- The US Home voted 228-184 to override President Joe Biden's veto of HJRes. 109 on SAB 121.
- Nonetheless, the vote didn’t attain the required two-thirds majority.
The US Home of Representatives did not override US President Joe Biden's veto of laws that sought to repeal the SEC's Employees Accounting Bulletin (SAB) 121.
Biden vetoed HJRes. 109, a decision that sought to disapprove SAB 121 on Might 31, 2024. This was after the US Congress handed HJRes. 109 with the help of each events.
On July 11, the US Home of Representatives voted in a brand new proposal to repeal a controversial SEC rule that requires banks that handle cryptocurrencies so as to add it to their stability sheets as liabilities.
The vote won’t attain a two-thirds majority
The Home voted 228 to override the veto.
Nonetheless, this failed because it didn’t meet the two-thirds majority threshold required to nullify the President's motion. The Home handed 228-184, however 290 have been wanted for approval.
The lawmaker says the vote sends a message
The US Congress has not overridden any of the 12 vetoes Biden has issued since taking workplace in 2021, with the two-thirds majority requirement a significant hurdle amid the Democratic-Republican political divide.
This failure to overturn the veto signifies that SAB 121 applies and that banks doubtless discover it unattractive to offer cryptocurrency custody companies.
However Rep. Mike Flood says the vote “despatched a message {that a} bipartisan majority of the Home continues to help the repeal of SAB 121.”
He added in an announcement posted on X:
“Banks have lengthy been America's most trusted custodians, and regulators ought to work with them to offer the identical companies for digital property that they’ve for different asset courses over time.”
Rep. Flood says he’ll proceed to work with others within the Home to search out “methods” to finish SAB 121.
