The post US House to Vote on Overturning Biden’s SAB 121 Crypto Accounting Veto appeared on BitcoinEthereumNews.com.

TLDR The US House of Representatives may vote this week to overturn President Biden’s veto of a bill that would eliminate the SEC’s Staff Accounting Bulletin (SAB) 121. SAB 121 requires companies to label digital assets held for customers as liabilities on their balance sheets. The original bill to curb SAB 121 passed the House with a 228-182 vote and the Senate with a 60-38 vote. To override the presidential veto, a two-thirds majority is required in both the House and Senate. Other key events this week include the release of US CPI and PPI data, and Federal Reserve Chair Jerome Powell’s testimony before the House Financial Services Committee. The US House of Representatives is gearing up for a crucial vote this week that could have significant implications for the cryptocurrency industry. The House is set to decide whether to overturn President Joe Biden’s veto of a bill that would eliminate the Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. SAB 121, issued by the SEC in March 2022, has been a point of contention in the crypto space. The bulletin requires certain companies, particularly those offering crypto custody services, to record digital assets held for customers as liabilities on their balance sheets. This accounting practice has raised concerns within the industry, with many arguing it could deter banks and other financial institutions from offering crypto custody services. The original bill to curb SAB 121 passed through both chambers of Congress with bipartisan support. The House approved it with a 228-182 vote, while the Senate passed it 60-38. However, President Biden vetoed the bill in May, stating that removing the SEC’s guidance would hamper the regulatory agency’s ability to implement safeguards and protect investors. Now, the House is preparing to vote on whether to override this veto. According…

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Filed under: News - @ July 8, 2024 4:26 pm