You are currently viewing U.S. House Fails to Override Biden’s SEC Veto of Bill That Would End Controversial SEC Guidance
A U.S. House of Representatives vote on whether to override a veto from President Joe Biden failed on Wednesday, leaving the Securities and Exchange Commission’s crypto accounting policy intact. Rep. Maxine Waters, one of the central Democratic negotiators on crypto legislation, said the SEC and the banking industry are in talks to change the controversial accounting policy.

A strong majority of the U.S. House of Representatives voted against President Joe Biden’s defense of the Securities and Exchange Commission’s contentious crypto accounting policy, but the turnout fell well short of the two-thirds of the House needed to override the president’s recent veto.

Biden had vetoed Congress’ earlier bipartisan effort to erase the securities regulator’s policy known as Staff Accounting Bulletin 121 (SAB 121), which 21 Democrats joined a majority of

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