The post Crypto News Today: US House to Vote on Overturning Biden’s Veto of SAB 121 appeared first on Coinpedia Fintech News

A big crypto turnover is coming next week! The U.S. House of Representatives may vote next week on whether to overturn President Biden’s veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 is a proposed rule that requires companies reporting to the SEC to include their cryptocurrency holdings on their balance sheets as per the weekly schedule posted by House Majority Leader Steve Scalise. 

What does this mean for the crypto market and its stakeholders?

A Key Moment in Crypto Regulation

President Biden’s veto is significant in the ongoing struggle over cryptocurrency regulation. Despite bipartisan support in Congress to repeal SAB121, the president stood firm, citing the need for robust consumer and investor protections. 

Issued by the SEC in 2022, SAB121 has faced heavy criticism from the crypto industry and banks. They argue that it makes offering digital asset services too expensive. Banks say that the guidance prevents them from expanding their digital asset services because of the high costs involved.

Understanding the Veto

The resolution to repeal SAB121 received significant support, including votes from 11 Senate Democrats and a 228-182 majority in the House. Supporters of the repeal claim that the SEC’s guidance limits Americans’ ability to store digital assets in traditional banks.

Possible Challenges

In May, the House passed a measure to support SAB 121 with a 228-182 vote, mostly from Republicans and 21 Democrats. The Senate also approved it with a 60-38 vote, including support from Senate Majority Leader Chuck Schumer. However, to overturn President Biden’s veto of SAB 121, a two-thirds majority from both the House and Senate is required.

Alexander Grieve of Paradigm thinks it’s possible for the House to gather enough votes to overturn the veto, citing past bipartisan support for similar legislation. Yet, others like Cody Carbone from the Chamber of Digital Commerce believe it’s unlikely. 

Moreover as everyone knowns, the House would need around 60 more votes than the 228 it had before, a significant challenge in just one week. 

What Next? 

The upcoming vote, which could occur on Tuesday or Wednesday, will be a test of bipartisan support for the Financial Innovation and Technology for the 21st Century Act. This act aims to clarify regulations for cryptocurrency and other digital assets.

With the 2024 U.S. election approaching, both President Biden and Republican candidate Donald Trump have been increasingly focusing on digital asset issues, reflecting a shift towards more favorable positions for the cryptocurrency industry.

Overall, while there is some hope for overturning the veto, the task remains difficult in the current scenario. 

What do you think wil be the future of crypto in such political windups? Tell us.