BREAKING NEWS ALERT

‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️‼️ 🚨🚨

US House Fails to Overturn President's Veto on Cryptocurrency Accounting Policy

According to BlockBeats, on July 11, the US House of Representatives voted on a resolution to overturn President Joe Biden's veto regarding the SAB 121 cryptocurrency accounting policy. The attempt did not succeed, leaving the US Securities and Exchange Commission’s (SEC) policy unchanged.

Representative Maxine Waters, a key Democratic negotiator on cryptocurrency legislation, noted that the SEC is currently in discussions with the banking industry to address the controversial accounting policy. This ongoing dialogue aims to find common ground and potentially revise the existing rules.

SAB 121 is a proposed rule that mandates entities holding cryptocurrencies to record the amounts held on their balance sheets. Despite the failed veto override, conversations about the policy's implications and possible adjustments continue between regulators and industry stakeholders.

#NewsAboutCrypto #NewsAboutCryptoOfThisYear #newsdaily #news2024 #Write2Earn!