Download App
iOS & Android

US House may vote to overturn Biden's SAB 121 veto next week

Validated Media

United States President Joe Biden’s controversial veto to block Staff Accounting Bulletin 121 could be voted on by the House of Representatives next week.

SAB 121 — a proposed rule mandating that SEC-reporting entities custodying cryptocurrencies to record those holdings on their balance sheets — is currently on the House’s “legislation that may be considered” list, according to a weekly schedule posted by House Majority Leader Steve Scalise.

Voting to overturn or uphold presidential vetoes is a constitutional obligation for the House, so it must vote again. The votes could be take place on Tuesday or Wednesday.

A resolution to overturn the Securities and Exchange Commission’s SAB 121 rule received bipartisan support from the House (228-182 votes) and Senate (60-38) in May before it was vetoed by Biden later that month.

Opponents argue SAB 121 would prevent American banks from being able to custody cryptocurrency exchange-traded products at scale, potentially creating a “concentration risk” by handing over more control to non-bank entities.

However, a two-thirds majority vote from both the House and Senate will be needed to overturn Biden’s veto.

Only 55.6% and 61.2% of the House and Senate members voted for the resolution in May, meaning even more support is needed from Democrats this time.

“Steep hill to climb but not impossible given how bipartisan the FIT vote was,” explained Alexander Grieve, who tackles government affairs issues at cryptocurrency investment firm Paradigm.

  Source: Yuga Cohler

The Financial Innovation and Technology for the 21st Century Act, aimed at providing clarity over how the U.S. commodities and securities regulators handle cryptocurrency-related matters, was voted in 279-136 by the House in May.

Meanwhile, Biden and Republican candidate Donald Trump continue to up their campaign efforts in lead up to the 2024 U.S. election in November.

Both candidates have paid more attention to digital asset-related issues in recent months, which is a “good development” for the industry, Kerri Langlais, chief security officer at Bitcoin miner TeraWulf recently told Cointelegraph.

“Albeit to different degrees, both Biden and Trump’s original positions on crypto have shifted favorably our way in the last year. We should continue to build on that progress with our education and political efforts.”


All Comments

Recommended for you

  • Investment institution Arca is suspected of clearing out the PENDLE/LDO/BNB bought two weeks ago, with a current floating profit of $636,000

    According to the on-chain analyst @ai_9684xtpa, investment firm Arca (@arca) is suspected of liquidating its holdings of PENDLE/LDO/BNB that were purchased two weeks ago, with a potential profit of $636,000.

  • Harris concept meme coin KAMA increased 100 times in 3 months

    According to the data on the chain, the unofficial Kamala Harris meme coin (KAMA) on Solana has skyrocketed by 10,000% in the past three months, from $0.0003216 to $0.0319. At the end of March, when trading started, KAMA's market value was less than $100,000. Currently, KAMA is only 15% behind TREMP (a Trump-themed meme coin launched a month ago), which had a market value of $150 million in the first week of June but has since dropped to $43 million, while KAMA's market value has reached $38 million. Meanwhile, Boden (a Biden-themed meme coin) has plummeted 98% from its high of $650 million in April to its current market value of $11.1 million.

  • In the past hour, the entire network has liquidated 112 million US dollars, mainly long orders

    According to Coinglass data, in the past hour, the entire network has liquidated $112 million, of which long positions were liquidated for $108 million and short positions were liquidated for $3.9836 million.

  • Biden speaks out on withdrawing from 2024 US presidential election

    On the 24th local time, US President Biden gave a speech in the Oval Office of the White House, explaining the reasons for his withdrawal from the 2024 presidential election. On July 21st local time, US President Biden announced his withdrawal from the 2024 presidential election. In a letter posted on his personal social media that day, Biden said that he had intended to seek re-election, but for the best interests of the Democratic Party and the United States, he decided to withdraw from the presidential race and focus on fulfilling his presidential duties during his term.

  • Grayscale Spot Ethereum ETF (ETHE) had a net inflow of $45.9 million yesterday

    As monitored by Farside Investors, data from yesterday (July 24th) shows that Grayscale Ethereum ETF (ETHE) had a net inflow of $45.9 million in the US spot Bitcoin ETF.

  • Caldera Raises $15 Million in Series A Funding to Expand Metalayer Interoperability Ecosystem

    Caldera, a platform that enables developers to quickly create layer-2 blockchains, has raised $15 million in a Series A funding round led by Founders Fund, Peter Thiel's investment firm. The funds will be used to expand Caldera's team and build out the Metalayer, an interoperability ecosystem that simplifies the process of launching applications across multiple blockchains. Caldera currently offers a user-friendly interface for launching layer-2 "rollup" chains that record data to Ethereum, with the ability to select a rollup ecosystem and customize components to fit specific use cases.

  • Layered Bitcoin

    Beyond Hard Money

  • Mt.Gox address transferred 42,583.32 BTC to its cold wallet address 9 minutes ago

    According to Arkham data, 42,583.32 BTC was transferred to its cold wallet address by Mt.Gox address 9 minutes ago.

  • Thai digital wallet registration will be open from August 1 to September 15

    On July 24th, according to Jin10 News, it is reported that the registration of digital wallets in Thailand will be open from August 1st to September 15th. The Deputy Minister of Finance of Thailand stated that digital cash consumption will begin in the fourth quarter and it is expected that the digital wallet plan will attract 45 million participants. The government has prepared 450 billion baht in funds.

  • Twitter's new feature shows Irene Zhao involved in multiple scam projects

    On July 24th, Jupiter will collaborate with Irene Zhao to launch the meme coin metadata platform ASIANMOM. The tweet promoting it has now been updated with background information by readers, revealing that Irene Zhao has been involved in multiple project scams and caution should be taken when dealing with her.