PANews reported on July 11 that according to CoinDesk, the U.S. House of Representatives voted on Wednesday on whether to overturn President Joe Biden's veto of SAB 121-related resolutions, but it was not passed, and the U.S. Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged. Congressman Maxine Waters, one of the core Democratic negotiators for cryptocurrency legislation, said that the U.S. Securities and Exchange Commission (SEC) and the banking industry are negotiating on changing controversial accounting policies.
It is reported that SAB 121, which was first issued in 2022, has caused 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.
