Odaily Planet Daily News The U.S. House of Representatives plans to hold a key vote next week to overturn President Biden's veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 has sparked controversy in the crypto industry, with concerns that it could affect banks' custody of digital assets. According to the weekly schedule released by House Majority Leader Steve Scalise, the rule is currently on the House's list of "legislation that may be considered." Voting to overturn or maintain a presidential veto is a constitutional obligation of the House of Representatives, so it must vote again. The vote may take place on Tuesday or Wednesday. Although the House of Representatives passed the resolution by a vote of 228-182 in May, a two-thirds majority in both houses is still required to overturn the veto. Political experts have mixed opinions on this vote. Alexander Grieve, head of government affairs at Paradigm, said that perhaps it is not impossible. Some people also believe that it is difficult to successfully overturn the veto. (The Block) Earlier, US President Joe Biden vetoed a resolution that proposed to overturn the US SEC's controversial crypto asset accounting standard SAB 121. He said in an official statement on May 31: "Overturning the SEC staff's well-considered judgment in this way could undermine the SEC's broader authority in accounting practices." Biden said: "My government will not support measures that endanger the well-being of consumers and investors."
