- The US House of Representatives has voted to overturn the SEC’s 2022 crypto custodian accounting bulletin.
- President Joe Biden has opposed the resolution, hinting at a possible veto if the bill passes the Senate.
- Despite the opposition, the resolution has seen bipartisan support, with both Democrats and Republicans voting in favor.
The US House of Representatives votes to overturn the SEC’s crypto custodian accounting bulletin, a move that has seen bipartisan support but faces opposition from President Biden.
Democrats And Republicans Join Forces Against The SEC
On May 8, a total of 21 Democrat House Representatives joined 207 Republican Representatives to vote in favor of H.J.Res.109. This resolution aims to nullify the Staff Accounting Bulletin (SAB) 121, which requires all custodians of cryptocurrencies and other digital assets to recognize these assets as a liability in their accounting books. The rule has been a hindrance for US banks looking to hold Bitcoin and other cryptocurrencies, making their crypto business “non-viable.”
Resolution Faces Opposition from President Biden
Despite the bipartisan support for the resolution, it faces opposition from President Joe Biden. The White House released a statement revealing that the administration “strongly opposes” the resolution’s passage, considering it “disruptive” against the SEC’s work to protect investors in crypto-asset markets and safeguard the broader financial system. The statement also mentioned that if the resolution is passed by the Senate, President Biden would veto it.
Conclusion
The resolution to overturn the SEC’s crypto custodian accounting bulletin has seen support from both Democrats and Republicans in the House of Representatives. However, it faces opposition from President Biden, who has hinted at a possible veto if the bill passes the Senate. The future of the resolution now depends on the Senate’s vote and the President’s final decision.
