The US House of Representatives has failed to gather enough support to override President Joe Biden's veto of a resolution that would have affected how banks record cryptocurrencies as liabilities on their balance sheets under an SEC rule, CoinDesk has reported.
On July 11, only 228 House members voted to override the veto, falling 60 votes short of the required two-thirds majority.
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This result indicated that the veto would stand, and US banks would not be able to act as custodians of cryptocurrencies.
Rep. Patrick McHenry expressed disappointment in the outcome, citing the potential impact on the regulation of digital assets and the missed opportunity for the administration to work with Congress on a reasonable solution.