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The U.S. House is set to vote on a resolution to overturn President Joe Biden’s veto on a bill that had nullified the Securities and Exchange Commission (SEC)’s Staff Accounting Bulletin 121, or SAB 121.
Biden vetoed the legislation after the House opposed the controversial crypto custody rules. SAB 121 mandates that banks holding crypto assets must record these holdings as liabilities on their balance sheets. This requirement has effectively deterred banks and other institutional providers from entering the crypto asset class as custodians.
The SEC introduced this guidance in 2022, and the House voted to overturn it in early May this year.
Two-thirds Majority Needed to Overturn Veto
Last week, House Majority Leader Steve Scalise included the vetoed legislation in the weekly schedule, indicating a potential vote for this week. A new vote is scheduled for Wednesday, July 10, according to journalist Eleanor Terret.
🚨SCOOP: The House vote to overturn @POTUS’s veto of H.J. Res 109 (bipartisan resolution to repeal @SECGov’s SAB 121) will take place on Wednesday at 4:15PM.
In May, the House voted 228-182 against the SEC’s crypto custody guidance, with 21 Democrats joining Republicans to pass legislation striking down SAB 121. The Senate also supported the move, with a vote of 60 to 38, also involving bipartisan support.
However, Wednesday’s vote will require more than a simple majority. The law stipulates that a two-thirds majority is needed in both houses. This means approximately 60 additional votes are required beyond the initial 228 that supported the vetoed bill.
Experts suggest that achieving this two-thirds majority is a significant challenge, though not unattainable. The US House has previously achieved this in relation to a crypto-related bill. In May, the full House voted 279-136 in favor of the Financial Innovation and Technology for the 21st Century Act (FIT21). This bill, which aims to establish a clear regulatory framework for the crypto industry, passed with bipartisan support, including 71 Democrats.
Will this happen on Wednesday? The crypto industry is undoubtedly keen for the US House to achieve this outcome. Stay updated with the latest news on Global Crypto News.
