According to Blockworks, the U.S. House of Representatives voted on Thursday to support President Joe Biden's veto of Joint Resolution 109, which attempted to repeal the Securities and Exchange Commission (SEC) Accounting Act 121. 228 House members voted against the veto, and 184 voted in favor of Biden's decision. A two-thirds majority (290 of 435 House members) is required to overturn the veto. The House voted on this late Thursday morning, and the previous vote was postponed on Wednesday night. Patrick McHenry, chairman of the House Financial Services Committee, expressed support for overturning the veto on Wednesday, arguing that the bipartisan support for the resolution proved that House members should stick to their position. If the legislation is passed, it will overturn SAB 121, an accounting guidance that stipulates that digital asset custodians should report a liability and "corresponding assets" on their balance sheets for all managed cryptocurrencies.
