The US House of Representatives voted on Thursday to support President Joe Biden’s veto of Joint Resolution 109. This legislation sought to invalidate Securities and Exchange Commission staff accounting bill 121.
Two hundred twenty eight Representatives voted for the overturning of Biden’s veto, while 184 others voted in favor. A two thirds majority — 290 out of 435 Reps. — was needed to override the veto.
The vote on this measure was postponed until Thursday morning, after it had been delayed since Wednesday evening.
Patrick McHenry of the House Financial Services Committee (R-N.C.) spoke Wednesday in support of overriding a veto, saying that bipartisanship was a sign the Reps. must stand firm.
“SAB 121 is one of the most glaring examples of the regulatory overreach that has defined Chair Gary Gensler’s tenure at the [SEC],” McHenry said. “It limits consumers options to safely custody their digital assets, upending decades of bank custody practices and increasing concentration risk.”
You can read more in our opinions section. SAB 121 must be overturned.
Joint Resolution 109 was passed by the House and Senate in May. If passed, this legislation would have overturned SAB 121 accounting guidance, which states that digital asset custodians must report a liability. “corresponding assets” On their balance sheets, they will list all the cryptocurrencies that are held in custody.
The resolution was approved by both chambers with bipartisan approval. Both chambers voted to approve the resolution with a total of 33 Democrats.
Biden, in line with expectations, immediately vetoed a resolution after it had been passed. According to his administration, by using the Congressional Review Act lawmakers can challenge any decision made. “inappropriately constrain the SEC’s ability to ensure appropriate guardrails.”
“President Biden vetoed the first digital asset-specific legislation that ever passed the House and the Senate,” McHenry said. “It’s never been clearer; this administration would rather play politics and side with power-hungry bureaucrats over the American people.”
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