According to BlockBeats, on July 11, CoinDesk reported that 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.
It is reported that SAB 121 is a controversial accounting guidance of the U.S. Securities and Exchange Commission (SEC), which requires institutions holding customer crypto assets to record them on their balance sheets. The bill to "overturn SAB 121" was passed by the House of Representatives and the Senate on May 8 and May 17, respectively, but was ultimately vetoed by Biden.
