According to Blockworks, House representatives chose to support President Biden and maintain his accounting bill SAB 121, which aims to abolish the Securities and Exchange Commission (SEC). 228 House members voted against the veto, and 184 voted in favor of Biden's decision but failed to pass. A two-thirds majority (290 of 435 House members) was required to overturn the veto, and the US Securities and Exchange Commission's cryptocurrency accounting policy remained unchanged. The House voted on this late Thursday morning, and the previous vote was postponed on Wednesday night.
House Financial Services Committee Chairman Patrick McHenry expressed support for overriding the veto on Wednesday, arguing that the bipartisan support for the resolution was proof that House members should stick to their guns. If the legislation passes, it would overturn SAB 121, an accounting guidance that states digital asset custodians should report a liability and “corresponding assets” on their balance sheets for all cryptocurrencies in custody.