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This week, the US House will decide whether to overturn Biden’s veto of SAB 121, a pivotal moment for the cryptocurrency industry.
House Decision on Biden’s Veto Crucial for Crypto Sector
House members are expected to take up the matter on either Tuesday or Wednesday to decide whether or not to override the veto of Senate Bill 121. In the last seven days, the SAB 121 has caused a great deal of anxiety, particularly in the cryptocurrency sector.
According to Coingape, a lot of people in the cryptocurrency business are worried that the bulletin will make banks reluctant to provide cryptocurrency custody services.
The advisory states that cryptocurrency custodial companies are required to report their clients' cryptocurrency holdings as a liability on their financial statements. In its defense, the SEC has referred to SAB 121 as "non-binding staff guidance" that improves customer disclosures.
It was resolved in May to repeal the SAB 121 laws, but the Biden administration chose to veto it. Nevertheless, this could be overturned by the US House.
The US will issue the CPI and PPI statistics for June this week. House Financial Services Committee will likely hear a semi-annual monetary policy hearing from Fed chair Jerome Powell. There is currently a 50% probability of a 25 basis points rate drop by November of this year.
CFTC Chair Behnam to Address Digital Commodities Oversight
In addition, Rostin Behnam, the current chair of the Commodity Futures Trading Commission (CFTC), will be testifying before the Senate Agriculture Committee's Oversight of Digital Commodities on Wednesday. In an effort to counteract Donald Trump's crypto campaign, Representative Ro Khanna will convene a crypto roundtable with prominent Democrats and entrepreneur Mark Cuban.
At the moment, Ro Khanna is meeting with prominent members of the cryptocurrency business, as well as representatives from the White House and Democratic politicians.
Later on Thursday, a Senate hearing will be held to consider the nominations of Christy Goldsmith Romero, who is presently a commissioner at the CFTC, to be the new chair of the FDIC, and to renominate Caroline Crenshaw, who is currently a commissioner at the SEC, for that position.
Cryptocurrency Market Reacts Ahead of CPI Data Release
The wider cryptocurrency market is under stress ahead of the US CPI release, with Bitcoin falling 5% on Sunday and altcoins experiencing an even steeper decline.
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