The U.S. House of Representatives plans to hold a key vote next week on Biden's veto of SAB 121-related resolutions

Odaily News The U.S. House of Representatives plans to hold a key vote next week on whether to overturn President Biden's veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 has sparked controversy in the crypto industry, with concerns that it could affect banks' custody of digital assets. The rule is currently on the House's list of "legislation that may be considered," according to the weekly schedule released by House Majority Leader Steve Scalise. It is the House's constitutional obligation to vote to overturn or maintain the president's veto, so it must vote again. The vote may take place on Tuesday or Wednesday. Although the House of Representatives passed the resolution by a vote of 228-182 in May, a two-thirds majority in both houses is still required to overturn the veto. Political experts have mixed opinions on this vote. Alexander Grieve, head of government affairs at Paradigm, said that perhaps it is not impossible. Some people also believe that it is difficult to successfully overturn the veto. (The Block) Earlier news, U.S. President Joe Biden vetoed a resolution that proposed to overturn the U.S. SEC's controversial crypto asset accounting standard SAB 121. “Overriding the considered judgment of the SEC staff in this way risks undermining the SEC’s broader authority over accounting practices,” he said in an official statement on May 31. “My administration will not support measures that jeopardize the well-being of consumers and investors,” Biden said.