According to TechFlow, the U.S. House of Representatives will vote on the Securities and Exchange Commission's accounting announcement SAB 121 next week, which was previously vetoed by President Biden.
SAB 121 requires companies that custody cryptocurrencies to record customer crypto assets as liabilities, sparking concerns in the crypto industry. House Majority Leader Steve Scalise said a vote will take place next Tuesday or Wednesday.
Previously, the House of Representatives passed the resolution 228-182 and the Senate 60-38, but overriding a veto requires a two-thirds majority. Although the vote is challenging, overriding a veto is not impossible due to the bipartisan support for the FIT21 bill.
