According to Wu, the U.S. House of Representatives plans to hold a key vote next week to overturn President Biden's veto of Staff Accounting Bulletin 121. The bulletin has sparked controversy in the crypto industry because it could affect banks' custody of digital assets. The bulletin requires companies that custody cryptocurrencies to record cryptocurrencies held by customers as liabilities on their balance sheets. The House of Representatives passed the resolution in May by a vote of 228-182, but a two-thirds majority in both houses is still required to overturn the veto. Political experts have mixed opinions on the results of this vote, believing that it is difficult to successfully overturn the veto.
