The U.S. House will vote on Wednesday, July 10, to overturn President Biden’s veto of a bill that nullified the SEC’s Staff Accounting Bulletin 121 (SAB 121). This measure mandates banks to record crypto holdings as liabilities, discouraging their involvement in crypto custody.
Biden’s veto came after bipartisan disapproval of SAB 121, with the House initially voting 228-182 against it. This upcoming vote requires a two-thirds majority, needing about 60 more votes than the initial count. Achieving this is challenging but not unprecedented, as seen with the Financial Innovation and Technology for the 21st Century Act (FIT21), which passed with bipartisan support.
The outcome of this vote is crucial for the crypto industry, potentially shaping the regulatory landscape and fostering institutional investment. The broader implications could significantly impact how financial institutions engage with crypto assets in the future.
