The US House of Representatives failed to override President Joe Biden’s veto of a bill aimed at revoking the SEC’s crypto accounting directive, SAB 121. This outcome has left the directive in effect, requiring public companies, especially banks, to record customers’ crypto assets on their balance sheets. Despite bipartisan support for overturning the directive, the vote fell short of the necessary two-thirds majority.
The crypto industry has strongly opposed SAB 121, with the Blockchain Association CEO stating that the fight against the SEC rule will continue. President Biden defended his veto, arguing that overturning SAB 121 would limit the SEC’s ability to implement necessary safeguards in the industry.
The failure to override the veto highlights the ongoing debate over the SEC’s crypto policy and its implications for the banking and crypto industries. Stay tuned for more updates on this developing story.
