{"id":24486,"date":"2024-07-06T11:00:16","date_gmt":"2024-07-06T08:00:16","guid":{"rendered":"https:\/\/coinengineer.io\/?p=24486"},"modified":"2024-07-06T10:05:31","modified_gmt":"2024-07-06T07:05:31","slug":"bidens-veto-of-crypto-custody-rule-faces-house-vote-next-week","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/bidens-veto-of-crypto-custody-rule-faces-house-vote-next-week\/","title":{"rendered":"Biden\u2019s Veto of Crypto Custody Rule Faces House Vote Next Week"},"content":{"rendered":"<p><strong>United States President Joe Biden<\/strong>\u2019s controversial veto to block <strong>Staff Accounting Bulletin 121 (SAB 121)<\/strong> could be voted on by the <strong>House of Representatives<\/strong> next week.<\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_71 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/coinengineer.net\/blog\/bidens-veto-of-crypto-custody-rule-faces-house-vote-next-week\/#Upcoming_House_Vote_and_Potential_Impact\" title=\"Upcoming House Vote and Potential Impact\">Upcoming House Vote and Potential Impact<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/coinengineer.net\/blog\/bidens-veto-of-crypto-custody-rule-faces-house-vote-next-week\/#Challenges_and_Perspectives\" title=\"Challenges and Perspectives\">Challenges and Perspectives<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"Upcoming_House_Vote_and_Potential_Impact\"><\/span>Upcoming House Vote and Potential Impact<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><strong>SAB 121<\/strong>, a proposed rule mandating that SEC-reporting entities custodying cryptocurrencies record those holdings on their balance sheets, is currently on the House\u2019s \u201clegislation that may be considered\u201d list, according to a weekly schedule posted by House Majority Leader Steve Scalise. Voting to overturn or uphold presidential vetoes is a constitutional obligation for the House, so it must vote again. The votes could take place on Tuesday or Wednesday.<\/p>\n<p>A resolution to overturn the<strong> Securities and Exchange Commission\u2019s SAB 121<\/strong> rule received bipartisan support from the House (228-182 votes) and Senate (60-38) in May before it was vetoed by Biden later that month. Opponents argue SAB 121 would prevent American banks from being able to custody cryptocurrency exchange-traded products at scale, potentially creating a \u201cconcentration risk\u201d by handing over more control to non-bank entities. However, a two-thirds majority vote from both the House and Senate will be needed to overturn Biden\u2019s veto.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Challenges_and_Perspectives\"><\/span>Challenges and Perspectives<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Only 55.6% and 61.2% of the House and Senate members voted for the resolution in May, meaning even more support is needed from Democrats this time. \u201cSteep hill to climb but not impossible given how bipartisan the FIT vote was,\u201d explained Alexander Grieve, who tackles government affairs issues at cryptocurrency investment firm Paradigm.<\/p>\n<p><strong>The Financial Innovation and Technology for the 21st Century Act<\/strong>, aimed at providing clarity over how the U.S. commodities and securities regulators handle cryptocurrency-related matters, was voted in 279-136 by the House in May.<\/p>\n<p>Meanwhile, Biden and Republican candidate Donald Trump continue to up their campaign efforts leading up to the 2024 U.S. election in November. \u201c<em>Albeit to different degrees, both Biden and Trump\u2019s original positions on crypto have shifted favorably our way in the last year. We should continue to build on that progress with our education and political efforts.<\/em>\u201d<\/p>\n<p><i><span style=\"font-weight: 400\">You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don\u2019t forget to follow us on our <\/span><\/i><a href=\"https:\/\/t.me\/coinengineernews\"><i><span style=\"font-weight: 400\">Telegram, <\/span><\/i><\/a><a href=\"https:\/\/www.youtube.com\/@CoinEngineer\"><i><span style=\"font-weight: 400\">YouTube<\/span><\/i><\/a><i><span style=\"font-weight: 400\">, and <\/span><\/i><a href=\"https:\/\/twitter.com\/coinengineers\"><i><span style=\"font-weight: 400\">Twitter<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> channels for the latest <\/span><\/i><a href=\"https:\/\/coinengineer.net\/blog\/news\/\"><i><span style=\"font-weight: 400\">news<\/span><\/i><\/a><i><span style=\"font-weight: 400\"> and updates.<\/span><\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>United States President Joe Biden\u2019s controversial veto to block Staff Accounting Bulletin 121 (SAB 121) could be voted on by the House of Representatives next week. Upcoming House Vote and Potential Impact SAB 121, a proposed rule mandating that SEC-reporting entities custodying cryptocurrencies record those holdings on their balance sheets, is currently on the House\u2019s<\/p>\n","protected":false},"author":6,"featured_media":24487,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,657,1,2],"tags":[7220,1711,7219],"class_list":["post-24486","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-en","category-genel","category-news","tag-crypto-legislation","tag-joe-biden","tag-staff-accounting-bulletin-121-sab-121"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Biden\u2019s Veto of Crypto Custody Rule Faces House Vote Next Week - Coin Engineer<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/bidens-veto-of-crypto-custody-rule-faces-house-vote-next-week\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Biden\u2019s Veto of Crypto Custody Rule Faces House Vote Next Week - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"United States President Joe Biden\u2019s controversial veto to block Staff Accounting Bulletin 121 (SAB 121) could be voted on by the House of Representatives next week. 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