US House Could Vote to Overturn Biden’s Veto of SEC Rule
The US House of Representatives may vote this week to overturn President Joe Biden’s veto of a bill that would have eliminated a controversial rule by the U.S. Securities and Exchange Commission (SEC).
The bill, which previously passed both the House and Senate, would have reversed the SEC’s Staff Accounting Bulletin (SAB) 121.
What is SAB 121?
SAB 121 is a guidance bulletin by the SEC that says certain companies should label digital assets as liabilities on their balance sheets, even if they are simply holding them for customers.
Biden, who vetoed the bill in May, said at the time that the removal of the SEC’s guidance would hamper the regulatory agency’s ability to implement safeguards and protect investors.
The Republican-led bill to curb SAB 121 previously passed the House with a 228-182 vote and the Senate with a 60-38 vote.
Congress may override a presidential veto if two-thirds of elected officials in the House of Representatives and the Senate vote to do so.
SAB 121 was originally issued by the SEC in March of 2022.
