US House Fails to Overturn Biden’s Veto of a SEC Crypto Rule

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In a vote of 228-184, US lawmakers fell short in their attempt to override President Joe Biden’s veto of a legislative measure designed to reverse a controversial crypto accounting bulletin.

The unsuccessful vote required a two-thirds majority from both the Senate and the House of Representatives, with no more than 67 senators and 290 lawmakers needed to support the measure.

However, the House’s vote on Thursday did not meet this threshold, with 21 Democrats and 207 Republicans voting in favor, and 183 Democrats and one Republican voting against.

The bulletin in question, Staff Accounting Bulletin No. 121, has faced backlash from the crypto industry for potentially hindering banks’ ability to hold and secure digital assets.

The bulletin states that firms must record customer crypto holdings as liabilities on their balance sheets if they provide custody services.