Regulation
House Delays Vote on SEC Crypto Rule Amid Biden Letter
The U.S. House of Representatives has postponed a vote to override President Joe Biden’s veto of a controversial cryptocurrency bill. The delay follows the receipt of a letter from President Biden, the contents of which were not disclosed but appear to have affected the House’s agenda.
Originally scheduled for a decision on H.J. Res. 109 at 10:30 a.m. Thursday, the House now faces another debate, pushing the vote at a later date.
🚨NEWS: The House has just moved the vote to tomorrow because it now has to hold a debate on a completely different topic.
The vote on HJ Res. 109 is now scheduled for approximately 10:30 a.m. on Thursday, July 11. Italian: https://t.co/UL34fJLF9A
— Eleanor Terrett (@EleanorTerrett) July 10, 2024
The rule in question, Staff Accounting Bulletin 121 (SAB 121), issued by the Securities and Exchange Commission (SEC) in 2022, requires companies that hold cryptocurrency for customers to list those assets as liabilities.
Previously, there had been bipartisan support in both the House and Senate to override the veto, but the required two-thirds majority had not been reached, necessitating greater Democratic support.
The Financial Innovation and Technology Act for the 21st Century, passed in Mayaims to clarify the regulatory responsibilities of U.S. commodities and securities entities with respect to cryptocurrencies.
As the 2024 US election approaches, the issue of cryptocurrency regulation is gaining prominence in the campaign narratives of both President Biden and Donald Trump. Both candidates are said to have shifted toward a more pro-crypto stance over the past year, influenced by the growing presence of digital assets in American financial and political discussions.
Read also: Lightspark’s Jai Massari Criticizes Biden’s Veto of SAB 121