CoinVoice has recently learned 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 failed to pass, and the U.S. Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged. Rep. 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 was first issued in 2022 and 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. [Original link]