
polarization,
but
as
of
now,
crypto
does
not
significantly
impact
voting
behavior.
According
to
a
Pew
Research
report
in
April
last
year,
the
issue
doesn’t
resonate
deeply
with
most
voters,
with
only

17%
of
American
adults
having
used
crypto.

In
short,
crypto
appears
to
be
unpopular
now,
but
it’s
noteworthy
that
voters
often
base
their
decisions
heavily
on
economic
conditions,
which,
however,
are
not
favorable
for
Biden.

According
to

The
Economist,
persistent
inflation
and
economic
challenges
under
Biden’s
administration
could
sway
public
opinion
against
him.
How
Biden
has
managed
foreign
policy
issues
could
also
impact
his
re-election
prospects.
Any
perceived
failures
or
unpopular
decisions
in
these
areas
could
lead
to
a
loss
of
support.

With
key
topics
possibly
not
working
in
his
favor,
Biden
may
want
to
steer
clear
of
seeking
support
from
the
US
crypto
community
and
now
is
the
opportunity
as
his
major
rival,
Donald
Trump,
has
already
taken
action.

Trump
has
recently
expressed
support
for
the
crypto
industry,

promising
to
end
hostility
toward
it
if
elected.
While
skeptics
might
view
Trump’s
shift
as
a
strategic
move
to
garner
support,
his
previous
engagement
with
non-fungible
tokens
(NFTs)
lends
some
credibility
to
his
promises.