Biden

Rule

Joe Biden

Read

<ul>
 <li>The House is set to uphold Biden’s veto of a resolution to repeal SEC’s SAB 121, which impacts banks’ ability to hold digital assets.</li>
 <li>SAB 121 requires banks to record digital assets as both assets and liabilities, increasing compliance costs and differing from traditional practices.</li>
 <li>The veto override is unlikely, with around 60 members needing to change their votes, reflecting the contentious nature of cryptocurrency regulation.</li>
</ul>
A critical vote in the United States House of Representatives is expected to uphold President Biden’s veto of a measure revoking an SEC accounting guidance. The document, known as SAB 121, has <a href="https://cryptonewsland.com/bidens-veto-on-sab-121-american-bankers-association-warns-of-setback-for-secure-crypto-custody/" target="_blank" rel="noopener noreferrer nofollow">major implications</a> for institutions’ ability to store digital assets.
SAB 121, published by the <a href="https://www.sec.gov/" target="_blank" rel="noopener noreferrer nofollow">Securities and Exchange Commission</a> (SEC), addresses traditional investment banks’ custody of digital assets. This guidance requires banks to record these investments as both assets and liabilities, increasing compliance costs. The law differs from standard accounting rules, which allow banks to keep traditional financial assets off their balance sheets.
Prior to <a href="https://cryptonewsland.com/biden-poised-to-veto-h-j-res-109-over-sec-digital-asset-rules/" target="_blank" rel="noopener noreferrer nofollow">President Biden’s veto</a> in May, the repeal resolution for SAB 121 passed both the House and the Senate with an easy vote. However, members say the resolution is unlikely to receive the required two-thirds majority to overturn the veto.&nbsp;
House leaders believe it is unlikely that 60 members will change their votes. This event highlights the divisive nature of cryptocurrency regulation, which has become a major political issue.
Prominent Republicans have criticized <a href="https://www.sec.gov/oca/staff-accounting-bulletin-121" target="_blank" rel="noopener noreferrer nofollow">SAB 121</a> as an example of the SEC’s regulatory overreach. They say that the document, which served as guidance rather than an official regulation, bypassed standard regulatory procedures, such as a public comment period.
The SEC uses the particular risks connected to digital assets, such as hacking vulnerabilities, to support the report. The agency intends to protect consumers and investors by adopting stricter custody rules.
The outcome of SAB 121 and its impact on the cryptocurrency business will be determined by the vote on Wednesday. While some cryptocurrency investors hope for an overrule, the chances remain low. This decision is critical because it will establish the regulatory framework for digital assets, balancing the need for innovation and investor protection.&nbsp;
<h4 class="wp-block-heading" id="h-read-also">Read Also</h4>
<ul class="wp-block-yoast-seo-related-links yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/bidens-veto-on-sab-121-american-bankers-association-warns-of-setback-for-secure-crypto-custody/" rel="noopener noreferrer nofollow">Biden’s Veto on SAB 121: American Bankers Association Warns of Setback for Secure Crypto Custody</a></li>
 <li><a href="https://cryptonewsland.com/biden-poised-to-veto-h-j-res-109-over-sec-digital-asset-rules/" rel="noopener noreferrer nofollow">Biden Poised to Veto H.J. Res. 109 over SEC Digital Asset Rules</a></li>
 <li><a href="https://cryptonewsland.com/bidens-veto-on-sec-crypto-rule/" rel="noopener noreferrer nofollow">Biden’s Veto on SEC Crypto Rule Faces Second House Vote Next Week</a></li>
 <li><a href="https://cryptonewsland.com/usa-makes-history-wall-street-house-of-representatives-and-the-senate-wants-bitcoin-btc-will-joe-biden-veto-the-nations-vote/" rel="noopener noreferrer nofollow">USA Makes History: Wall Street, House of Representatives, and the Senate Wants Bitcoin (BTC), Will Joe Biden Veto the Nation’s Vote?</a></li>
 <li><a href="https://cryptonewsland.com/bidens-veto-sparks-crypto-clash-will-secs-ruling-stifle-financial-innovation/" rel="noopener noreferrer nofollow">Biden’s Veto Sparks Crypto Clash: Will SEC’s Ruling Stifle Financial Innovation?</a></li>
</ul>
The post <a href="https://cryptonewsland.com/crypto-in-peril-u-s-house-expected/" rel="noopener noreferrer nofollow">Crypto in Peril, U.S. House Expected to Uphold Biden Veto Preserving SEC Accounting Rule</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Crypto in Peril, U.S. House Expected to Uphold Biden Veto Preserving SEC Accounting Rule

Crypto News Land

Other articles published on Jul 10, 2024

FTX Co-Founders Nishad Singh And Gary Wang To Face Sentencing: Dates Announced

Circle's Euro Stablecoin EURC Now Available on Base Network

Top Meme Coins Sold for Pennies Today Set to Generate 1000% Profits Tomorrow

KAS, RCOF, and SOL Likely to Survive Bitcoin Price Nuke In The Coming Weeks, but Why?

Crypto Gainers & Losers: Hot Market Trends and Hidden Gems

How a $1K Investment in These Altcoins Could Make You a Millionaire in 2024

Join our free newsletter for daily crypto updates!