US House to vote next week on overriding President Biden’s veto of SAB 121 | Headlines | News | CoinMarketCap
07/06/2024 04:06
The U.S. House is set to vote next week on a controversial Securities and Exchange Commission accounting bulletin after getting a veto from U.S. …
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Published on July 05, 2024 20:52 GMT+00:00edited on July 05, 2024 20:54 GMT+00:00
The U.S. House is set to vote next week on a controversial Securities and Exchange Commission accounting bulletin after getting a veto from U.S. President Joe Biden.
A resolution to overturn Staff Accounting Bulletin 121, also known as SAB 121, was vetoed by President Biden in May. The bulletin has drawn controversy over the past year over concerns in the crypto industry that it could prevent banks from safeguarding digital assets. It requires firms that custody crypto to record customer crypto holdings as liabilities on their balance sheets.
The weekly schedule posted by House Majority Leader Steve Scalise said the resolution may be considered on Tuesday or Wednesday of next week. The vote is a constitutional obligation, so they must vote on SAB 121 again.
The full House …