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

Recent Posts

CoinMarketCap Buys CoinGlass to Bring Derivatives Data to 115 Million Users

CoinMarketCap has acquired crypto derivatives analytics platform CoinGlass, combining one of crypto's largest price-tracking platforms…

4 days ago

Quant QNT Surges as The Clearing House Taps Its Tech for U.S. Bank Payments

Quant's QNT token surged after The Clearing House selected Quant to power key technology behind…

5 days ago

NVIDIA Launches Open Agent Safety Platform to Keep Autonomous AI Under Control

NVIDIA has launched its Open Agent Safety Platform, a new open security framework designed to…

6 days ago

Stand With Crypto Makes First Senate Endorsements After CLARITY Act Fails to Advance

Stand With Crypto has announced its first Senate endorsements of the 2026 election cycle, backing…

6 days ago

Trump and AI Giants Sign Voluntary Safety Pact as Pressure Grows Over Rogue Agents

President Donald Trump and leaders from some of the world's largest AI and technology companies…

6 days ago

DogeOS Launches ZK Rollup to Bring DeFi and Smart Contracts to Dogecoin

Dogecoin is getting a major utility upgrade as DogeOS launches a public testnet designed to…

6 days ago