The president's veto of the cryptocurrency accounting policy is not overturned by the US House.



The US House of Representatives voted on a proposal to override President Joe Biden's veto of the SAB 121 bitcoin accounting regulation on July 11, according to BlockBeats. Because the endeavor was unsuccessful, the US Securities and Exchange Commission's (SEC) stance remained unaltered.



Key Democratic negotiator on cryptocurrency legislation, Representative Maxine Waters, mentioned that the SEC is now in talks with the banking sector to address the contentious accounting method. The goal of this continuous discussion is to identify areas of agreement and maybe amend the current regulations.



A proposed rule called SAB 121 would require companies that own cryptocurrency to list the quantities owned on their balance sheets. Regulators and industry stakeholders are still having discussions regarding the policy's effects and potential changes, even after the veto override attempt failed.