The U.S. House of Representatives failed to override Biden's veto of the resolution related to SAB 121

2024-07-11 23:48:35

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ChainCatcher news, according to CoinDesk, the U.S. House of Representatives voted on Wednesday whether to overturn President Joe Biden's veto of the resolution related to SAB 121, but it did not pass. The U.S. Securities and Exchange Commission's cryptocurrency accounting policy remains unchanged. One of the core Democratic negotiators on cryptocurrency legislation, Representative Maxine Waters, stated that the SEC and the banking industry are negotiating to change the controversial accounting policy.

It is reported that SAB 121 was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custodians to record the cryptocurrencies held by clients as liabilities on their balance sheets. The crypto industry is concerned that this move could prevent banks from safeguarding digital assets.

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