House Upholds Biden's Veto on Crypto Banking Rule

The attempt to override the veto on legislation nullifying SEC's crypto accounting policy fell short of the required two-thirds majority.

The House vote to override the veto was 228-184, failing to meet the 290-vote threshold.
SAB 121 requires banks to hold crypto assets on their balance sheets as liabilities, affecting their ability to offer crypto custody services.
The legislation had bipartisan support but faced significant opposition from Democratic lawmakers.
Rep. Maxine Waters mentioned ongoing negotiations between the SEC and banks to modify SAB 121.
The failure to override the veto leaves the SEC's controversial crypto accounting policy intact.