Lawmakers urged President Joe Biden not to veto a legislative measure that would overturn a controversial SEC bulletin establishing accounting standards for firms that custody cryptocurrency.

In a letter sent Thursday, Republicans Sen. Cynthia Lummis, R-Wyo., and House Financial Services Committee Chair Patrick McHenry, R-N.C., along with other lawmakers, emphasized the bipartisan support in the House and Senate as a reason against a veto.

Earlier this month, both the House and Senate voted to repeal the SEC's staff accounting bulletin, SAB 121, which has faced criticism from the crypto industry for potentially hindering banks from safeguarding digital assets by requiring them to record customer crypto holdings as liabilities.

“Given the overwhelming bipartisan votes, we urge you to sign H.J. Res. 109 into law or work with the SEC to rescind the staff guidance,” the lawmakers stated. They noted that rescinding SAB 121 is within the SEC’s authority and has precedents.

The letter was also signed by Reps. French Hill, R-Ark., Andy Barr, R-Ky., Tom Emmer, R-Minn., Mike Flood, R-Neb., Ritchie Torres, D-N.Y., Wiley Nickel, D-N.C., and Dan Meuser, R-Pa.

The House passed the measure with a vote of 228-182, including support from 21 Democrats. The Senate followed with a 60-38 vote, with several Democrats, including Senate Majority Leader Chuck Schumer, D-N.Y., voting in favor.

Despite the bipartisan support, President Biden has stated he intends to veto the measure, arguing that limiting the SEC's ability to regulate crypto-assets could lead to financial instability and market uncertainty. Overturning a veto would require a two-thirds majority in both the House and Senate, a threshold not met by the current vote counts.

President Biden has previously vetoed measures that passed both chambers with bipartisan support, such as a recent attempt to overturn a joint employer rule.