US House Fails to Override Biden’s Veto of SEC Cryptocurrency Rule

Despite a majority of representatives voting against the veto of SAB 121, the required number of votes to overturn it was not reached.

The vote, with a result of 228-184, did not meet the necessary two-thirds majority needed to override President Joe Biden’s veto.

This required 67 out of 100 senators in the Senate and 290 lawmakers in the House to vote in favor, but only 21 Democrats and 207 Republicans voted for it, while 183 Democrats and one Republican voted against it.

Congressman Drew Ferguson of Georgia, who had intended to vote in favor, mistakenly voted against it but his office clarified that he had made a mistake in filling out the voting form.

The veto being voted on was regarding a bipartisan effort earlier this year to revoke the Security and Exchange Commission’s (SEC) Staff Accounting Bulletin 121 (SAB 121), which requires public companies to provide transparency on managing and potential risks associated with protecting customers’ cryptocurrency assets.