House Delays Vote to Overturn SEC Crypto Accounting Rule (SAB 121)

The U.S. House of Representatives has delayed a vote to override President Biden’s veto of a measure that would overturn an SEC accounting rule for crypto assets. The rule, known as Staff Accounting Bulletin 121 (SAB 121), requires banks and public companies to list cryptocurrencies as liabilities on their balance sheets. The House was initially […]

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House Delays Vote to Overturn SEC Crypto Accounting Rule (SAB 121)

  • The House postponed the vote on overriding President Biden’s veto of H.J. Res. 109, rescheduling it for July 11th at 10:30 am.
  • H.J. Res. 109 opposes the SEC’s SAB 121, which requires banks to list cryptocurrencies as liabilities, drawing criticism from the ABA.
  • If the veto fails, the House plans to introduce a similar bill outside the Congressional Review Act to achieve its goal.

The U.S. House of Representatives has delayed a vote to override President Biden’s veto of a measure that would overturn an SEC accounting rule for crypto assets. The rule, known as Staff Accounting Bulletin 121 (SAB 121), requires banks and public companies to list cryptocurrencies as liabilities on their balance sheets.

The House was initially set to vote on overriding the veto this week, but Fox Business journalist Eleanor Terrett reported a postponement until 10:30 a.m. on Thursday, July 11th. This delay, reportedly due to the need for the House to debate a separate issue, followed a letter from President Biden to the House containing undisclosed information.

The post House Delays Vote to Overturn SEC Crypto Accounting Rule (SAB 121) appeared first on Coin Edition.