Coin Realm reports:
The U.S. House of Representatives may vote this week to overturn President Joe Biden’s veto of a bill that would nullify a controversial provision by the Securities and Exchange Commission (SEC).
According to the weekly schedule of House Majority Leader Steve Scalise, the House may vote this week to overturn Biden’s veto of a bill that would overturn the SEC’s Staff Accounting Bulletin (SAB) 121.
“Legislation under consideration: Veto message accompanying H.J.Res.109 — pursuant to Section 5 of Title 8 of the United States Code, Congress disapproves the rule submitted by the Securities and Exchange Commission relating to ‘Staff Accounting Bulletin No. 121′.”
SAB 121 is a guidance bulletin issued by the SEC, stating that certain companies should mark digital assets as liabilities on their balance sheets, even if they are only held for customers.
Biden vetoed the bill in May, stating that canceling the SEC’s guidance would hinder regulatory agencies’ ability to implement safeguards and protect investors.
“Overturning the well-considered judgment of the SEC staff in this manner could weaken the broader authority of the Securities and Exchange Association in accounting practices. My administration will not support measures that jeopardize the welfare of consumers and investors.”
The Republican-led Containment of SAB 121 bill previously passed the House with a vote of 228 to 182 and the Senate with a vote of 60 to 38.
If two-thirds of the elected officials in both the House and Senate vote in favor, Congress can overturn the president’s veto.
SAB 121 was originally issued by the SEC in March 2022.
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Featured image: Shutterstock/GGary Blakeley
