The US House of Representatives failed to override President Biden's veto of a resolution that would affect a Securities and Exchange Commission (SEC) rule on banks recording cryptocurrency as a liability. The July 11 vote fell 60 votes short of the required two-thirds majority, suggesting that the veto will likely stand. This means US banks will be limited from serving as crypto custodians for their customers, unless future legislation changes this. Critics have accused the Biden administration of not providing enough clarity on how crypto assets should be regulated.