US House Might Overturn Biden’s SAB 121 Veto

The House of Representatives may vote this week to overturn United States President Joe Biden’s veto of Staff Accounting Bulletin 121, a controversial rule that would require SEC-reporting entities to include cryptocurrencies on their balance sheets.

According to House Majority Leader Steve Scalise’s weekly schedule, SAB 121 is on the list of legislation that may be considered. The House has a constitutional obligation to hold a vote on the veto, which could take place on either July 9 or 10.

This follows bipartisan support in May for a resolution to overturn the SEC’s rule, which was later vetoed by Biden.

Opponents of SAB 121 argue that it could hinder American banks from offering cryptocurrency custody services, leading to a potential concentration of control in non-bank entities.