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.
