According to Foresight News, according to CoinDesk, the U.S. House of Representatives failed to vote to overturn President Biden's veto of the "Proposal to Repeal Crypto Accounting Policy SAB 121", and the U.S. Securities and Exchange Commission (SEC)'s crypto accounting policy will remain unchanged.

Foresight News previously reported that US President Biden vetoed a resolution to overturn the US SEC's crypto asset accounting standard SAB 121. Biden said in a letter to the US House of Representatives: "The government will not support measures that harm the welfare of consumers and investors. In order to take advantage of the potential benefits and opportunities of crypto asset innovation, appropriate measures need to be taken to protect consumers and investors. The government is eager to work with Congress to ensure a comprehensive and balanced digital asset regulatory framework based on existing authority, which will promote the responsible development of digital assets and payment innovations and help strengthen the United States' leadership in the global financial system."