Categories: U.S. Regulation

House Delays Vote on SEC Crypto Rule Amid Biden Letter

The U.S. House of Representatives has postponed its vote to override President Joe Biden’s veto on a controversial rule regarding the cryptocy industry. This delay follows the receipt of a letter from President Biden, the contents of which have not been disclosed but appear to have influenced the House’s schedule.

Originally scheduled for a decision on H.J. Res. 109 at 10:30 AM Thursday, the House now needs to address another debate, pushing the vote to a later date.The rule in question, Staff Accounting Bulletin 121 (SAB 121), issued by the Securities and Exchange Commission (SEC) in 2022, mandates that companies holding cryptocurrencies for clients must list these assets as liabilities

Previously, there was bipartisan support in both the House and Senate to overturn the veto, but the necessary two-thirds majority was not achieved, requiring more Democratic support.

The Financial Innovation and Technology for the 21st Century Act, passed in May, aims to clarify the regulatory responsibilities of U.S. commodities and securities entities regarding cryptocurrencies.

With the 2024 U.S. elections approaching, the issue of cryptocy regulation is gaining prominence in the campaign narratives of both President Biden and Donald Trump. It is alleged that over the past year, both candidates have shifted towards a more pro-crypto stance, influenced by the increasing presence of digital assets in American financial and political discussions.

Terron Gold