U.S. House Fails to Override Biden's SEC Veto of Bill That Would End Controversial SEC Guidance
Summary
The U.S. House of Representatives failed to override President Biden's veto of a bipartisan effort to erase the SEC's crypto accounting policy, SAB 121. The policy advises banks to hold customers' crypto assets on their balance sheets, potentially leading to higher capital demands. The SEC is negotiating modifications to the policy, but the industry and Congress view it as punitive and flawed. Biden's defense of the SEC was based on preventing future constraints, despite bipartisan support to overturn the policy. The crypto industry seeks White House support in addressing concerns.
