United

Biden

Bitcoin

Spot

<ul>
 <li>A total of 228 House members casted their votes on July 11.</li>
 <li>The members fell 60 votes short of the necessary two-thirds majority.</li>
</ul>
There wasn’t enough support in the <a href="http://www.house.gov/" target="_blank" rel="noopener noreferrer nofollow">House of Representatives</a> to override President Joe Biden’s veto of a measure that would have affected an <a href="http://sec.gov" target="_blank" rel="noopener noreferrer nofollow">SEC</a> regulation requiring banks to list cryptocurrencies as a liability on their balance sheets.
A total of 228 House members casted their votes on July 11 to reject SEC Staff Accounting Bulletin (SAB) No. 121, which had been vetoed by President <a href="https://www.whitehouse.gov/administration/president-biden/" target="_blank" rel="noopener noreferrer nofollow">Biden</a>. However, they fell 60 votes short of the necessary two-thirds majority. The veto was expected to stand as a result of the failed vote. And US banks would no longer be able to act as crypto custodians for their clients. Unless new legislation were to be passed.
<h3 class="wp-block-heading" id="h-massive-roadblock-nbsp">Massive Roadblock&nbsp;</h3>
Just hours before H.J.Res. 109 cleared the House for the first time with backing from 21 Democratic representatives—a vote of 228 to 182—on May 8, President Biden announced his intention to veto the resolution. On May 16, the Senate followed the House’s lead and voted 60–38 in support of the resolution. On May 31, the law was vetoed by the US president.
The 12 vetoes made by Vice President Biden since he assumed office in 2021 have all remained intact. House Republicans in the United States last defeated a presidential veto in December 2020, while <a href="https://www.trump.com/leadership/donald-j-trump-biography" target="_blank" rel="noopener noreferrer nofollow">Trump </a>was in office, for the National Defense Authorization Act.
A number of crypto proponents have spoken out against the Biden administration’s stance on industry-friendly legislation, such as the joint resolution. Earlier, a joint statement by the White House and the SEC expressed opposition to the FIT21 Act. Which would have clarified regulations for digital assets, and would have helped the measure pass into law.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/us-spot-bitcoin-etfs-register-net-inflows-extending-4-day-streak/" target="_blank" rel="noopener noreferrer nofollow">US Spot Bitcoin ETFs Register Net Inflows, Extending 4-Day Streak</a>

US House Falls Short of Overriding Biden’s Veto on Crypto Regulation

Table of Contents

TheNewsCrypto

Other articles published on Jul 11, 2024

Bitget reports $700M capital inflow in Q2, adds 2.9M users

PEPE Whale Moves $135 Million as Ethereum ETF News Spreads: Will Prices Change?

Examining the Role of UK Bitcoin Mining in Renewable Energy and Grid Management

AI Crypto Is About To Reach New Highs: INJ, RNDR, ICP and CYBRO to Lead the Charge

CFTC Chair Declares 70-80% of Crypto Assets Are Not Securities

FLOKI gearing up for a 60% jump? Decoding the price charts

Join our free newsletter for daily crypto updates!