US House of Representatives to Vote on Overturning Biden’s Crypto Rule Veto
The U.S. House will vote next week on overturning President Joe Biden’s veto of Staff Accounting Bulletin 121 (SAB 121), which mandates that firms custodying crypto record customer holdings as liabilities.
This rule has raised concerns in the crypto industry and among banks, arguing it could hinder their ability to safeguard digital assets.
House Majority Leader Steve Scalise indicated the vote might occur on Tuesday or Wednesday. The measure previously passed the House with a 228-182 vote, but overturning a veto requires a two-thirds majority in both the House and Senate.
Despite bipartisan support, overturning the veto remains challenging. The House needs 290 votes, 60 more than the initial 228 votes in favor.
Cody Carbone from the Chamber of Digital Commerce doubts reaching this threshold.
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The crypto industry recognizes the significant challenge but remains hopeful, focusing on rallying additional support.
The outcome of the vote has substantial implications for the crypto industry. Overturning the veto could alleviate concerns about banks’ ability to safeguard digital assets, while upholding it would require firms to comply with SAB 121, potentially stifling innovation and growth in digital assets.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
