US House Unable to Override Biden’s Veto on SEC Crypto Bulletin
A significant majority of the United States House of Representatives voted against President Joe Biden’s defense of the Securities and Exchange Commission’s disputed cryptocurrency accounting policy.
However, the number of votes was not enough to override the president’s veto, falling short of the necessary two-thirds majority.
21 Democrats had previously joined with a majority of Republicans in supporting a bill to overturn the policy known as Staff Accounting Bulletin 121 (SAB 121), but the same number of Democrats also joined in opposing the president’s veto in a Thursday vote.
Although the outcome was expected, the crypto industry had hoped for more widespread support from US lawmakers. Ultimately, only 228 lawmakers voted in favor of the bill, while 184 voted against it. One Republican joined in the dissent.
SAB 121, which advised public companies, particularly banks, to hold customers’ crypto assets on their own balance sheets, has caused controversy.
