The U.S. House of Representatives is set to vote next week on a controversial Securities and Exchange Commission accounting notice that President Joe Biden has vetoed.
A resolution was passed to overturn Employee Accounting Bulletin 121, also known as SAB 121. Exercise the right of veto This was announced by President Biden in May. This announcement has been controversial in the cryptocurrency industry over the past year due to concerns that it could prevent banks from custodial digital assets. Companies that custodial cryptocurrencies would be required to record customer crypto holdings as liabilities on their balance sheets.
Weekly Schedule Posted House Majority Leader Steve Scalise said the resolution could be considered next Tuesday or Wednesday. A vote is a constitutional duty, so SAB 121 will have to be voted on again.
entire house In May, the measure was voted 228 to 182 in favor, with most Republicans and 21 Democrats signing on. A week later, senate The bill passed 60-38, with several Democrats, including Senate Majority Leader Chuck Schumer of New York, voting in favor.
But overturning a veto would require a two-thirds majority in both houses of Congress, which may not be impossible, says Alexander Grieve, who covers government affairs for venture capital firm Paradigm.
“Remember when Biden vetoed the SAB121 rollback? It will be back before the full House next week. We’ll see if the House can muster a ⅔ vote to overturn the veto (a tough hill to climb, given the FIT vote was bipartisan, but not impossible),” Grieve said. post On Friday X. FIT21 is a cryptocurrency market structure bill that was passed by the full House in May by a vote of 279 to 136, with 71 Democrats voting in support.
However, some say it will be difficult to override the veto on SAB 121.
“I think it’s an uphill battle in terms of the numbers needed to override a veto, and I think it’s unlikely to pass,” Cody Carbone, vice president of policy for the Digital Chamber, said in a statement. Carbone added that the House would need 290 votes to override a veto, about 60 more than the 228 who initially voted in favor.
“It’s going to be very difficult to change the minds of 60 lawmakers next week,” Carbone said. “It’s a hopeful move in the name of consumer protection and good governance, but I think it’s ultimately going to fail.”
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