Next week, the U.S. House of Representatives might overturn President Joe Biden‘s veto of Staff Accounting Bulletin 121 (SAB 121), a rule requiring entities that report to the SEC and hold cryptocurrencies to list those assets on their balance sheets.
This information comes from the House Majority Leader Steve Scalise’s weekly schedule, which includes SAB 121 on the “legislation that may be considered” list.
The House must vote to either overturn or uphold presidential vetoes due to constitutional obligations, with the next votes possibly occurring on Tuesday, July 9, or Wednesday, July 10.
Earlier, a resolution to nullify the SEC’s rule saw bipartisan approval in both the House (228–182) and Senate (60–38), only to be vetoed by Biden in late May.
Critics of SAB 121 argue that the rule would restrict American banks from custodianing cryptocurrency exchange-traded products on a large scale, leading to a concentration risk that could benefit non-bank entities.
READ MORE: $1.19 Billion Lost to Onchain Security Breaches in First Half of 2024
Overturning the veto will require a two-thirds majority in both the House and Senate, a significant challenge given that only 55.6% of House members and 61.2% of Senators supported the resolution in May.
Alexander Grieve, a government affairs expert at the cryptocurrency investment firm Paradigm, described the situation as a “steep hill to climb but not impossible” due to the bipartisan nature of the previous vote.
Additionally, in May, the House passed the Financial Innovation and Technology for the 21st Century Act, which aims to clarify the regulatory approach of U.S. commodities and securities bodies towards cryptocurrencies.
The vote tally was 279–136.
In the political arena, President Biden and Republican candidate Donald Trump are intensifying their campaign activities as the 2024 presidential election in November approaches.
Both have recently turned their attention to cryptocurrency-related issues, which Kerri Langlais, chief security officer at Bitcoin mining company TeraWulf, views as beneficial for the industry.
Langlais told Cointelegraph that both candidates have adjusted their original stances on cryptocurrencies favorably over the past year, emphasizing the importance of continuing educational and political efforts in this area.
To submit a crypto press release (PR), send an email to sales@cryptointelligence.co.uk.
