US House fails to overturn Biden's veto of SAB 121

A majority of members of the U.S. House of Representatives voted against President Biden's support for the Securities and Exchange Commission's crypto accounting policy (SAB 121), but fell short of the two-thirds vote needed to overturn a veto. SAB 121 requires banks to include customer crypto assets on their balance sheets, increasing banks' capital requirements. Republicans pushed for its revocation even as the SEC negotiated with the banking industry to revise the policy. The Blockchain Association believes SAB 121 is a tool for the SEC to crack down on digital assets. The Government Accountability Office determined that the SEC viewed the policy as guidance rather than formal rules, and Congress attempted to overturn it through the CRA, but Biden vetoed it. Industry leaders met with lawmakers and White House representatives to call on the Biden administration to adjust its position. (CoinDesk)