Crypto stays in spotlight

Below I write about some real accomplishments last week delivered by crypto supporters in DC, but as a cautionary note, this week could see a Presidential veto of legislation approved by the House and Senate two weeks ago that would overturn SEC Staff Accounting Bulletin 121 (SAB 121).

The growing success of the crypto lobbying efforts in DC led to a lead article in the Washington Post about the industry’s emerging clout. Here’s a link to the Post article.

When the House considered H.J. Res. 109 to use the Congressional Review Act to overturn an administrative action the White House issued a Statement of Administration Policy stating that the President would veto the bill if passed.  It was indeed approved by both the House and Senate by substantial bipartisan majorities and now the President must decide whether to veto the bill.  While the resolution was approved by large majorities the votes fell well short of the 2/3rds majority that would be required to override a veto.

However, there is a way that the President could let the bill become law without his signature.  While not widely used a bill can become law without the President’s signature after ten business days if the Congress is in session.  This is why the Congress seldom takes a formal recess but...
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