CoinDesk Reports:
The U.S. House of Representatives may vote this week to override President Joe Biden’s veto of a bill that would rescind a controversial rule by the U.S. Securities and Exchange Commission (SEC).
According to Majority Leader Steve Scalise’s weekly schedule in the House, there is a potential vote this week to overturn Biden’s veto of a bill that would nullify Staff Accounting Bulletin (SAB) 121 issued by the SEC.
“Legislation under consideration: Veto message attached to H.J.Res.109—Pursuant to SEC submission regarding Rule Chapter 5, Section 8 of Title 5 of the U.S. Code disapproving Congress.”
SAB 121 is a guidance issued by the SEC stating that certain companies should mark digital assets on their balance sheets as liabilities, even if held only on behalf of customers.
Biden vetoed the bill in May, citing concerns that overturning the SEC’s guidance would hinder regulatory agencies’ ability to enforce safeguards and protect investors.
“Overturning reasoned determinations by SEC staff in this manner could potentially weaken the broader authority of the Securities and Exchange Commission in accounting practices. My administration will not support measures that harm consumer and investor welfare.”
The Republican-led effort to restrain the SAB 121 bill previously passed the House by a vote of 228 to 182 and the Senate by a vote of 60 to 38.
If two-thirds of elected officials in both the House and Senate vote in favor, Congress can override the President’s veto.
SAB 121 was originally released by the SEC in March 2022.
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Featured Image: Shutterstock/GGary Blakeley
