As the 2024 election approaches, legislation focused on cryptocurrencies is beginning to advance in the U.S. House of Representatives, according to Blockworks. Last week, the House of Representatives voted 228-182 to pass Joint Resolution 109, which will invalidate the Securities and Exchange Commission's Staff Accounting Bulletin (SAB) 121. This is the first time a bill on cryptocurrency has been passed by a full vote in the House of Representatives. The resolution will now be submitted to the Senate, but due to the Democratic majority in the Senate, the resolution is unlikely to pass. However, if the legislation is ultimately passed by the Senate, the Biden administration has stated that the president will veto the resolution. The House of Representatives has passed several cryptocurrency bills, but most of them have failed to pass a full vote. Although the Senate's cryptocurrency-related bills have bipartisan support, they have not yet attracted the attention of committee chairmen, who need to add amendments to their respective agendas. The Senate and the House of Representatives plan to recess from May 24 to June 3.