The House of Representatives is set to vote on overturning President Joe Biden's veto of Staff Accounting Bulletin 121, a rule requiring SEC-reporting entities to record cryptocurrency holdings on their balance sheets. The vote, scheduled for next week, follows bipartisan support for overturning the veto in May. Critics argue that SAB 121 could hinder American banks from custodying crypto exchange-traded products at scale, potentially increasing risk. However, a two-thirds majority from both the House and Senate is needed to overturn the veto, with more Democratic support required this time. Meanwhile, Biden and Trump are focusing on digital asset issues ahead of the 2024 election. The industry sees this attention as a positive development. In a related move, the House passed the Financial Innovation and Technology for the 21st Century Act in May, aiming to clarify regulatory approaches to crypto matters. Read more AI-generated news on: https://app.chaingpt.org/news