May 31, 2024 - Economy

🗓️ June 3

Illustration of a hand in a suit wielding a red pen with action lines surrounding it in the background

Illustration: Sarah Grillo/Axios

All eyes will be on President Biden on Monday — the deadline for a veto of the bill that would quash the SEC custody rule called SAB 121.

What we're watching: It can shake out in more ways than one.

  • Biden could sign it, and we can all say "peace ✌️" to SAB 121.
  • Biden could, as promised, veto the Congressional Review Act resolution that passed the House and the Senate with significant support from Democrats.
  • He could do nothing, which would allow it to become law.

The intrigue: Possible outcomes imagined by others include:

  • Biden vetoes the SAB 121 resolution, but the SEC doesn't enforce it.
  • Biden vetoes, but the SEC puts out a new statement that renders the previously issued "guidance memo" moot.

💭 Our thought bubble: That last path seems likely, if only because it saves the Biden administration from having to walk back a vow to veto...during an election year where crypto is increasingly becoming a part of the conversation.


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