Lawmakers pressed President Joe Biden not to veto a legislative measure overturning a controversial Securities and Exchange Commission bulletin that establishes accounting standards for firms that custody crypto. 

In a letter sent on Thursday to President Biden, Republicans Sen. Cynthia Lummis, R-Wyo., and House Financial Services Committee Chair Patrick McHenry, R-N.C., among other lawmakers, cited bipartisan votes in the House and Senate as a reason not to veto. 

Earlier this month, the full House and Senate voted in favor of the measure to repeal the SEC's staff accounting bulletin, also called SAB 121. The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets. It requires firms …