US House of Representatives Could Override Biden's Veto of SAB 121
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8 July

The US House of Representatives will vote this week on a resolution to repeal the SEC's controversial accounting bulletin SAB 121, which was recently vetoed by President Joe Biden.

The bulletin has sparked much debate, with critics in the crypto industry fearing it would prevent banks from safely storing digital assets.

According to the bulletin, companies that store cryptocurrencies for their customers must report these holdings as liabilities on their balance sheets.

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House Majority Leader Steve Scalise has scheduled the vote for Tuesday or Wednesday of this week.

This vote is necessary to fulfill the constitutional obligation to address SAB 121 following the president's veto.

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