According to CoinDesk, the U.S. House of Representatives failed to overturn President Joe Biden's veto on Wednesday, and the Securities and Exchange Commission's (SEC) cryptocurrency accounting policy (SAB 121) remains in effect. Congresswoman Maxine Waters said the SEC and the banking industry are discussing revising this controversial accounting policy.
Although a majority of House members voted against Biden’s support, it fell short of the two-thirds majority needed to override a veto.SAB 121 recommends that banks record customers’ crypto assets on their own balance sheets, raising concerns about higher capital requirements.SEC Chairman Gary Gensler called the policy a response to industry turmoil.
Earlier, at a roundtable on Wednesday, many crypto industry leaders met with lawmakers and White House representatives to discuss the differences between the crypto industry and the Biden administration. Coinbase Chief Legal Officer Paul Grewal said that White House Senior Advisor Anita Dunn listened carefully to the industry's concerns and called on the White House to send a strong signal that it is willing to support the crypto industry.
