PANews reported on July 6 that according to The Block, the U.S. House of Representatives plans to hold a key vote next week to overturn Biden's veto of the SEC's cryptocurrency custody accounting standards announcement (SAB 121). Although the House of Representatives passed a resolution in May with a vote of 228-182 to overturn the veto, Biden subsequently vetoed the resolution. SAB 121 was first issued in 2022 and has sparked controversy over the past year. It requires cryptocurrency custody companies to record cryptocurrencies held by customers as liabilities on their balance sheets. The crypto industry is concerned that this move may prevent banks from protecting digital assets.
