🚨🆘The US House of Representatives failed to get the necessary votes to override Biden's veto of invalidating the SEC's cryptocurrency rule 🚨🆘
🕛The US House of Representatives could not muster enough support to override President Joe Biden's veto of a resolution affecting the Securities and Exchange Commission's (SEC) regulation of banks record cryptocurrency as a liability on their balance sheet.
🗓️In the July 11 vote, 228 House members voted to override President Biden's veto of H.J.Res. 109, overturning SEC Staff Accounting Bulletin (SAB) No. 121 - 60 votes short of the necessary two-thirds majority. The failed vote suggests the veto will likely stand and US banks will be restricted from acting as cryptocurrency custodians for their customers, barring future legislation .
