The U.S. House of Representatives plans to hold a key vote next week on Biden's veto of SAB 121-related resolutions

The U.S. House of Representatives plans to hold a key vote next week on whether to overturn President Biden's veto of Staff Accounting Bulletin 121 (SAB 121). SAB 121 has sparked controversy in the crypto industry, with concerns that it could affect banks' custody of digital assets. The rule is currently on the House's list of "legislation for possible consideration," according to the weekly schedule released by House Majority Leader Steve Scalise. Voting to overturn or uphold a presidential veto is the House's constitutional obligation, so it must vote again. The vote could take place on Tuesday or Wednesday. Although the House passed the resolution in May by a vote of 228-182, overturning the veto still requires a two-thirds majority in both houses. Political experts have mixed opinions on this vote. Alexander Grieve, head of government affairs at Paradigm, said that perhaps it is not impossible. Others believe that it is difficult to successfully overturn the veto. (The Block) Previously, US President Joe Biden vetoed a resolution that would have overturned the US SEC's controversial crypto asset accounting standard SAB 121. He said in an official statement on May 31: "Overturning the SEC staff's well-considered judgment in this way could undermine the SEC's broader authority in accounting practices." Biden said: "My government will not support measures that endanger the well-being of consumers and investors."