The U.S. House of Representatives has passed H.J. Res. 109, a resolution introduced by Rep. Mike Flood, aimed at repealing the SEC's Staff Accounting Bulletin 121 (SAB 121). This resolution, which passed with a vote of 228-182 around 4:30 p.m., addresses concerns that the SEC overstepped its authority by issuing SAB 121 without proper rule-making procedures, which critics argue hinders competition, impedes financial innovation, and weakens consumer protections. The bill received bipartisan support, with 21 Democrats and all Republicans voting in favor. Despite this, President Biden has threatened to veto the measure, citing that it would undermine the SEC's ability to regulate digital assets effectively.