🇺🇸 US Congress Fails to Override #Biden 's Veto on Repealing SAB 121
🤷 On July 11, the lower house of the US Congress did not gather the necessary two-thirds majority to override the President's veto on a bill aimed at repealing #SAB 121. The document essentially prohibited banks from holding #digitalassets on their balance sheets.
🗒 The bulletin remains in effect. 228 congressmen voted for its annulment, but 290 votes were required. If the barrier had been passed, a similar decision would have been needed from 67 out of 100 senators.
The SEC issued SAB 121 in April 2022. In February 2024, four industry organizations requested the agency to soften the document's provisions.
