The House of Representatives may vote next week to overturn United States President Joe Biden’s controversial veto of Staff Accounting Bulletin 121, a proposed rule that requires SEC-reporting entities to include their cryptocurrency holdings on their balance sheets. The House Majority Leader Steve Scalise has included SAB 121 on the list of legislation that may be considered, with the voting scheduled to take place on Tuesday, July 9 or Wednesday, July 10.
The House and Senate had previously expressed bipartisan support for overturning the SEC’s SAB 121 rule, with 228-182 votes in the House and 60-38 in the Senate, before it was vetoed by Biden. The opponents of SAB 121 argue that it would restrict American banks from overseeing cryptocurrency exchange-traded products at a large scale, thereby increasing the risk of control by non-bank entities.
However, a two-thirds majority vote from both the House and Senate is required to overturn Biden’s veto. Since the previous vote in May only received 55.6% and 61.2% of the House and Senate members’ support, it will be necessary to gain additional backing from Democrats this time around. Alexander Grieve of cryptocurrency investment firm Paradigm believes that while it will be challenging, it is not impossible, given the bipartisan nature of the previous vote.
Additionally, the Financial Innovation and Technology for the 21st Century Act, which aims to clarify the regulation of cryptocurrency-related matters by US commodities and securities regulators, was passed by the House in May with a vote of 279-136. In other news, Taiwan Mobile has received a VASP license, allowing entry into the crypto market.
As the 2024 presidential election approaches, both President Biden and former Republican candidate Donald Trump have been increasing their focus on digital asset-related issues. This has been viewed as a positive development for the industry by Kerri Langlais, the chief security officer at Bitcoin miner TeraWulf, who recently spoke to Cointelegraph.
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