House Fails to Override Biden’s Veto of Measure to End SEC Crypto Rule

Published on July 11, 2024

Lawmakers failed to override President Joe Biden’s veto of a resolution that would have overturned a controversial Securities and Exchange Commission (SEC) cryptocurrency accounting bulletin, better known as SAB 121. The House voted 228–184 for the resolution to overturn the president’s veto, with 21 Democrats joining 207 Republicans. However, the lower chamber fell short of the two-thirds majority threshold necessary to reverse the veto. Congress was scheduled to vote on the resolution on July 10, but it was postponed after President Biden penned a letter to the House. The SEC’s accounting guidelines, introduced in May 2022, would mandate financial institutions that custody cryptocurrency assets to identify crypto holdings as liabilities on their balance sheets....

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